Loan Officer Bruce
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I can’t discuss what other lenders are doing with their business loan programs. What I can tell you is the types of business and commercial loan programs that are out there in general and at Lending Network, Inc. Here are some different ways businesses get financed:
Factoring: Selling accounts receivable at a discount for immediate cash.
Accounts Receivable Financing: Using the receivables as collateral for a loan rather than selling them outright.
Equipment Financing: Loans for buying business equipment often serve as collateral.
Merchant Cash Advance (MCA): An advance on a business’s future credit card sales.
Bridge Loans: Short-term loans designed to “bridge” the gap between immediate cash need and longer-term financing.
Hard Money Loans are usually short-term loans secured by real estate. They are often used for investment properties or when traditional financing is not available.
Lines of Credit: Revolving credit lets businesses borrow up to a certain limit as needed.
SBA Loans: Government-backed loans for small businesses often come with favorable terms.
Term Loans: Traditional loans with a fixed repayment period and fixed or variable interest rates.
Commercial Real Estate Loans: For purchasing or refinancing business properties.
Construction Loans: These are for financing new building construction or major renovations.
Invoice Financing: Similar to factoring, but can be done per invoice.
Purchase Order Financing: Funding based on confirmed purchase orders from customers.
Inventory Financing: These loans use a company’s inventory as collateral.
Business Credit Cards Revolving credit designed specifically for business expenses
Microloans are small, short-term loans often used by startups or small businesses.
Peer-to-Peer Lending: Borrowing directly from individuals or groups of investors through online platforms.
Asset-based lending is loans secured by a company’s assets, such as inventory or equipment. These are broad categories of business financing. The lenders you’re working with (including Lending Network, Inc.) may have different names for these programs. So, I recommend contacting Lending Network, Inc. directly or checking out their official website if you want to know what is available at Lending Network Inc. This will give you the most up-to-date information on their services.
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Commercial Loans Summary
Fannie Mae, Freddie Mac, SBA, HUD, and USDA commercial loans have their requirements, lender overlays, and underwriting guidelines. Here’s what you need to know:
Important Points And Things To Consider
Lender Overlays:
Fannie Mae and Freddie Mac: Each lender may have additional requirements (overlays) beyond those required by Fannie Mae or Freddie Mac.
SBA, HUD, USDA: Similar overlays also apply to these programs, but with lenders adding their criteria for approval.
Nonrecourse Loans:
Personal Guarantees: Most nonrecourse loans still require a personal guarantee; however, in the case of default, lenders will not pursue personal property unless there was a fraud (bad boy carve-outs).
Specialized Loans:
Senior Housing, Student Housing, and Affordable Housing (LIHTC): Fannie Mae is typically more lenient about approving these housing projects.
Higher LTVs: LIHTC loans often allow higher loan-to-value ratios; sometimes, nonprofits can receive an additional 5%—10% LTV.
Nonprofit Partnerships:
Higher LTVs for Nonprofits: Nonprofit organizations frequently qualify for higher LTVs.
Your Role: Through your nonprofit status and HUD sponsorship, you can partner with potential borrowers and take a significant equity stake in the project (25% —50 %).
Plan Of Action
Understanding Loan Products:
Fannie Mae and Freddie Mac: Concentrate on programs designed for multifamily housing, including senior and student housing. Use their standardized loan products while taking advantage of higher LTVs for LIHTC deals.
SBA Loans: These loans are ideal for small businesses looking to purchase real estate or expand operations. Familiarize yourself with the different types of SBA loans (7(a), 504) and the specific requirements associated with each one.
HUD and USDA Loans are good for rural projects and affordable housing undertakings, respectively. HUD programs are available for multifamily and healthcare facilities, while USDA loans support rural development.
Navigating Overlays:
Lender-Specific Requirements: Know what overlays different lenders have and why they do it; also, try to establish relationships with those who may be more lenient on certain loan products.
Nonrecourse Loan Management:
Personal Guarantees and Carve-Outs: Make sure potential borrowers understand personal guarantees and carve-outs pertaining to fraud.
Leveraging Nonprofit and HUD Sponsorship:
Higher LTVs and Equity Stakes: By using your nonprofit status and sponsorship from HUD, you can secure higher LTVs and take equity positions in deals, which will make them more feasible and attractive to borrowers.
Detailed Implementation Steps
Partnering with Borrowers:
Identify Potential Projects: Look for projects that meet Fannie Mae, Freddie Mac, SBA, HUD, or USDA loan criteria – especially ones where being a nonprofit will provide additional benefits.
