LoanAce FREE LOS (Loan Origination Software)!

LoanAce is free mortgage loan origination software that can automate your loan origination process and encompass all your LOS needs in one mortgage loan system.  LoanAce® debuted on August 1, 2006 as the Mortgage Industry's first Loan Origination Software available at no charge, and has quickly catapulted to the third largest LOS within the first year.  LoanAce®, went beyond providing a fully functioning LOS and introduced industry-leading features such as EZorder^TM, TEAM and a user-friendly format.  Everyone asks how can a professional LOS be available for FREE?  LoanAce generates revenue through EZorder^TM by connecting users with the third-party services they already use to originate loans, grow their businesses, and serve customers.

TeraVendo developed LoanAce TEAM to allow employee activity management.  TEAM allows brokers to see a real-time summary and detail view of all loans, across all branches, loan officers, processors and loan stages via a web based interface.  It also offers two vital compliance functions that are currently unavailable in competing LOS products.  TEAM records every version of a file that saved in LoanAce providing a complete audit trail that is accessible for pre and post funding audits.  TEAM also tracks and date/time stamps the version of a file when it is printed allowing you to track disclosures, watch for fraud, and co-brokering.  LoanAce allows users to attach and store all documents associated with a file within the program.  In TEAM, these attachments are viewable online at anytime and TEAM automatically attaches a copy of the credit report.  TEAM also allows the brokerage to have instant access to a web based electronic version of closed files and scanned images of all related documents for reports or audits.  TEAM is offered free to any company that has 5+ loan officers/processors using LoanAce.

For more information on LoanAce please visit www.loanace.com and download the software for FREE.

Are lenders turning down your FHA Alternative Credit Files?

I'm not going to say who the lenders are, but I've received several emails from brokers asking about FHA Alternative credit.  FHA does accept Alternative Credit.....what I'm hearing is that the LENDERS ARE NOT ACCEPTING ALTERNATIVE CREDIT!!

Okay, now........That's not cool!  FHA goal is "a home for everyone" (okay maybe not for everyone! but you know what I mean l.o.l.)  I understand the lenders are a little paranoid, but come on! 

I am including the link to Mortgagee Letter 2008-11:  Nontraditional Credit Verification and Evaluation 

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/08-11ml.doc

I've sent out a few emails to a couple of lenders I know, I'll follow up with any information I receive. 

Are you guys having this problem?

D.Bass                                                                                                                                             

Mortgage Underwriter & Trainer

Check out our FHA Jump Start 3 Hour Workshop

www.alphamortgagetraining.net

Ask The Underwriter: Can the underwriter deny my loan if I rent out a room?

Question from Borrower:

..........we will be living in our house No. 2. The house is close to university and accessible to public transportation. It has 4BR. We will have the 2Br to ourselves and the other 2 rooms to be rented out to students.

The loan consultant called me yesterday that the house would be treated as an investment property by the UW because I should not state that the purpose of our home loan is have 2 rooms to be rented out even though we will be occupying the property and that I would be committing fraud if I don't tell the truth.

Answer from Ask The Underwriter:

There is nothing wrong with you letting you rooms out to boarders (aka renting the rooms out).  You cannot use this as projected income, because this is a Single Family Residence and not a multi-family. 
 
I'm not sure why he/she thinks you are committing fraud.  It's not unusaul for people with larger homes rent to boarders

Do you have questions regarding the underwriting process?  Email me, I'll respond within 24 hours.

D. Bass

Mortgage Underwriter & Trainer

www.alphamortgagetraining.net

FHA Mortgage Training: Jump Start 3 Hour Workshop $99

FHA Mortgage Training that fits in everyone's budget!

Spring into FHA with the information you need to get your loan approved.  This course was designed for you to hit the ground running.  A 3 hour course that goes over the information you need to get your FHA loan approved!  June 10th's course filled up quick!  Reserve your spot now.

