Verus (I-42) Non-QM Programs. Presented by Michael Faraci

Transcription

1 Verus (I-42) Non-QM Programs Presented by Michael Faraci

2 Program Overview Credit Ascent and Investor Solutions programs available. Broad range of FICO/LTV options available for Owner Occupied properties, 2 nd Homes and Investment properties. Delegated Underwriting. Many doc types available, to accommodate a vast array of borrower situations.

3 Section One Program Highlights

4 Owner Occupied / 2 nd Homes Full Doc 24 Month Bank Statement 12 Month Bank Statement Asset Utilization Foreign National Investor Solutions Full Doc 24 Month Bank Statement 12 Month Bank Statement Asset Utilization Foreign National DSCR 5/1, 7/1, 15yr and 30 year terms available Non-Warrantable condos OK!

5

6

7 Section Two Underwriting

8 Determining Credit Grade 1 2 Determine FICO Review 12 & 24 month Housing History 3 Is there a seasoning past major credit event (BK / FC / SS/ DIL)? If yes, then: Grade A A- B+ B B- C Minimum FICO Housing History BK Seasoning: Chapter 7, Chapter 11, Chapter 13 Dismissal BK Seasoning: Chapter 13 Discharge 0x30x12 & 0x60x24 0x30x12 1x30x12 0x60x12 0x90x12 0x90x12 > 48 Mo > 36 Mo > 36 Mo > 24 Mo > 12 Mo Settled > 24 Mo > 12 Mo > 12 Mo > 12 Mo Settled Settled Foreclosure Seasoning > 48 Mo > 36 Mo > 36 Mo > 24 Mo > 12 Mo Settled Short Sale/Deed-in-Lieu Seasoning > 36 Mo > 24 Mo > 12 Mo Settled Settled Settled

9 Underwriting Items of Note Where Verus guideline fall silent, please refer to Fannie Mae guidelines. Appraisals cannot be > 120 days old; re-certification of value is not acceptable. 2nd appraisal is required on loan amounts > $1mm. Approved providers: ProTek, Streetlinks, RELS and ClearCapital. Enhanced desk review required on all loans. Approved providers: ProTek, Streetlinks, RELS and ClearCapital. Must provide AUS Findings with a Refer or Approve/Ineligible on Credit Ascent Full Doc or completed Alternative Loan Review Form. Rolling late payments are counted individually, not as a single occurrence. Business or comingled bank statements deposits can not be less than 5% of the gross revenue on P&L. Consumer credit with FC/DIL/SS in last 12 months must have no more than 1x30x6 on revolving accounts and 1x30x12 on installment accounts. Required for Foreign Nationals: An ACH automatic payment from US bank account, set up at closing.

10 Section Three Business Opportunity

11 Potential Customers to Target Borrowers who don t qualify for conventional financing because they: Were negatively impacted by the housing crisis or life events Are still limited by past consumer credit problems Self employed Short Sale/ Deed-in- Lieu Program & Waiting Periods Verus FNMA FHA None 4 Years 1-3 Years Foreclosure None 7 Years 3 Years Are outside agency investor guidelines Prior defaults Chapter 7 Bankruptcy 1 Year from Discharge 4 Years 2 Years 10+ properties LLC ownership Foreign nationals Non-warrantable condos Chapter 13 Bankruptcy 1 day after discharge date; year after dismissal; 1 Year buyout or leave open 2 years from discharge date; 4 years from dismissal date 1 Year of payout must elapse; buyer must receive permission from court

12 Top 3 Niches - An Underwriter s Take 1. FICO Scores down to Investor Debt Service Coverage Income Option 3. No blanket expense factor on bank statement loans.

13 Section Four Pricing & Eligibility

14 To Receive Pricing & Eligibility 1. Product Category must be Conventional & Alt-A. 2. Doc Type must be Full. 3. AU Decision must be Manual Underwrite. 4. Must select at least 3 investors.

15 If You Don t Receive Eligibility 1. Go to the Eligibility tab. 2. Choose the investor whose programs you want to see. 3. Choose the name of the program. 4. Click the X button.

16 Ineligibility Report The reason for disqualification will be shown on this screen and will vary based on your scenario.

17 Questions

18 Thank You CORP NMLS ID: / Equal Opportunity Employer INTERNAL USE ONLY NMLS # to see where American Financial Network, Inc. is a licensed lender. In all states, the principal licensed office of American Financial Network, Inc. is 3110 Chino Ave #290, Chino Hills, CA 91709; Phone: (909) The content in this advertisement is for informational purposes only. Alabama - License/Registration #21518, Arizona -License/Registration # , California DBO - License/Registration # , California BRE - License/Registration # , Colorado - License/Registration #237341, Florida - License/Registration #MLD891, Georgia - License/Registration #38586, Hawaii - License/Registration #HI , Idaho - License/Registration #MBL-7510, Illinois - License/Registration #MB , Indiana DFI - License/Registration #20960, Kentucky - License/Registration #MC96916, Louisiana - Approved Residential Mortgage Lending License, Maryland - License/Registration # , Minnesota - License/Registration #MN-MO , Montana - License/Registration #237341, Nevada Broker License - License/Registration #3688, New Jersey - Approved Residential Mortgage Lender License, New Mexico - Approved Mortgage Loan Company License, North Carolina - Approved North Carolina Mortgage Lender License #L , Ohio - Approved Mortgage Loan Act Certificate of Registration #SM , Oregon - License/Registration #ML-5069, Tennessee - License/Registration #113006, Texas SML - Approved Mortgage Banker Registration, Utah DRE Other Trade Name #1 - License/Registration - # , Utah DRE Other Trade Name #2 - License/Registration # , Utah DRE Other Trade Name #3 - License/Registration # , Virginia - License/Registration #MC-5704, Washington - License/Registration #CL , Wisconsin - License/Registration #237341BA