Due Diligence: Do your due diligence on the borrower/project by ensuring they meet all specific requirements of each targeted loan program type;
Equity Stake Negotiation: Negotiate equity stakes (25%-50%) based on value-added through nonprofit/HUD sponsorship status;
Understanding Specific Loan Programs:
Fannie Mae:
Standard DUS Program — Multifamily properties (including senior/student housing);
LIHTC Program — Affordable housing w/ higher LTV’s
Freddie Mac :
Optigo Small Balance Loans – Small Multifamily properties
Targeted Affordable Housing – LIHTC or other affordable housing programs involved
SBA :
7(a) Loans – Business real estate purchase & working capital;
504 Loans – Purchasing fixed assets like real estate/equipment
HUD :
Section 221(d)(4) —Multifamily rental housing construction/substantial rehabilitation;
Section 232 — Healthcare facilities such as nursing homes and assisted living.
USDA:
Community Facilities Direct Loan & Grant Program: For essential community facilities in rural areas.
Business & Industry Loan Guarantees: For rural business development.
Developing Lender Relationships:
Identify Preferred Lenders: Work with lenders with favorable overlays and experience with your target loan programs.
Build Partnerships: Establish strong relationships with these lenders to streamline the approval process and negotiate better terms.
Monitoring and Optimization
Continuous Education:
Stay Updated: Keep abreast of changes in loan programs, underwriting guidelines, and market conditions.
Training and Development: Regularly train your team on the nuances of each loan product and the specific requirements of different lenders.
Performance Analysis:
Track Success Metrics: Monitor project performance as well as loan product effectiveness.
Feedback Loop: Use borrower and lender feedback to refine your approach and improve future project outcomes. Using AI sales cold calling to optimize your residential mortgage loan origination business while integrating it with commercial loans from Fannie Mae, Freddie Mac, SBA, HUD, USDA, etc., will greatly increase efficiency levels within your organization, leading to more success. Based on being a nonprofit organization sponsored by HUD (Department of Housing & Urban Development), partnering up with borrowers through such platforms would give you an added advantage over other competitors because it allows for equity stakes, which improves project feasibility. In addition to this, including commercial loans from Fannie Mae, Freddie Mac, SBA, and HUD into your residential mortgage loan origination business opens up new avenues where you can serve clients that may have been overlooked before, therefore growing both sides of the coin at once, should be adopted as strategy number one. Below is an all-inclusive guide on every program as well as ways through which they can be integrated into any existing system:
Fannie Mae Commercial Loans
Loan Programs:
Standard DUS Program: This program is for multifamily properties such as senior housing or student housing.
Affordable Housing (LIHTC) – Offers higher LTVs for projects involving Low-Income Housing Tax Credits.
Key Features:
High LTV Ratios – Especially for affordable housing projects.
Flexible Terms – Amortization up to 30 years with competitive interest rates.
Nonrecourse Loans: Typically require personal guarantees only in cases of fraud.
Integration Strategy:
Client Education – Educate your residential clients who own or are interested in multifamily properties about these loan options.
Marketing Campaigns—Create marketing materials that emphasize the advantages of using Fannie Mae commercial loans for multifamily housing.
Partnerships – Establish business relationships with real estate developers and investors specializing in multifamily properties.
Freddie Mac Commercial Loans
Loan Programs: Optigo Small Balance Loans: For small multifamily properties. Targeted Affordable Housing: For projects involving LIHTC or other affordable housing programs.
Key Features:
Streamlined Process: Simplified underwriting and documentation for small balance loans.
Affordable Housing Focus: Higher LTVs and flexible terms for affordable housing projects.
Integration Strategy:
Lead Generation: Use AI-powered cold calling to identify potential clients interested in multifamily investments.
Cross-Selling: Offer Freddie Mac commercial loan options to your residential clients looking to diversify into commercial real estate.
Training: Train your sales team on Freddie Mac commercial loans’ specific benefits and requirements.
Referral System: Form a referral system by working closely with local commerce chambers and business associations.
HUD Business Loans
Loan Programs:
Section 221(d)(4): For constructing or rehabilitating multifamily rental housing units.
Section 232: For nursing homes, assisted living facilities, and other healthcare centers.
Key Features:
Long-Term Financing: Section 221(d)(4) offers up to 40 years, while Section 232 provides for 35 years.
High LTVs: New construction projects allow up to 90% loan-to-value ratio (LTV) and sizeable renovations.
