EB - JUMBO PROGRAM
Training
Offered by…
FIRST MORTGAGE CORPORATION
March 27, 2014
Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark of Freddie Mac. This presentation is
a summary and is not complete. This information is for mortgage professionals only and should not be distributed to or used by consumers or
other third-parties. Information is accurate as of the date shown below and is subject to change without notice. 3/27/2014
AGENDA


Jumbo Program

Eligibility Guidelines

Program Guidelines

Program Matrix

Underwriting Guidelines

Pricing and Fees
FMC Resources and Support
FMC Jumbo Program
Eligibility Guidelines
Program Guidelines
Jumbo Matrix
ELIGIBILITY GUIDELINES
FMC Jumbo Program
Borrower Eligibility
U.S. Citizens /
Non U.S.
Citizens
 U.S. Citizen
 Permanent Resident Aliens
 Non-Permanent Resident Aliens - Must have evidence of valid
permanent residency status
 First Time Home Buyers
 Must have valid SS Number – ITIN not allowed
Ineligible
Borrowers
Foreign Nationals
Non-Occupant
Co-Borrowers
Permitted
 Occupant borrower must qualify based on his/her standalone
ratios, without the benefit of non-occupant co-borrower’s
income or liabilities
FMC Jumbo Program
Borrower Eligibility
# of financed
properties to one
borrower
 Max: Four (4) when subject property is a 2nd home or
Investment (no exceptions)
 Max: Nine (9) other financed properties for a total of ten
(10) financed properties including subject loan when the
o Subject property is a Primary Residence,
o The program is a fully amortizing ARM, and
o The transaction is a purchase, rate/term refinance, or a
technical refinance (cash out transactions are NOT
eligible)
Maximum
Concentration Risk
Total financing to one qualified borrower(s) to a maximum of
$3mil in total mortgage loans
FMC Jumbo Program
Eligible Property Types
Eligible
Properties
 Single family detached or attached dwellings
 Investor eligible Condos and PUDs
• If condo project doesn’t meet investor Limited Project Review
criteria, condo project documents must be submitted to investor
condo project review team for approval of project
Ineligible
Properties




Geographic
Restrictions
 Clark County, Nevada (Las Vegas)
 Alaska
Texas Refinances
 Refinances in the state of Texas are eligible.
 Any refinance of a prior Texas 50(a)(6) loan must close under the
Attachment A (Investor Preferred Texas 50(a)(6) program a.k.a. once a cash
out, always a cash out).
Properties with 10 or more acres
2-4 unit properties
Manufactured/Mobile homes
Rural properties
FMC Jumbo Program
Program Highlights
Topic
Description
Program Types
 30-yr, 15-yr, 10-yr Fixed Programs
 10/1, 7/1, 5/1 ARM Programs
Loan Amounts
 Fixed Rate Loan Minimum - $417,001
 Fully Amortizing ARM Loan Minimum - $250,000
 Maximum - Up to $3 Million (See EV Jumbo matrix)
 Loan amounts > $1,500,000 require Loan Committee Approval
 FMC: Over $1 Million – requires FMC Corporate approval
Occupancy Type
 Primary Residence Only
 Second Homes
 Investment Properties
Loan Purpose




Purchase Transactions
Technical Refinances
Rate & Term Refinances
Cash Out
FMC Jumbo Program
Refinance Definitions
(Please Note: Non FNMA Standard)
Topic
Description
Limited Cash
Out Refinance











