The FHA & VA Client Opportunity

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1 The FHA & VA Client Opportunity October 2014

2 MEET THE SPEAKERS Bobbi Macpherson QL Senior Product Manager, Capital Markets Geno Yoscovits QL Product Manager, Capital Markets Stacey Burlison QL Senior Team Lead Banker Coach 2

3 WHAT YOU LL LEARN FHA & VA Product Options Overlays Policy Recent Guideline Updates Common Suspense Reasons Benefits of VA FHA Sales Best Practices VA Sales Best Practices VA Myth Vs. Fact Available Resources 3

4 MARKET PERSPECTIVE Quicken Loans FHA Fixed Loan Volume Lowest Concentration Highest Concentration 4

5 MARKET PERSPECTIVE Quicken Loans VA Fixed Loan Volume Lowest Concentration Highest Concentration 5

6 PRODUCT OPTIONS FHA Terms available: Fixed: 15, 20, 25 and 30 year ARM: 5/1 ARM Also available: FHA Jumbo: 15, 25 and 30 year + 5/1 ARM 6

7 PRODUCT OPTIONS FHA Terms available: Fixed: 15, 20, 25 and 30 year ARM: 5/1 ARM 5/1 ARM 7

8 PRODUCT OPTIONS FHA Terms available: Fixed: 15, 20, 25 and 30 year ARM: 5/1 ARM Also available: FHA Jumbo: 15, 25 and 30 year + 5/1 ARM 8

9 PRODUCT OPTIONS VA Terms available: Fixed: 15, 20, 25 and 30 year ARM: 5/1 ARM Also available: VA Jumbo: 15, 25 and 30 year + 5/1 ARM 9

10 PRODUCT OPTIONS VA Terms available: Fixed: 15, 25 and 30 year ARM: 5/1 ARM 10

11 FHA & VA OVERLAYS Why?? Ask for exception! Tell us the story compensating factors? 11

12 FHA & VA UPDATES 7/21/14 12

13 FHA STREAMLINES UPDATE 7/28/14 13

14 FHA UPDATE 8/8/14 14

15 FHA & VA UPDATE 8/14/14 15

16 COMMON PITFALLS FHA loans often get suspended for: o Excessive NSF/Overdrafts o CAIVRS Issues o Lack of minimum credit/trade line and reestablished credit after BK/SS/FC 16

17 COMMON PITFALLS FHA suspense reasons continued: o Prior Mortgage Credit Reject o DTI when not anticipating addition of spousal debt on community property states with <640 FICO o DTI for various reasons: o Part time o Commission o Bonus o URBES 17

18 COMMON PITFALLS VA loans often get suspended for: o Residual Income Know the calculation! o Subtract the following from the Client s gross income: o Tax Withholdings (Federal, State, SS, Medicare) o Credit Report Payments o Court Ordered Debt(s) o Monthly Child Expenses (if applicable) o Job Related expenses o Maintenance & Utility Expenses o Non-borrowing Spouse Debt(s) 18

19 VA UPDATE 9/26/14 19

20 COMMON PITFALLS VA suspended reasons continued: o DTI for various reasons: o Part time o Commission o Bonus o URBES o Grossing up passive income (Cannot do.va specific) 20

21 COMMON PITFALLS VA suspended reasons continued: o Make sure the Client meets the minimum service requirements based on the era they served in: Use the COE Tool in GURU under VA > 2.0 Eligible Transactions > VA Entitlements & Eligibility 21

22 BENEFITS OF VA PRODUCT o Zero Down Purchases o No Monthly Mortgage Insurance o Lowest Monthly Payment o No Prepayment Penalties o The Mortgage is Assumable o Competitive Interest Rates & Closing Fees o 100% LTV on Rate and Term Refinances o 90% Cash out Refinances o Credit Scores as low as 620 o DTI up to 60% with Approve Eligible Findings o Fixed rate only o If FICO score is < 640 and LTV > 95%, DTI is capped at 45% 22

23 THE OPPORTUNITY You know the product now go sell it! 23

24 FHA OPPORTUNITY The Stepping Stone Loan FHA Sales Best Practices: o Recognize the benefits o Sell everything as a benefit Avoid using You only qualified for o Identifying the right client for the situation 24

25 VA OPPORTUNITY VA Sales Best Practices: o Ask every single Client if he or she is a Veteran o Make sure to be genuine if you choose to thank a veteran for their service o Don t be cavalier with questions o Keep politics out of the conversation 25

26 VA OPPORTUNITY VA Sales Best Practices continued: o Do not call all service members soldiers o If a veteran chooses to discuss their time in the service, make sure to LISTEN 26

27 VA MYTH VS. FACT 27

28 YOUR QUESTIONS ANSWERED o Is there a chance that Quicken will allow cash out up to 100% on VA? o What is the smoothest process for getting Pest Inspection documentation? o If a Client forecloses on a VA property, what happens to the VA eligibility? o What is the max LTV on VA IRRRLs? o What is the FHA Back to Work Program, and will Quicken Loans offer it? 28

29 FHA & VA RESOURCES o GURU o SOS@quickenloans.com o Your QLMS AE Ask about our private label marketing! o Your CCS and SPS 29

30 FHA & VA RESOURCES o QLMS Portal > Resources o Archived FHA & VA Webinars and Presentations o FAQs on FHA Loans o VA Allowable Fees List and more! 30

31 THANK YOU! 2014 Quicken Loans, Inc. All Rights Reserved. Trade Secret, Confidential, and Proprietary. Any duplication or dissemination of these materials is strictly prohibited. 31

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