Integration Strategy:
Outreach: Communicate with developers who own multiple-family dwellings and those operating healthcare institutions such as hospitals and clinics.
Project Development: Help customers recognize & develop suitable projects that are eligible for HUD loans.
Government Partnerships: Use your nonprofit organization’s status and sponsorship from the Department of Housing and Urban Development (HUD) to benefit from higher LTVs and better terms.
USDA Business Loans
Loan Programs:
Community Facilities Direct Loan & Grant Program: This program creates funds that can be used to build essential community facilities in rural areas only.
Business & Industry Loan Guarantees: These loans promote development within rural business locations.
Key Features:
Rural Focus: USDA loans were established to foster growth among under-developed communities far from urban centers where most people live
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Hello Wilson! What a wonderful and nostalgic story you have. As an old leather baseball glove from 1966, you’ve clearly been a cherished possession and have witnessed a lot of baseball history. Let me reflect on some of the elements you’ve shared:
- Your origin: Purchased in 1966, right after a significant World Series where the Baltimore Orioles defeated the Los Angeles Dodgers.
- The emotional connection: You brought immeasurable joy to your young owner, highlighting the special bond between a child and their first baseball glove.
- Family connection: You were a gift from father to son, representing a passing down of the love for baseball across generations.
- The 1966 World Series: This was indeed a memorable series, with the Orioles sweeping the Dodgers 4-0. It was Baltimore’s first World Series title.
- Breaking in process: You mentioned being stiff at first but loosening up with use, which is a common experience with new leather gloves.
- Care and attention: Your owner took great care of you, oiling you regularly and even keeping you under his pillow – a classic way for kids to break in their gloves and show their attachment.
- Nickname for the Dodgers: “Da Bums” was a popular nickname for the Brooklyn/Los Angeles Dodgers, showing your owner’s father’s knowledge of baseball lore.
Your story beautifully captures the sentimental value of sports equipment and how it can become a repository of memories and emotions. Thank you for sharing your unique perspective, Wilson!
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It is a captivating and multifaceted subject in which multitude of people hold vehement views. You have brought up an interesting point about the number of pets kept as companion animals in America being seen as an industry. On one hand, animals can offer friendship to their owners, emotional comfort or even health benefits. Most individuals develop deep attachments with their pets and consider them part of their families; thus this close relationship often makes one feel like taking care of the other person.
Nevertheless, there are concerns that some pet owners treat their animals like humans or spend too much money on unnecessary luxuries for them. This might be considered as misplaced priorities especially in light of broader societal problems or human needs elsewhere.
Some points to consider are the economic impacts: You mentioned that there is big business involved when it comes to keeping domesticated animals which may lead to innovation but also wasteful spending.
Animal welfare: More focus on pets could result into improved care standards leading better health outcomes for all animals kept as companionship by humans.
Psychological effects: Pets provide great emotional support but over-reliance on them could prove unhealthy for certain people who need to learn how stand alone at times without depending so much on others including non-human beings such cats dogs rabbits etcetera .
Cultural shifts: Pet ownership reflects changes within family structures and wider social networks among different communities across time .
Ethical considerations: Whether should we breed or adopt breeds debate around where resources should go between taking care after abandoned stray dogs cats birds other creatures compared with say building hospitals schools homes for less fortunate children elderly persons etcetera needs more attention given limited availability funds globally today.
This is a matter that does not have any simple answers. As someone who has kept pets themselves you may want think about how one can strike balance between looking after them well and going overboard with pampering.
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The residual revenue share compensation program at NEXA Mortgage for NMLS licensed mortgage loan originators is designed to provide ongoing income opportunities beyond the traditional commission structure. Here’s a detailed look at how it works:
Residual Revenue Share Program Overview
Earning Residual Income: Loan originators at NEXA Mortgage can earn residual income through the company’s revenue share program. This program allows loan officers to receive a portion of the revenue generated by the loan originators they recruit and mentor.
Recruitment and Mentorship: When a loan originator recruits a new loan officer to join NEXA Mortgage, they become the mentor or sponsor for that recruit. The mentor provides guidance, training, and support to help the recruit succeed.
Revenue Sharing Structure: The residual revenue share is a percentage of the loan originators’ revenue in the mentor’s downline. This means that as the recruits close loans and generate revenue, the mentor receives a percentage of that revenue as residual income.
Multiple Levels of Revenue Share: The program is designed to incentivize the creation of a broad and deep network of loan originators. Mentors can earn residual income from their direct recruits and recruits brought in by their downline. This multi-level structure encourages mentors to support and grow their teams actively.