Borrower must have been in title for a minimum of 90 days prior to the application
date, evidenced by a recorded deed transfer
Pay off of 1st Lien
Pay off in whole, the outstanding principal balance of the existing subordinate mortgage
that was used to acquire the subject property (purchase money 2nd only) OR
Pay off in whole the outstanding principal balance of a 12-month seasoned closed-end
mortgage as of the Note Date OR
Pay off of any subordinate HELOC with cumulative draws < $2,000 in the past 12-mos
as of the Note Date OR
If HELOC draws total more than $2,000 in the past 12-mos, then the borrower must
confirm and provide documentation on property improvements
Pay related closing costs and prepaid items
The inclusion of any delinquent property taxes, HOA dues, tax liens, garnishments, or
judgments is not eligible and should not be included in the new loan amount
The current appraised value can be used to calculate the LTV regardless of length of
time the borrower has owned the subject property
Disbursed cash-out to borrower not to exceed 2% of $2,000, whichever is less
If a prior Cash-Out transaction (as determined by the HUD-1) is now being refinanced
as a Limited Cash-Out refinance within 6-mos of the prior transaction (as determined
by the Note date), it will be considered a Cash-Out Refinance
FMC Jumbo Program
Refinance Definitions
(Please Note: Non FNMA Standard)
Topic
Description
Technical
Refinance
(Delayed
Financing
Option)
May be applied when the subject property was purchased without financing within the past 6mos. The 6-month period is measured as follows:
 Existing construction – from the date of acquisition (HUD-1 or settlement statement
closing date) to the application date
 New construction – from the date a certificate of occupancy is issued to the application
date
The following requirements apply:
 If funds were borrowed to purchase the subject (e.g. unsecured loan or HELOC secured
by another property) those funds must be repaid out of the proceeds from the new
refinance and reflected on the HUD-1
 Disburse cash-out to the borrower or any other payee provided any borrowed funds
used to acquire the subject have been repaid first
 Pay related closing costs, financing costs, and prepaid items
 Technical refinance transactions on properties located in Texas are ineligible
 The new loan amount cannot exceed maximum financing allowed using the lesser of the
appraised value or the original purchase price of the subject property plus financed
closing costs, prepaid fees and points on the new refinance
 Acquisition cost for the subject property must be fully documented in order to validate
the funds used to acquire the subject property and to confirm the purchase transaction
was arms-length
FMC Jumbo Program
Refinance Definitions
(Please Note: Non FNMA Standard)
Topic
Description
Technical
Refinance
(Delayed
Financing
Option)
Documentation requirements:
 Executed HUD-1 from the purchase transaction which
a) must reflect no financing was obtained to purchase the subject property and b) will
be used to document the original purchase price
 Preliminary title work must reflect the borrower as the owner of the subject property
and no liens on the property
 The source of funds used in the purchase transaction must be fully documented (e.g. bank
statements, personal loan documents, HELOC on another property, etc.) and must be the
borrower’s own funds (e.g. gift funds, inheritance, etc. are ineligible)
Technical refinance transaction eligibility is the same as the Purchase or Limited Cash-Out
Refinance – refer to the matrix to determine eligibility for the new refinance.
To obtain correct pricing and eligibility:

Use “Technical Refinance” – specific loan program codes

Loan purpose in front end system should be “Cash-Out”
FMC Jumbo Program
Refinance Definitions
(Please Note: Non FNMA Standard)
Topic
Description
Cash-Out
Refinance







Borrower must have been in title for a minimum of 6-mos prior to the application date,
evidenced by a recorded deed transfer
Pay off of liens secured by the subject property only, to include unseasoned (i.e. open
less than 12 months) junior liens exceeding the 2% or $2,000 draw limit
Cash proceeds (outside of payment of liens secured by the subject property) are
permitted and should not exceed $300,000
Proceeds may be disbursed directly to the borrower(s) or any other payee
Pay related closing costs, financing costs, and prepaid items
Cash-Out Refinances on properties located in Texas are Cash-Out Refinances on
properties located in Texas are ineligible
Owner-occupied primary residence properties only
Seasoning for
Cash-Out
Refinance
Borrower must have 12-month minimum ownership to base LTV on appraised value;
otherwise the lesser of purchase price or current appraised value will be used. The
ownership date is measured from the date of acquisition (HUD-1 closing date) to date of
application.
Maximum
Cash Out
Amount
Cash proceeds (outside of payment of liens secured by the subject property) are permitted
and should not exceed $300,000
FMC Jumbo Program
Refinance Definitions
(Please Note: Non FNMA Standard)
Topic
Description
Payoff of
Interim
Construction
Financing
Investor does not offer Single-Close Construction-to-Permanent Financing.
However, we can originate a mortgage in which loan proceeds pay off interim construction
financing of a SFR; called a conversion of construction financing to permanent financing.

All transactions will be treated as Limited Cash Out Refinances

Borrower must have legal title to the land prior to application and be named as the
borrower on the construction financing

LTV/CLTV/HCLTV will be based on the as-completed appraised value regardless of the
length of time the borrower has owned the lot

Underwriting reserves the right to ask for additional documentation for cost, etc., when
warranted

In all cases, a new note and mortgage for the refinance of the construction financing must
be created and recorded.

