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Commercial and multi-family mortgage debt skyrockets

Nov 13, 2005

Spotlight on new programs and productsMortgagePress.comMortgage programs and products Compiled by Marissa Larubbio Impac launches express program Impac Multifamily Capital Corporation (IMCC) has launched an express program designed to streamline the application process for multifamily mortgage loans of $100,000 to $1 million, to offer approval decisions within 30 days. The IMCC Express Program, which is available for loans on multi-family properties of five or more units, will be available through IMCC-qualified and approved brokers nationwide. Bill Endresen, president of IMCC, says, "Unlike traditional multi-family loans which are driven by the detailed analysis of historical operations, Impac Express is based upon personal credit scores and loan-to-value ratios. Loans are available up to 80 percent loan-to-value with a qualifying credit profile. Plus, with Impac Express, there is less paperwork and documentation so you receive loan approval decisions two to three weeks quicker." Newport Beach, Calif.-based Impac Multifamily Capital Corporation, a wholly-owned subsidiary of Impac Mortgage Holdings Inc., originates small balance multi-family loans. For more information, call (800) 597-4101 or visit CBA introduces lending program CBA Commercial LLC has launched the CBAC Authorized Lender Program, a program that targets financial institutions and mortgage lenders seeking additional sources of revenue, as well as support services specifically tailored to conducting business in the small balance commercial real estate market. The program highlights include loan amounts from $100,000 up to $3 million; multi-family, office, retail, light industrial and mixed-use property types; full- and stated-documentation; average FICO scores of 675; two-, three-, five-, seven- and 10-year ARM products; 30-year final maturities and 30-year amortization. Headquartered in Stamford, Conn., CBA Commercial LLC is a specialty commercial mortgage finance firm that acquires and securitizes small balance loans. For more information, call (877) 688-5658 or visit Loan Runner launches sub-prime search engine Loan Runner LLC has launched the Loan Runner Loan Search Engine (LSE) for brokers and originators. The new search engine, available at, provides multiple lenders' loan types, rates and yield spread premiums in a matter of seconds. Loan Runner searches and analyzes sub-prime loan scenarios for numerous major lenders in seconds and displays all the loans, YSPs and rates at once. The Loan Runner LSE allows mortgage professionals to quote all loan types and rates for sub-prime clients and provides instant comparison from leading lenders, including Wells Fargo, Countrywide and Argent. With one click, users are able to directly link to a lender's Web site or notify the lenders representative to contact them. Loan Runner LLC is headquartered in Milwaukee. For more information, call (414) 332-3777 or visit MagnaTag releases LoanTracker board Magnatag Visible Systems has released its magnetic, color-coded LoanTracker board. LoanTracker seeks to increase productivity and referrals by providing a real-time picture of the status of up to 40 loans at a time. Magnet symbol colors show each loan's status at each stage of the approval process. Green signals a completed step, yellow signifies a step in progress and red means that there is trouble with the step. The kit also includes blue and purple symbols for your own special coding. Ready-to-use LoanTracker kits include the magnetic color-coded symbols, write-on tools, charting supplies, optional magnetic cardholders, Letter-Easy Card Insert PC Lettering template, 11 printed mortgage broker's step and stage headings and extra blank magnetic headings for your own special stage names. Based in Macedon, N.Y., Magnatag Visible Systems offers application-oriented systems for visually managing people, jobs, time and equipment. For more information, call (800) 624-4154. Del Mar unveils CommissionTrac Del Mar Database has released CommissionTrac, a commission management tool for small- and medium-sized mortgage lenders. CommissionTrac seamlessly integrates with DataTrac, Del Mar Database's back-office automation solution, and enables lenders to attract and retain originators by paying commissions quickly and accurately, to design incentive programs and eliminate cost and complexity from commission calculation. As an optional module that supplements a lender's existing DataTrac solution, CommissionTrac enables lenders to increase production by allowing loan officers to focus on closing loans rather than constantly checking the status and accuracy of commissions. Using information read directly from DataTrac, CommissionTrac automatically calculates originator commissions. The calculation incorporates fees, splits, tiered spiffs, loan type and other factors that affect commissions, resulting in 100 percent accuracy. Lenders determine when commissions are paid and the solution notifies originators of pending commission payments via e-mail, with a link to detailed accounting information. The originator can then accept the calculation and/or record a note regarding any questions for their manager and the accounting department. This consistent communication enables originators to focus on closing deals rather than recalculating their commissions. San Diego-based Del Mar Database, a wholly-owned subsidiary of Fiserv Inc., provides technology tools to lenders. For more information, call (858) 550-8810 or visit Freddie Mac unveils Loan Prospector Outreach Freddie Mac has debuted a new tool for housing counselors to help them better serve first-time homebuyers. Loan Prospector Outreach is a tool to help housing counselors assess the readiness of their clients to apply for a mortgage and help lenders get more qualified mortgage leads. Housing counselors are the first point of contact for many first-time homebuyers, including new immigrants and minorities. The housing counselor inputs the client's data into Loan Prospector Outreach, reviews the client's credit history and considers the various financing and mortgage options. Loan Prospector Outreach conducts a quick client assessment, returning either a "ready to apply" or "continue counseling" indication. When the client is ready to apply, Loan Prospector Outreach provides the housing counselor with an automated system to transition the client's information--with the client's consent--to a participating lender. At that time, the lender is able to easily access the client's data through in order to make a lending decision. If a "continue counseling" message is received, additional feedback is provided to assist the housing counselor in developing an individualized program of continued counseling. Based in McLean, Va., Freddie Mac assists consumers with homeownership and rental housing. For more information, call (703) 903-2000 or visit Visionet unveils latest vision Visionet has announced the availability of VisiHCLAS--High-Cost Lending Analysis and remediation system for the residential mortgage