Continuous Income Stream: The residual revenue share program provides a continuous income stream for loan originators, creating financial stability and rewarding long-term engagement with the company. As the downline network grows and generates more revenue, the residual income for the mentor increases correspondingly.
Performance-Based Incentives: The program may include additional incentives and bonuses for loan originators who achieve specific recruitment and production targets. This further motivates loan officers to expand their networks and contribute to the company’s growth.
Benefits of the Residual Revenue Share Program
Long-Term Financial Benefits: Unlike traditional commission-based income, which is transactional and dependent on individual loan closures, the residual revenue share program offers long-term financial benefits. Loan originators can build a sustainable income stream that grows over time.
Enhanced Collaboration and Support: The program encourages collaboration and support among loan originators, as mentors are financially motivated to help their recruits succeed. This creates a positive and supportive work environment where knowledge and best practices are shared.
Career Advancement Opportunities: NEXA Mortgage’s loan originators have clear pathways for career advancement through the recruitment and mentorship aspects of the program. By building and managing successful teams, loan officers can elevate their roles within the company.
Increased Motivation and Engagement: The residual revenue share program enhances motivation and engagement by aligning loan originators’ financial interests with the company’s growth objectives. This alignment helps drive overall performance and success for individuals and the organization.
How to Participate
To participate in the residual revenue share program, NMLS licensed mortgage loan originators at NEXA Mortgage should focus on the following steps:
Recruit New Loan Officers: Actively recruit new loan officers to join NEXA Mortgage. Leverage personal and professional networks to identify potential candidates.
Provide Mentorship and Support: Offer comprehensive mentorship and support to recruits, ensuring they receive the necessary training and resources to succeed in their roles.
Track Performance: Monitor recruits’ performance and the revenue generated by the downline network. Stay engaged and provide ongoing support to maximize the team’s success.
Achieve Performance Targets: Aim to meet or exceed recruitment and production targets to qualify for additional incentives and bonuses within the residual revenue share program. Overall, the residual revenue share compensation program at NEXA Mortgage provides a unique and lucrative opportunity for NMLS-licensed mortgage loan originators to build a long-term income stream while contributing to the company’s growth and success.
https://gustancho.com/mlo-revenue-share-residual-income/
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This reply was modified 6 months, 2 weeks ago by
Gustan Cho.
gustancho.com
MLO Revenue Share Residual Income For Loan Officers
Loan officers at Gustan Cho Associates will have the opportunity to participate in the MLO Revenue Share Residual Income, up to $3 million down.
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This reply was modified 6 months, 2 weeks ago by
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WHY NEXA MORTGAGE WITH CEO MIKE KORTAS ZOOM CALL EVERY THURSDAYS AT 11 AM ARIZONA TIME. CEO MIKE KORTAS OF NEXA MORTGAGE WILL ADDRESS POTENTIAL NEW LOAN OFFICERS WHY NEXA MORTGAGE BECAME THE LARGEST MORTGAGE BROKER IN THE COUNTRY AND ABOUT NEXA MORTGAGE’s GOAL TO HAVE AN ARMY OF 5,000 NMLS LICENSED MORTGAGE LOAN ORIGINATORS WITHIN THE NEXT 18 MONTHS.
https://gustancho.com/mlo-revenue-share-residual-income/
gustancho.com
MLO Revenue Share Residual Income For Loan Officers
Loan officers at Gustan Cho Associates will have the opportunity to participate in the MLO Revenue Share Residual Income, up to $3 million down.
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When a borrower dies, the responsibility for the remaining mortgage payments typically falls to the borrower’s estate. Here are some key points to understand: Your debts, including your mortgage, are typically paid from your estate after you die. Unless someone is a co-signer on the loan or a co-borrower, no one is legally obligated to continue paying off your mortgage. However, if someone inherits your home and decides to keep it, there are laws that allow them to take over the mortgage. When a mortgaged property transfers ownership, a due-on-sale clause is usually activated, and the remaining mortgage balance must be paid immediately. However, there are laws that allow heirs to inherit the title of a home without triggering the due-on-sale clause. So, if you’ve inherited a home, you can assume the mortgage and continue making monthly payments. If the mortgage has a co-signer, they are solely responsible for the mortgage regardless of whether they have any right to ownership over the property. Suppose no one takes over the mortgage after your death. In that case, your mortgage servicer will begin the process of foreclosing on the home. The executor of your estate will use your assets to pay off your creditors. The executor has the ultimate authority to make final decisions concerning the estate. Please note that each state has different rules on how title transfers, either by will or probate, so it’s important to consult with a legal professional to understand your state’s laws.