Modifications of existing construction loans are not permitted
FMC Jumbo Program
ARM Features
Topic
Description
ARM Features
Conversion Option: None
Caps:
 5/1 – 2/2/5
 7/1 and 10/1 – 5/2/5
 Margin: 2.25%
Qualify:
 5/1 – Greater of Fully Indexed rate (Index plus margin) OR Note
Rate + 2%
 Fixed Rate, 7/1 & 10/1: Qualify at the Note Rate
 Index: Average of the interbank offered rates for 1 year U.S. dollar deposits in the
London market, as published in the Wall Street Journal
 Index Look-Back Period: 45 days
FMC Jumbo Program
JUMBO Matrix
FMC Jumbo Program
JUMBO Matrix
FMC Jumbo Program
JUMBO Matrix
FMC Jumbo Program
Credit
Income
Assets
Other UW
Guidelines
Guidelines
Guidelines
Guidelines
UNDERWRITING GUIDELINES
FMC Jumbo Program
UW: Underwriting Method
Underwriting
Method
 Manual U/W ONLY
 DU/LP not required
 Investor prior approval required
 Follows investor guidelines; if not addressed in this training or with
the investor directly, it follows Fannie policies.
Investor Prior
Approval Process
 Register the loan with the Secondary Marketing Department (Use online
lock system)
 Submit file to FMC underwriting department as usual
 Copy of Registration must be in file upon submission
 FMC underwriter submits file directly to investor for prior approval
 Investor’s current turn times (please note these are in addition to FMC
turn times):
 Investor Underwriting: 2-3 business days
 No variances for any product guidelines on fixed rate loans
FMC Jumbo Program
UW: Credit
Minimum Loan
Fico Score
 720
 700-719 subject to additional reserve requirements
 680 with an exception approval from investor subject to additional
reserve requirements
Credit Report &
Credit Score
Requirements
Credit Report Requirements
 A full residential mortgage credit report (RMCR) or Tri-Merged in-file
conforming to FNMA/FHLMC requirements should be used
Credit Score Requirements
 The RMCR or tri-merged in-file should reflect credit scores from all 3
repositories and meet the minimum program standards as follows:
 Minimum 720 Fico for all Qualifying Borrowers
 Ficos 700-719 eligible subject to additional reserve requirements (see
Reserve Section for details)
 Ficos 680-699 eligible subject to prior investor approval and additional
reserve requirements per investor
Non-Traditional
Credit
Not allowed
FMC Jumbo Program
UW: Credit
Minimum Credit
Standards and
Adverse Credit
Policy
Minimum Credit Standards:
 3 + 1: A credit score will be considered valid only if it is comprised of a
minimum of 3 trade lines open for a minimum of 24-months, plus one
prior mortgage payment history.
• Trade lines need not be open – a borrower will be considered to
meet this standard if they have a deep credit file containing many
prior satisfactorily-paid debts but only one or two open trade lines
 First Time Home Buyers require a minimum of 3 active and open trade
lines, all established for a minimum of 24-months AND a satisfactory VOR
for the last 12-months
Adverse Credit
Policy
In addition to the minimum credit standards and score requirements, the
following adverse credit standards apply:
 No public records within the last 24-months
 No BK or FC (including short sales, pre-foreclosure sales, and deed-in-lieu
transactions) within the last 7-years
 No significant derogatory ratings on any tradeline activity within the last
12-months (including installment and revolving accounts)
FMC Jumbo Program
UW: Credit
Qualifying Ratios
 43% Maximum Debt-To-Icome-Ratio – NO VARIANCES
Qualifying Rate
See table below to determine qualifying rate:
Mortgage Type
Qualifying Rate
30, 15, 10 Fixed Rate
10/1, 7/1 ARM
Note Rate
5/1 ARM
The greater of the fully indexed rate or the Note Rate +
2.00%
Housing Payment
History
If not contained within the credit report, the following documentation must
be provided:
 VOM – A 24 month minimum mortgage payment history is required to
reflect no late payments in the last 24-months
 VOR – A 12 month minimum rental payment history is required to reflect
no late payments in the last 12-months
Interested Party
Contributions
Property seller or any interested party (builder, developer, lender, realtor, or
any of their affiliates) can pay closing costs, prepaid items, and escrows.
All contributions are based on the CLTV of each loan
 Primary and 2nd Home: =< 80% - 6%
 Investment: All LTVs – 2%
FMC Jumbo Program
UW: Income
Salaried Income
 Paystubs covering a minimum 30 day period dated no earlier than 30 days
prior to the initial loan application date.
• Paystubs must include all year-to-date earnings and include
sufficient information to accurately calculate income. Otherwise,
additional documentation must be obtained
 Two most recent years’ W-2s.
• If W-2s are unavailable, transcripts of them can be obtained from
the IRS with the borrowers’ signed 4506-T form.
o This is a separate item from the full tax return transcript; the
tax return transcript by itself does not include the needed
details of the W-2 forms
 Two most recent years’ IRS tax transcripts to support qualifying income
 A minimum 2-yr history in the same line of work and industry is required
Bonus/Overtime/  Two most recent years’ 1040s with all scheduled are required in addition
Commission
to items required for Salaried borrowers
Income
 A minimum 2-yr history of receiving bonus/commission income from the
Requirements
same employer is required with evidence this income will continue
FMC Jumbo Program
UW: Income
Self-Employed
Income
Requirements
3-yr history of Self-Employment in the same business. Declining income