~ Learn why your FHA loans are sitting or denied
~ Put a submission action plan together for future loans
~ Learn the calculations you need to pre-qualify your borrower

Who should take this course?
~ Loan Processors
~ Loan Originators
~ Real Estate Agents
~ Jr. Underwriters
~ DE Underwriter in need of quick refresher

The FHA Jump Start Program covers:
~ Most commonly used FHA Programs
~ Borrower eligibility
~ Disclosures
~ Calculations
~ Credit, Income, Asset Requirements
~ Packaging Tips
 
Register at: http://fhamortgagetraining.net/registration.aspx

The next available Online Live Training is June 17th

Live FHA Training available in various states.  We also offer instructor led live on-line courses. If you are looking to learn technique and theory than contact Alpha Mortgage Training.  Our Courses were written by a team of mortgage underwriters with a combined 58 years of conventional and government experience. Our courses will not only help you produce more effective loans, but they will also help you increase your closing ratio.

What Stated Income & Sub-Prime Programs are still around?

I've received quite a few emails from brokers and processors asking for leads on stated income programs (and sub-prime programs!) 

I also receive several emails a week from mortgage professionals needing help with stated income loans? (if your one of those mortgage professionals you missed a great free mini course I had on my website called Stated Income the Right Way!)

There was an article on Mortgage Implode today that say: Sub-prime Performance Stablizes (http://ml-implode.com/staticnews/2008-04-29_Subprimeloanperformancestabilizes.html)

Question: Who are you using for your Stated Income & Sub-Prime borrowers?

Live FHA Training available in various states.  We also offer instructor led on-line courses. If you are looking to learn technique and theory than contact Alpha Mortgage Training.  Our Courses were written by a team of mortgage underwriters with a combined 58 years of conventional and government experience.  Our courses will not only help you produce more effective loans, but they will also help you increase your closing ratio.

FHA Training: Houston,Tx

FHA Mortgage Training: Houston,TX  May 14-15th 9am-4pm

We still have slots available!  Join Alpha Mortgage Training in Houston,TX for a Live FHA Mortgage Training Course.  This course was written by a Mortgage Underwriter to train Mortgage Professionals to work with FHA loans.  This course is taught by seasoned D.E. Underwriters. The object of this course is: to learning the FHA mortgage process; so you can hit the ground running.

You can register for this courses at: http://www.alphamortgagetraining.net/courses.php?cat_id=4

Alpha Mortgage Training also offers Instructor Led On-line FHA Courses twice a month.  You can register at: http://www.alphamortgagetraining.net/courses.php?cat_id=3.  On-line course fill up quickly!  Next On-line course is May 13-14th 9am-12pm.

We will also be in the following state:

• Nashville, Tn
• Charlotte, NC
• Danbury, CT
• Atlanta,Ga
• Louisville, KY
• ......check back for additional states

Live FHA Training available in various states.  We also offer instructor led on-line courses. If you are looking to learn technique and theory than contact Alpha Mortgage Training.  Our Courses were written by a team of mortgage underwriters with a combined 58 years of conventional and government experience.  Our courses will not only help you produce more effective loans, but they will also help you increase your closing ratio.

Mortgage Training: Sub-Prime Revitilization!

Join D.Bass from Alpha Mortgage Training & Jackie From P. C. Consultants, LLC  for an afternoon of Revitalization! 

We will discuss:

• Authentic, Low Cost Ways to Fill Your Pipeline
• Learn what the underwriter is thinking (please no egg throwing!)
• How to effectively work with your processor
• Discuss different techniques to make your stated income loan work (yes I'm talking about "liar loans!)
• Review the appraisal from the underwriters point of view

Dates for various states will be posted within the next. Improve your production and turnaround time with up to date training.

P.C. Consultants, LLC: On-line Marketing, Secretarial, and I.T. Support services exclusively for Mortgage Professionals

Live FHA Training available in various states.  If you are looking to learn technique and theory than contact Alpha Mortgage Training.  Our Courses were written by a team of mortgage underwriters with a combined 58 years of conventional and government experience.  Our courses will not only help you produce more effective loans, but they will also help you increase your closing ratio.

Calabash: Atlanta Vegan Cafe

Calabash Vegan Cafe is by far the best restaurant I've been to. I've been going to this cafe for the past two months. 

I have to confess:  "I'm hooked".

Mind you I live in Canton, Ga (45 mintues and like 45 miles from downtown Atlanta!), but I find myself breaking speed limits at least once a week to grab a bite to eat.