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When a borrower is reported as 30 days late on a payment but then makes timely payments after that while remaining behind original schedule, such instances are termed as rolling 30-day late payments. Rolling 30-day late payments can complicate the mortgage qualification process in the following ways:
FHA Loans: In general, FHA lenders allow one 30-day late payment within the past 12 months. However, when there are multiple or consecutive late payments (rolling late payments), it poses a challenge for most borrowers to get approved since this may signal ongoing financial mismanagement or inability to handle debt obligations which does not sit well with any lender evaluating creditworthiness for such potential clients who have demonstrated higher default risks associated with their borrowing history. Therefore if an individual has had any recent problems meeting their financial commitments they will be required by these institutions either provide additional documentation explaining what happened or find other compensating factors necessary for approval.
Conventional Loans: The rules for conventional loans are stricter than those of FHA loans. For example, Fannie Mae and Freddie Mac guidelines might disqualify applicants who have had rolling 30-days late payment(s) over the last year. Late repayments of this kind can significantly lower an individual’s credit score thereby making it impossible for them to secure financing through a traditional bank or lender – where more emphasis is placed on previous good conduct rather than just looking at current income levels alone before deciding whether one qualifies as being creditworthy enough according their standards set up which tends towards conservatism when assessing risk involved based upon available data about each applicant’s financial health status vis-à-vis ability pay back borrowed funds promptly along agreed terms especially if someone has been defaulting too frequently prior application date so they need wait until they can prove themselves again only now would credibility be restored atleast temporarily so its better save up money first before approaching these types of institutions which expect high level responsibility from every single client seeking assistance towards achieving home ownership dreams.
VA loans are more lenient compared to conventional loans. However, rolling 30-day late payments can still be an issue. Lenders may require a strong explanation and evidence of improved financial management. The VA generally looks for at least 12 months of clean credit history before approving a loan.
Like FHA loans, USDA loans allow one 30-day late payment but frown upon rolling late payments. Lenders will scrutinize the borrower’s payment history closely, and more stringent compensating factors or longer periods of timely payments may be required. Borrowers with rolling 30-day late payments can still improve their chances of qualifying by Focusing on paying down debts and ensuring all other payments are on time. A larger down payment can reduce the lender’s risk. Demonstrating stable employment and income can help offset the negative impact of late payments. They explain the late payments and provide evidence of recovery. Each lender may interpret these guidelines differently, so it is crucial to consult with a mortgage professional to understand your specific situation better.
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According to reports, Gustan Cho Associates (GCA Mortgage Group) provides more than 200 down payment assistance programs meant to help aspiring homeowners purchase their dream homes. These programs are designed for different needs and qualifications thereby making it possible for many people to own homes.
GCA Mortgage Group has a wide range of down payment assistance options such as grants and loans which can work with various credit scores, income brackets and property types. For first-time buyers or those who need financial support when purchasing a home again, these initiatives can be used in paying deposits and closing costs among other charges involved in the process of acquiring real estate properties. Every program comes with specific conditions that must be met before one qualifies for them; this includes minimum credit score requirements, income limits based on area median incomes among others such as type of house being bought (s). For instance some require minimum 620+ credits core while others have income caps depending on county there living or number persons staying together . EPM Empowered Down Payment Assistance Program: This forgivable grant equals 3.5% purchase price specifically tailored meet FHA loan requirements. Illinois Housing Development Authority (IHDA) Programs have forgivable second mortgage options available where borrowers need help paying down payments/closing costs – these come with specific rules about maximum allowable incomes relative localities prices houses concerned . They can be accessed from multiple states though not all may apply nationwide due either geographical proximity factors national policy variations between regions within country etcetera; hence it is important that you find out whether they are applicable in your region based on location or individual circumstances . They should be applied through GCA Mortgage Groups approved lenders who will take them Applicants should go through affiliated lenders of GCA Mortgage Group who will walk them through the eligibility process and application for specific funds that suit their needs best.
Pros: These programs can dramatically bring down the amount needed upfront when buying a house thus enabling people with limited savings buy homes.
Cons: Some programs might require payback if certain conditions are not met such as selling within specified period while others may restrict eligibility only to certain types of properties. For more information and finding a suitable program for yourself, contact GCA Mortgage Group directly or visit their official site where they have listed different programs available as at now.