trends are generally not acceptable.
 Two most recent years’ 1040s with all schedules
 Two most recent years’ business tax returns with all schedules
 If 1040s are older than 90 days, a P&L covering the period between the
end of the tax return year through present is required
 Two most recent years’ IRS tax transcripts to support qualifying income
Passive
Income/Capital
Gains
Requirements
Passive Income
 Two most recent years’ 1040s with all schedule
 Two most recent years’ IRS tax transcripts to support qualifying income
 A minimum 2-yr history of receiving passive income from the same source
is required
Capital Gains Income
 Three most recent years’ 1040s with all schedules
 Three years’ IRS tax transcripts to support qualifying income
 Minimum 3-yr history of receiving the Income
 Verification of existence of current portfolio generating capital gains
income to support continuance for 3 or more years
FMC Jumbo Program
UW: Rental Income
Other Real Estate
Owned Rental
Income
Requirements
 Borrower must qualify using the full PITIA on all properties
-OR Borrower must demonstrate a 2-yr history of managing rental properties
with the most recent 2-yrs personal 1040s Schedule E’s in order to use
positive rental income.
• Income analysis should demonstrate a cumulative positive cash flow
for the tax years analyzed.
 Leases may be used for properties owned less than 2-yrs, but the
borrower must exhibit a minimum history of managing rentals for at least
2-yrs in order to use rental income
 Rental losses are to be factored into the qualifying income/debts no
matter the length of time the rental has been owned
 Refer to Conversion of a Principal Residence for guidance on vacating a
current primary
Refer to Reserve section for additional reserve requirements
FMC Jumbo Program
UW: Reserves…
Reserves
Reserves required for the subject property are based on the loan amount as follows:
Loan Amount
$417,000* - $1,499,999
$1,500,000 - $2,000,000
$2,000,001 or greater
Required PITIA reserves
12-mos PITIA
18-mos PITIA
24-mos PITIA
*$250,000 for Fully Amortizing ARM Loans
Reserve Requirements for FICO between 700-719
LTV
Reserves > Than Standard Guideline
Maximum to 4.99% below maximum
6 Additional Months
5% to 9.99% below maximum
3 Additional Months
=> 10% below maximum
No Additional Months
NOTE: No variances allowed to requirements for credit scores < 720
FMC Jumbo Program
UW: Reserves…
Reserves
 Reserve funds must be verified with 2 consecutive months’ bank statements or
VOD
 All reserves are calculated on the Note Rate for all loan types using the full PITIA
payment (Principal, Interest, Taxes, Insurance, Assessments)
 In addition to the minimum reserves required for the subject property, 6-mos
PITIA reserves is required for each additional property owned by all borrowers
Acceptable PITIA Documentation: The minimum documentation to correctly verify
the full PITIA payment should be from one of the following sources:
• Current monthly mortgage statement
• Copy of Homeowner’s insurance policy
• Copy of recent tax bill or web search to taxing authority
• Copy of mortgage note, etc.
Defined Acceptable Reserve Accounts
The type of assets that can be used for reserves and the value of those funds are as
follows:
• Checking/Savings/Money Market accounts – 100%
• Publicly traded stocks, bonds and mutual funds – 70% of value may be used
• Cash Value of Life Insurance – 100%
FMC Jumbo Program
UW: Reserves…
Reserves
•
•
•
•
•
•
Individual Retirement Accounts (IRAs), SEP, or Keogh accounts – 60% of vested
value amount may be used. (100% of the account value may be used for
borrowers aged => 59 ½)
Annuities – 60% of the vested amount may be used. (100% of the account value
may be used for borrowers aged => 59 ½)
401(k) plans – 60% of the vested amount **
Trust Assets – Borrower/Co-Borrower must have full access to consider; Compy of
complete trust or trustee letter is required
529 College Savings Plans – the following requirements apply for this asset type:
o 60% of value may be used
o Terms of withdrawal are required
o 529 Prepaid Tuition Plans are not eligible
Business Assets – See Acceptable Source of Funds Section
**No more than 50% of the total reserve requirement may come from 401(k) or 529
plans. The terms and conditions under which funds may be withdrawn or borrowed
must be verified.
FMC Jumbo Program
UW: Assets
Acceptable
Source of
Funds
•
•
•
•
•
•
•
All funds for reserves must come from borrowers own savings
Borrower is required to meet minimum down payment requirements from his or her own
personal funds for all purchase transactions
Gift funds are eligible – see “Gift Funds”
All borrower funds must be documented with 2 most recent months’ asset statements or
VOD covering a minimum of 60 consecutive days
All unusual large deposits must be explained and source must be documented
Verify the borrower’s actual receipt of the funds realized from sale or liquidation when
non-liquid assets are used for any part of the down-payment or required cash to close
Business Funds are eligible for this program
o Entire amount required for down payment and reserves can be from business assets
Corporation – S Corporation – Partnership Assets
o Borrower and/or Co-Borrower must be 100% owner of the business entity. Borrower and
Co-Borrower may each own varying percentages provided the combined ownership is
100% of the business entity
AND
o A letter from an independent 3rd party addressing the following is required:
• Withdrawal will NOT have a material impact of the viability of the business entity
