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EB - JUMBO PROGRAM Training

EB - JUMBO PROGRAM Training. Offered by… FIRST MORTGAGE CORPORATION. March 27, 2014.

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EB - JUMBO PROGRAM Training

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  1. 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

  2. AGENDA • Jumbo Program • Eligibility Guidelines • Program Guidelines • Program Matrix • Underwriting Guidelines • Pricing and Fees • FMC Resources and Support FMC Jumbo Program

  3. ELIGIBILITY GUIDELINES Eligibility Guidelines Program Guidelines Jumbo Matrix FMC Jumbo Program

  4. Borrower Eligibility FMC Jumbo Program

  5. Borrower Eligibility FMC Jumbo Program

  6. Eligible Property Types FMC Jumbo Program

  7. Program Highlights FMC Jumbo Program

  8. Refinance Definitions (Please Note: Non FNMA Standard) FMC Jumbo Program

  9. Refinance Definitions (Please Note: Non FNMA Standard) FMC Jumbo Program

  10. Refinance Definitions (Please Note: Non FNMA Standard) FMC Jumbo Program

  11. Refinance Definitions (Please Note: Non FNMA Standard) FMC Jumbo Program

  12. Refinance Definitions (Please Note: Non FNMA Standard) FMC Jumbo Program

  13. ARM Features FMC Jumbo Program

  14. JUMBO Matrix FMC Jumbo Program

  15. JUMBO Matrix FMC Jumbo Program

  16. JUMBO Matrix FMC Jumbo Program

  17. UNDERWRITING GUIDELINES Credit Guidelines Income Guidelines Assets Guidelines Other UW Guidelines FMC Jumbo Program

  18. UW: Underwriting Method FMC Jumbo Program

  19. UW: Credit FMC Jumbo Program

  20. UW: Credit FMC Jumbo Program

  21. UW: Credit FMC Jumbo Program

  22. UW: Income FMC Jumbo Program

  23. UW: Income FMC Jumbo Program

  24. UW: Rental Income FMC Jumbo Program

  25. UW: Reserves… FMC Jumbo Program

  26. UW: Reserves… FMC Jumbo Program

  27. UW: Reserves… FMC Jumbo Program

  28. UW: Assets FMC Jumbo Program

  29. UW: Assets FMC Jumbo Program

  30. Gift Funds FMC Jumbo Program

  31. UW: Miscellaneous FMC Jumbo Program

  32. UW: Miscellaneous FMC Jumbo Program

  33. UW: Appraisal FMC Jumbo Program

  34. UW: Appraisal FMC Jumbo Program

  35. JUMBO – RATES/FEES Rates and Fees FMC Support FMC Jumbo Program

  36. Jumbo Rates & Fees FMC Jumbo Program

  37. 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

  38. 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

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