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I am a Branch Manager for Flagship Mortgage Corporation headquartered in Worthington OH. I work out of Minneapolis, MN, but my loan originations are national, not regional. I have been originating loans since 1997 and am a correspondent lender. This gives me the flexibility of brokering loans when necessary or acting as the lender and getting better pricing for my mortgage customers.
Areas of Expertise
I specialize in VA Cash Out Refinancing to 100 percent Loan-To-Value, sub 580 credit scores, chapter 13 Bankruptcy buyouts and post Chapter 7 discharge mortgage financing in as little as one year post discharge. I work tough loans and have many investor partners that will fund a loan down to a 500 credit score.
Many times, it takes a great deal of extra work to get a loan commitment from an investor! It is not brain surgery to get an Approve/Eligible loan to close and fund, but a Refer/Refer is another matter altogether! Here's one such success story...
A borrower contacted me after having first been approached by a loan modification company wanting him to pony up $3200 for their loan modification services. Yowza! Luckily for him, he talked to me before doing any such thing.
While the borrower had mortgage lates (3 x 30 in the last 12 months, but they were rolling....not that it matters anymore now that the days of subprime are over) they were not currently late and likely would not qualify for loan modification. In addition, the borrower had quite a bit of equity in their home. One look at the AVR and the current mortgage history for this borrower and the mortgagee would likely deny the loan modification request.
Had the borrower paid the loan modification the money they were asking for as an upfront fee, he would have been $3200 poorer!
The borrower had a prior chapter 7 bankruptcy in addition to these mortgage lates. Why wouldn't ya? Seems logical to me that a complicated underwriting situation can always be a little more complicated! At first blush the borrower doesn't qualify for a loan modification and also didn't qualify for FHA Secure because of the following:
Not currently late on mortgage (sounds like an oxymoron)
Has equity in home
Has post discharge mortgage lates (eeek kiss of death!)
Is in the fixed portion of their ARM (2/28)
Wasn't late on mortgage due to upwardly adjusting ARM
However, a little listening, questioning and digging on my part yielded these salient facts:
Borrower had extenuating circumstances which caused the mortgage late (furnace died) which is now allowable on the expanded guidelines for FHA secure
Borrower didn't need to be in the upwardly adjusting period of the ARM if these extenuating circumstances were present. Additionally, the ARM was due to kick in within a few months and would likely be a big upswing in rate
So, with a manual underwrite and an understanding underwriter, we got this loan approved and funded through the FHA Secure program! Success!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.