• Funds are NOT an advance on future earnings
• No repayment of the funds is required
• Amount of funds available for use
OR
FMC Jumbo Program
UW: Assets
Acceptable
Source of
Funds
o
A 12-month cash flow analysis. Funds that can be considered are calculated as follows:
Lowest daily balance from 12-months statements minus the funds being used from business
account. If this is a negative number, the borrower is short eligible funds to close. If
positive, funds may be used (bank statements required to document).
NOTE: The standard 2-mo bank statement requirement for reserves remains in place
Schedule C Assets
o Borrower or Co-Borrower must be 100% owner of the business entity
AND
o A letter from an independent 3rd party addressing the following is required:
• Withdrawal will NOT have a material impact on the viability of the business entity
• Funds are NOT an advance on future earnings
• No repayment of the funds is required
• Amount of funds available for use
OR
o A 6-month cash flow analysis. Funds that can be considered are calculated as follows:
• Lowest daily balance from 6-months statements minus the funds being used from
business account. If this is a negative number, the borrower is short eligible funds to
close. If positive, funds may be used (bank statements required to document).
NOTE: The standard 2-month bank statement requirement for reserves remains in place.
FMC Jumbo Program
Gift Funds
Gift funds
Gift funds are permitted subject to the following criteria:
• Primary residence purchase transactions only
• Gift funds may be used to meet down payment requirements and/or lower the
LTV further provided a minimum 10% down payment is first made from
borrower’s own funds
• Gift funds may be used to cover all down payment requirements if LTV =< 60%
Notes:
• Gift funds are not allowed to meet reserve requirement
• Gift funds can be applied towards closing costs/pre-paids above minimum
required investment
• Gift letter, signed by the donor that includes the amount of the gift, date the
funds were transferred, a statement that no repayment is expected, the donor’s
name/address/phone number and relationship to the borrower
• Evidence of transfer from the donor to the borrower by a copy of the cancelled
check, executed wire, or withdrawal slip from the donor’s account
• Bank statement to evidence receipt of funds into the borrower’s account
• The transfer of gift funds must be evidenced prior to final approval. The
verification of funds post final approval or at the closing is not allowed.
• Any exceptions to this policy will require documented UW management approval
FMC Jumbo Program
UW: Miscellaneous
4506-T
Required for all loans.
 Most recently filed 2-yrs of IRS tax return transcripts must be obtained and
validate filed earnings
Subordinate
Financing
 Permitted subject to LTV matrix guidelines
 CLTV = HCLTV
Age of
documents
 Credit documents: Cannot be older than 120 days to the Note date
 Appraisal documents: Cannot be older than 120 days to the Note date
Buydowns
Ineligible
Prepayment
Penalty
None
Assumability
 Fixed Rate: Not assumable
 5/1, 7/1, 10/1 ARMs: Assumable with borrower qualification and lender
approval after initial fixed period
FMC Jumbo Program
UW: Miscellaneous
Escrow
Waivers
Underwriting Review Criteria*
Waiver requests are subject to underwriting review and approval per the following
criteria:
 Minimum FICO – 720
 Equal to program maximum DTI
 A review of the title work for evidence of tax liens or other evidence of failure to
pay tax obligations
 File cannot reflect evidence of lapsed hazard insurance coverage
 Loan documentation should support a history of timely independent payment of
escrow items
 Borrowers with a prior history of delinquent taxes or lapses in homeowner’s
coverage are not eligible to waive escrows
Please note:
 These criteria must be manually applied on a case-by-case basis when an escrow
waiver is requested
State
Specifics
 California: Escrows may be waived at borrower request without conditions.
There are no other underwriting conditions or overlays that apply for loans in CA
 All other states: May be waived at borrower request subject to underwriting
review.
FMC Jumbo Program
UW: Appraisal
Appraisal
Requirements
APPAISAL STANDARDS (Use FMC AMC’s to order appraisals):
 One Full URAR for loan amounts up to and including $1,500,000
 (Eg., Form 1004, Form 1073)
 Two Full URARs for loan amounts => $1,500,001
 Completion of cleared CRR Report from ART team for all loan amounts. If
two appraisals are required, both must have cleared CRR reports.
Risk Grade
Market Policy
Risk Grades are assigned at the county level based on an internal scorecard
system. The analytics require an LTV reduction from the maximum financing
offered. See Geographic Restrictions and State-Specific Criteria for additional
criteria.
RISK GRADE 4 = 10% LTV Reduction
RISK GRADE 3 = 5% LTV Reduction
FMC Jumbo Program
UW: Appraisal
Project Warranty
Standards
Condominiums and PUDs must meet investor project eligibility standards.
The following documentation must be included in the loan file:
• Completed Limited Review Form, and completed Condo Project
Questionnaire as needed to satisfy limited review requirements
• Completed investor Condo Project Status Report form with signed
approval from Condo Management Team analyst
Mortgage
Insurance
Not required
• Insured LTV’s (over 80%) are not eligible for this program
FMC Jumbo Program
Rates and Fees
FMC Support
JUMBO – RATES/FEES
FMC Jumbo Program
Jumbo Rates & Fees
Topic
Guidelines
Interest Rates