This is  "Island Inspired Vegan Cafe" is located at 233 Mitchell Street SW, Atlanta, Ga 30303.  It offers Free WiFI AND GREAT FOOD!!!!

Menu Options include (but are not limited):

• Jerk, Stewed & Curry Soya
• Veggie Patties
• Live/Raw Dishes (YUMMY vegan sushi & tacos!!!!)
• Soups, Salads, Wraps
• Tropical Juices, Smoothies
• Vegan Muffins & Cakes

Okay, I know what your saying VEGAN FOOD!  Let me say this: I am not a vegan.  I had eggs, a whole wheat biscuit and turkey sausage for breakfast just this morning.  So take it from someone who loves ALL food.  This Vegan Cafe is WORLD CLASS!

Calabash Vegetarian Kitchen: An Island inspired Vegan Cafe

233 Mitchell Street, SW

Atlanta, Ga 30303

(Downtown between Spring & Forsyth Street)

Mortgage Training: Underwriting Sense...into the mind of an underwriter!

Appalachian Technical College and Alpha Mortgage Training have partnered to offer Mortgage Training Courses.  This course is taught by seasoned mortgage underwriters. 

The Mortgage industry has shifted.....you need to shift with it!  This is the course for you.  Underwriting Sense will give you the information you need to get your loans to the CLOSING table.

HOW?..by telling you what you need to know: 

What The Underwriter Is Looking For!

This course goes over:

• Areas Commonly Missed on the 1003- we will go over the areas that slow your loan down in underwriting (you'll be very surprised!)
• AUS Tips- the industry is moving back to DU (FannieMae) & LP (Loan Prospector) explains what areas you are overlooking and breaks down the conditions that are commonly misunderstood
• Reviewing the Credit Report- goes over the credit report as an underwriter would
• Income Calculation- examples of diffrent types of paystubs and calculations for income
• Stated Income the Right Way!- discover diffrent techniques to make your income stronger
• Asset Verification- assets will be shown and disclussed as well as tips on how to verify them
• Title Issues- title issues will be discussed
• Appraisal Review- the appraisal will be reviewed from the underwriters point of view

Jasper, Ga Campus

April 9 / Wednesday / 9:00am-3:00pm

June 11 / Wednesday / 9:00am-3:00pm

Woodstock,Ga Campus

April 10 / Thursday / 9:00am-3:00pm

June 12 / Thursday / 9:00am-3:00pm

****This course is also available online****

Live FHA Training available in various states. Mortgage training dates range from April-May.  If you are looking to learn technique and theory than contact Alpha Mortgage Training.  Our Courses were written by a team of mortgage underwriters with a combined 58 years of conventional and government experience.  Our courses will not only help you produce more effective loans, but they will also help you increase your closing ratio.

FHA Mortgage Training in Georgia (Live)

Live FHA Mortgage Training in Woodstock,Ga & Jasper,Ga at Appalachian Technical College.

Appalachian Technical College and Alpha Mortgage Training have partnered to offer Live FHA Mortgage Training Courses. This course was written by a Mortgage Underwriter to train Mortgage Professionals to work with FHA loans.  This course is taught by seasoned FHA professionals. The focus of the training is learning the FHA mortgage process.

If you aren't currently doing FHA loans or need a refresher course, this is the course for you. We offer Live & Instructor Led On-line Training. This course is taught by seasoned DE Underwriters and breaks down the FHA mortgage process in a sensible, upbeat and interactive way!

Jasper,Ga Campus

April 14-15/Monday & Tues/ 9:00am-4:10pm

June 16-17/Monday & Tues/ 9:00am-4:10pm

Woodstock,Ga Campus

April 16-17/Wednesday & Thurs / 9:00am-4:10pm

June 18-19/Wednesday & Thurs / 9:00am-4:10pm 

It's not too late! There is still space available for the April Course.

Live FHA Training available in various states. Mortgage training dates range from April-May.  If you are looking to learn technique and theory than contact Alpha Mortgage Training.  Our Courses were written by a team of mortgage underwriters with a combined 58 years of conventional and government experience.  Our courses will not only help you produce more effective loans, but they will also help you increase your closing ratio.