industry. VisiHCLAS helps auditors determine if a loan complies with local, state or federal laws and regulations. It similarly helps residential loan originators determine the appropriate fee distribution well within the boundaries of applicable rules and regulations. VisiHCLAS supports multiple loan scenarios to help originators comply with the applicable laws. The VisiHCLAS rules engine enforces quantitative rules through automated calculations while supporting qualitative review through interactive checklists. VisiHCLAS allows the end users to change or add new rules without the vendor or internal information technology group's involvement. VisiHCLAS routes exceptions and distributes tasks based on skill profiles. It provides a view to each user as to the number of loans setup for review and loans that have completed the high cost analysis. The users can filter this view through various attributes like date range, loan number, borrower name, state of the subject property, etc. Other features include an integrated APR calculator, integration with most origination systems and Web-based comprehensive reporting. Visionet also provides the rules updates through a subscription. The solution can be hosted by the client or through Web services. Cranbury, N.J.-based Visionet provides various mortgage industry-specific products and solutions. For more information, call (609) 452-0700 or visit Fidelity National introduces fraud-screening tools Fidelity National Information Services' Hansen Quality, a division of Fidelity National Financial Inc., has launched HQ FraudID report, an automated fraud-screening tool with a focus on identity fraud. This new product will help mortgage lenders and investors detect identity fraud and other intentional misrepresentation on new loans or on loans in existing portfolios. With its fraud-screening component, the HQ FraudID report searches over 70 potential risk indicators to determine the level of risk associated with each potential borrower. This includes multiple verifications of the borrower's name, address, Social Security number, phone number and other pertinent information. The results of the verifications are summarized and assigned an identity fraud score, which indicates the severity of risk factors detected for identity theft, intentional misrepresentation, fraud or elevated credit risks. In addition to providing the risk indicating scores, each HQ FraudID report provides details regarding the risk indicators used to calculate the scores, as well as information that, while not used in the scoring, may provide direction for further investigation. The report concludes with a specific recommendation for further due diligence needed to minimize losses associated with the subject transaction. Hansen Quality has also announced Preview FP, which includes the HQ FraudID report, but also Hansen Quality's industry standard preview collateral risk management report and ValueSure automated valuation model. The HQ Collateral Score is based on multiple verifications of risk indicators, including appraiser performance, areas review history, AVMs, previous subject valuations and regional economic risk indicators. By combining Preview's HQ Collateral Score with the HQ Identity Fraud Score, the HQ Fraud Score in Preview FP summarizes both of the subject areas critical to evaluating the risk of mortgage fraud in a single score. Jacksonville, Fla.-based Fidelity National Information Services Inc. is a provider of technology solutions, processing services and information services to the financial services and real estate industries. For more information, call (888) 934-3354 or visit NRMLA conceives principal limit lock Reverse mortgage lenders, with approval from HUD, have implemented a new consumer protection called the principal limit lock, which freezes the expected interest rate on federally-insured Home Equity Conversion Mortgage (HECM) reverse mortgages for a period up to 60 days from the date of application. The expected interest rate is utilized to calculate the amount of funds available from a HECM reverse mortgage, according to the National Reverse Mortgage Lenders Association (NRMLA). The expected interest rate is a critical factor that is used to determine how much equity an elderly homeowner is eligible to receive from a HECM. It is calculated by adding a pre-set margin to the 10-Year U.S. Constant Maturity Treasury rate. The 10-year U.S. Constant Maturity Treasury rate is published weekly by the Federal Reserve. The margin that is added is currently 1.5 percent for monthly-adjusted loans and 3.1 percent for annual-adjusted loans. If rates decline between the date of application and closing, the homeowner can utilize the lower of the two rates and receive more money than what was originally quoted. If the loan closes after the 60-day lock expires, the prevailing interest rate on the actual date of closing is used, regardless of whether it's higher or lower. The National Reverse Mortgage Lenders Association, based in Washington, D.C., is a non-profit trade association whose members make and service reverse mortgages. For more information, call (866) 264-4466 or visit Waterfield adds ARM to body of products Waterfield Mortgage Company has announced the addition of the Freedom ARM to its suite of loan products. The option adjustable-rate-mortgage product is now available to the retail, wholesale and direct lending divisions. The Freedom ARM has a 360-month loan term and is tied to the monthly Treasury average. The product includes a deeply-discounted start rate, where the rate is fixed for the first month and then adjusts monthly thereafter. Up to four payment options are available to the borrower: minimum payment, interest-only, 30-year fully amortizing and 15-year fully amortizing. These options provide payment flexibility to the borrower, enabling them to pay the amount that works for their current situation. The Freedom ARM includes a payment change cap that limits the amount the minimum payment can increase. The change cap allows only a 7.5 percent increase over the previous year's minimum payment, alleviating payment shock to borrowers who elect to make the minimum payment each month. In addition, to further limit the effects of negative amortization, every fifth year--or if the unpaid balance of the loan increases to 115 percent of the amount originally borrowed (110 percent in New York)--the loan is recast or re-amortized to keep it on schedule for payoff within the original term. Fort Wayne, Ind.-based Waterfield Mortgage Company Inc. is a privately-held, nationwide mortgage company. For more information, call (800) 444-9847 or visit Your Turn The Mortgage Press invites you to submit any information promoting new "niche" loan programs, new products or any other announcement related to the introduction of a new program, to the attention of: Spotlight on New Programs and Products Phone: (800) 890-8090 E-mail: [email protected] Note: Electronic submissions via e-mail are preferred. The deadline for submissions is the 1st of the month preceding the target issue.
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