See FMC Rate Sheets effective 4/1/2014 for Jumbo rates and price
adjustments
Origination Fees

No max required - Follow new HUD RESPA rules
Discount Fees

Buyer or Seller Discounts allowed subject to consumer laws
– Discount Points allowed only for loan level price adjustments
(subject to FMC’s discretion)
Rebate/Discount
Pricing

See FMC rate sheet
Allowable Fees


Must be reasonable and customary and fully disclosed to the
borrower in accordance with all agencies, federal, state and local laws
See FMC fee sheet for our lender fees
FMC Jumbo Program
FMC SUPPORT
WEB SITE
TRAININGS
SUPPORT TEAM
FMC WEBSITE:
First Mortgage offers FREE Weekly
ONLINE Trainings
LOAN HELP:
See the FMC website for the April
2014 Training schedule
loanhelp@firstmortgage.com
https://firstbase.firstmort
gage.com/
 Rate Sheets
Trainings for March 2014:
•
 Training Materials
 Guidelines
 Forms
•
3/6 – Product Overview & LPMI
•
3/11 – NHF ACCESS/FirstDown
 Marketing
 Tools
 Calculators
3/5 – LO/Processor Call
•
3/13 – FHA 203(k)
•
3/18 – HomePath
•
3/25 – NHF Access/FirstDown
•
3/27 – NEW Jumbo Program
FMC Jumbo Program
For help with:






Guidelines
Program questions
Scenarios
Pricing / Fees
Loan Submissions
Trainings
THANK YOU FOR YOUR BUSINESS…
On behalf of First Mortgage, thank you for joining
today’s training and we hope the information
provided will help you build your business!
The main purpose of First Mortgage Corporation’s (FMC) training documents is to assist real estate and mortgage
professionals in developing entry-level competence with loan programs.
While FMC staff, employees, contractors and contributors take care to ensure the accuracy of the content of training
documents, FMC makes no warranties as to the accuracy of the information contained within these materials. Furthermore,
every user of this material uses it understanding that he or she must still conduct his or her own original legal research, analysis
and drafting. In addition, every user must refer to the relevant legislation, case law, administrative guidelines, rules and other
primary sources.
FMC specifically disclaims any liability for any loss or damage any user may suffer as a result of information contained within this
training material.
While the information contained in FMC’s training material addresses guidelines and issues surrounding mortgage programs,
these materials do not constitute legal advice.All non-legal professionals are urged to seek legal advice from a lawyer.
FMC Jumbo Program