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We recently discussed the fourth step in the home buying process: applying for the loan. Once you apply for a home loan, your Mortgage Loan Originator will submit all of your documentation to Processing, and from there, your loan will be sent to Underwriting. These are crucial steps, and it is important to understand some of the factors that go into getting your home loan approved.

Processing
Once you have submitted all of the required documentation for your loan application, your Loan Originator will submit everything to Processing. The Processor puts all of the documentation together for Underwriting, and works closely with the Loan Originator to ensure a smooth process. They will order a title search to make sure that the seller has legal rights to the property, and schedule an appraisal to determine the value of the property. Based on information received, the Processor may reach out to the borrower for any additional documentation needed. Once all of this has been completed, the Processor will send the application to Underwriting.

Underwriting
In the underwriting process, the lender determines the degree of risk involved with lending the consumer money. Here are the “Four C’s” that the Underwriter will evaluate:

Once the Underwriter has approved all applicable documentation, and determines that the loan is a good fit, a clear-to-close (CTC) will be issued, allowing the loan to move into the final stage of the process: closing on your new home.

Recently, we talked about the third step in the home purchase process: finding your home. Once you have found a home you want to buy, the next step is to apply for your home loan. This is the time to assemble and submit all of your financial information and documentation to your lender for evaluation. Your Mortgage Loan Originator will help you figure out what documentation you need to provide, and ask you questions about your financing, so that you can submit the best possible loan application.

Ensuring a Successful Loan Application
Once it’s time to apply for your loan, your Mortgage Loan Originator will request the following from you:

Jennifer Cook, an NFM Lending Branch Manager in Louisiana, says that the most important thing to remember when applying for a mortgage loan is to be completely honest with your Mortgage Loan Originator.

“Things like child support, side business income or loss, etc., that are not disclosed upfront can create issues down the road. It is critical to provide all requested documentation in a timely fashion at application.”

Navigating the Loan Application Process
The process of applying for a loan may seem complex and even overwhelming. According to Jennifer, one of the keys to a successful loan application is to work with reliable professionals that you trust.

“Make sure you are working with a lender and a real estate agent who you know and trust. Many people are seduced by super low rates advertised online, but when it comes down to it, a loan originator who gets all their leads via the internet or an 800 # doesn’t really care if you settle or not. They have no relationship with you personally or your agent.”

Working with knowledgeable real estate and mortgage professionals will help you greatly during the home purchase process. Your Mortgage Loan Originator can help you navigate what may seem like a confusing process, and help you make sure your loan has the best possible chance of being approved.

LINTHICUM, MD, May 2, 2016— NFM Lending is pleased to honor Lt. Col. Beth Ann Lumpkin as the NFM Salute for May 2016.

Lt. Col. Beth Ann Lumpkin received a direct commission into the United States Air Force in 1990. Her military assignments included the following: Andrews Air Force Base, MD; Kunsan Air Base, Republic of Korea; Ramstein Air Base, Germany; Scott Air Force Base, IL; Brooks Air Force Base, TX; Wright-Patterson Air Force Base, OH and Joint Base McGuire-Dix-Lakehurst, NJ. A majority of her career was in flight nursing and aeromedical evacuation. In June 1996, she worked in the Aeromedical Staging Facility at Landstuhl Regional Medical Center. She then flew as a flight nurse on the C-9 Nightingale while stationed at Scott AFB, IL from 1996-1999. Lt. Col. Lumpkin then taught the Flight Nursing and Critical Care Air Transport Team Courses at Brooks City Base, San Antonio, TX to active duty, guard, reserve and international students. She deployed in summer of 2007 to Al Udeid Air Base, Qatar and was responsible for getting the aeromedical evacuation airlift for the wounded in Iraq, Afghanistan and Horn of Africa. While deployed, her sister and brother-in law, Joanne and Francis West, had custody of her children, then ages 4, 3 and 1. Upon her military retirement in 2012, Lt. Col. Lumpkin started her second career as a Junior Air Force Reserve Officer Training Corp (JROTC) Instructor at Washington Township High School in Sewell, NJ.

Lumpkin was nominated as the NFM Salute for May by her brother-in-law, Francis West.

“We are so proud of Beth Ann’s service to our Country and her family,” said West. “Her dream was to travel the world and she did, all while serving in the US Air Force. She is the mother of three great kids and involved in their activities as well as teaching ROTC. She has a strong bond with her sister, Joanne, and I am proud to be her brother-in-law.”

NFM Salutes is an initiative in which one military member or veteran is chosen each month to be honored as the “Salute of the Month.” Salutes will be chosen from nominations on the NFM Salute website, www.nfmsalute.com. The “Salute of the Month” will be featured on the website with a brief biography and information about his or her service, and NFM Lending will make a $2,500 donation to a military or Veteran non-profit in the Salute’s name. Lumpkin chose Soldier’s Wish to receive this month’s donation.

