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EB - JUMBO PROGRAM Training. Offered by… FIRST MORTGAGE CORPORATION. March 27, 2014.
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EB - JUMBO PROGRAM Training Offered by… FIRST MORTGAGE CORPORATION March 27, 2014 Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark of Freddie Mac. This presentation is a summary and is not complete. This information is for mortgage professionals only and should not be distributed to or used by consumers or other third-parties. Information is accurate as of the date shown below and is subject to change without notice. 3/27/2014
AGENDA • Jumbo Program • Eligibility Guidelines • Program Guidelines • Program Matrix • Underwriting Guidelines • Pricing and Fees • FMC Resources and Support FMC Jumbo Program
ELIGIBILITY GUIDELINES Eligibility Guidelines Program Guidelines Jumbo Matrix FMC Jumbo Program
Borrower Eligibility FMC Jumbo Program
Borrower Eligibility FMC Jumbo Program
Eligible Property Types FMC Jumbo Program
Program Highlights FMC Jumbo Program
Refinance Definitions (Please Note: Non FNMA Standard) FMC Jumbo Program
Refinance Definitions (Please Note: Non FNMA Standard) FMC Jumbo Program
Refinance Definitions (Please Note: Non FNMA Standard) FMC Jumbo Program
Refinance Definitions (Please Note: Non FNMA Standard) FMC Jumbo Program
Refinance Definitions (Please Note: Non FNMA Standard) FMC Jumbo Program
ARM Features FMC Jumbo Program
JUMBO Matrix FMC Jumbo Program
JUMBO Matrix FMC Jumbo Program
JUMBO Matrix FMC Jumbo Program
UNDERWRITING GUIDELINES Credit Guidelines Income Guidelines Assets Guidelines Other UW Guidelines FMC Jumbo Program
UW: Underwriting Method FMC Jumbo Program
UW: Credit FMC Jumbo Program
UW: Credit FMC Jumbo Program
UW: Credit FMC Jumbo Program
UW: Income FMC Jumbo Program
UW: Income FMC Jumbo Program
UW: Rental Income FMC Jumbo Program
UW: Reserves… FMC Jumbo Program
UW: Reserves… FMC Jumbo Program
UW: Reserves… FMC Jumbo Program
UW: Assets FMC Jumbo Program
UW: Assets FMC Jumbo Program
Gift Funds FMC Jumbo Program
UW: Miscellaneous FMC Jumbo Program
UW: Miscellaneous FMC Jumbo Program
UW: Appraisal FMC Jumbo Program
UW: Appraisal FMC Jumbo Program
JUMBO – RATES/FEES Rates and Fees FMC Support FMC Jumbo Program
Jumbo Rates & Fees FMC Jumbo Program
FMC SUPPORT • WEB SITE • FMC WEBSITE: • https://firstbase.firstmortgage.com/ • Rate Sheets • Training Materials • Guidelines • Forms • Marketing • Tools • Calculators • TRAININGS • First Mortgage offers FREE Weekly ONLINE Trainings • See the FMC website for the April 2014 Training schedule • Trainings for March 2014: • 3/5 – LO/Processor Call • 3/6 – Product Overview & LPMI • 3/11 – NHF ACCESS/FirstDown • 3/13 – FHA 203(k) • 3/18 – HomePath • 3/25 – NHF Access/FirstDown • 3/27 – NEW Jumbo Program • SUPPORT TEAM • LOAN HELP: • loanhelp@firstmortgage.com • For help with: • Guidelines • Program questions • Scenarios • Pricing / Fees • Loan Submissions • Trainings FMC Jumbo Program
THANK YOU FOR YOUR BUSINESS… On behalf of First Mortgage, thank you for joining today’s training and we hope the information provided will help you build your business! The main purpose of First Mortgage Corporation’s (FMC) training documents is to assist real estate and mortgage professionals in developing entry-level competence with loan programs. While FMC staff, employees, contractors and contributors take care to ensure the accuracy of the content of training documents, FMC makes no warranties as to the accuracy of the information contained within these materials. Furthermore, every user of this material uses it understanding that he or she must still conduct his or her own original legal research, analysis and drafting. In addition, every user must refer to the relevant legislation, case law, administrative guidelines, rules and other primary sources. FMC specifically disclaims any liability for any loss or damage any user may suffer as a result of information contained within this training material. While the information contained in FMC’s training material addresses guidelines and issues surrounding mortgage programs, these materials do not constitute legal advice. All non-legal professionals are urged to seek legal advice from a lawyer. FMC Jumbo Program