Selected NFM Salutes may choose from one of several non-profits that support active military members and veterans, including Platoon 22, AnySoldier, Soldier’s Wish, and the Gary Sinise Foundation. NFM looks forward to the opportunity to continue to honor military and Veterans through the NFM Salute initiative.

NFM Lending is a mortgage lending company currently licensed in 27 states in the U.S. The company was founded in Baltimore, Maryland in 1998. They attribute their success in the mortgage industry to their steadfast commitment to customers and the community. NFM Lending has firmly planted itself in the home loan marketplace as “America’s Common Sense Residential Mortgage Lender™.”

LINTHICUM, MD, April 25, 2016— NFM Lending is proud to announce that it was ranked one of the 50 Best Companies to Work For by Mortgage Executive Magazine. This is the third year in a row that NFM Lending has been ranked in this accolade.

Mortgage Executive Magazine conducted an extensive online survey of more than 10,000 Mortgage Loan Originators (MLOs) from over 200 mortgage companies and banks. The survey was limited to licensed MLOs who were presently employed by the companies they were rating. The survey asked participants to rate the company’s culture, loan processing, underwriting, compensation, management, marketing, and technology. The winning selections were based on total MLO votes and average rating score.

“It’s easy to be recognized as one of the best work places when you employ the best people,” said Jan Ozga, President. “The key to building a great work environment is to create a culture that makes your employees want to come into work. Imagine that: people at NFM want to come into work! How many companies can say that? Many business owners have asked me, ‘How do you create and maintain a positive work environment?’ My answer is always the same: go ask your employees.”

NFM Lending prides itself on its exceptional culture. The company has an open door policy which allows an open line of communication between management and staff. Employees are encouraged to voice their questions and concerns directly to management, so that they can be addressed promptly and correctly. In addition to a competitive salary and a comprehensive benefits package, NFM Lending loan originators receive ongoing support and assistance from qualified support and operations staff, and opportunities for trips and giveaways.

In addition to this most recent award, NFM Lending has been recognized many times for its exceptional company culture. It was named one of the 2015 Top 100 Mortgage Companies in America by Mortgage Executive Magazine; one of the Washington Post’s Top Work Places in the Washington, D.C. area; a Top Mortgage Employer by National Mortgage Professional Magazine; and the Baltimore Sun’s Top Midsize Company to Work For in 2015. NFM Lending is proud of these accomplishments, and looks forward to another successful year.

Last week, we talked about the second step in the home purchase process: choosing your loan type. Once you and your lender have determined the type of loan that will best suit your needs, the next step is to begin your home search. This may be the most exciting part of the process, and it can be easy to get caught up in that excitement. It’s important to make this decision carefully, consider your options, and to work with knowledgeable professionals who can help you make the best choice.

Choose the Right Real Estate Agent
Your real estate agent will be your guide through your home search, so he or she should be someone that you can trust. Hire a Realtor who takes time to understand your needs and to explain anything that is unclear. The right agent will help you enter the process prepared and confident.

“It’s very important to work with a real estate agent who first consults with you to find out your needs,” says David Bonanno, California Branch Manager with NFM Lending. “Home buyers are our lifeblood and who we serve. We have to know what their wants, needs, and budget are.”

Choosing a Home
There are many factors to consider when looking for a home. Plan carefully and talk to your real estate agent about the following things before beginning your home search:

“Everyone thinks buying new is the best way to go. What they do not realize is all the money that will be spent on the yard, light fixtures, window coverings—things that may not be included in the purchase of the home,” says David. He recommends that buyers interested in purchasing a newly built home keep in mind the extra costs associated with this kind of purchase.

Other things to keep in mind when searching for a home are your short- and long-term goals. David suggests thinking about how long you plan to live in the area, and whether you will need room to grow as your family grows. Buying a new home is an investment in your future, so it’s important to have your future in mind when you are choosing your home.

Once you’ve found the right home, you will work with your real estate agent to make an offer on the home and sign a contract. From there, you will move onto the next step to purchasing a new home: applying for your home loan.

LINTHICUM, MD, April 4, 2016— NFM Lending is pleased to honor Danny Farrar as the NFM Salute for April 2016.

Robert (Danny) Farrar, III, went into the Army straight out of High school joining up as an infantryman. His tenure in the Army saw him take the first search and rescue team into the Pentagon on 9-11, and a combat tour in Iraq from 2005-2006. Farrar went from being homeless and dealing with depression, to building SoldierFit and being selected to the 2013 “Top 40 under 40 V.I.P” by The Daily Record, as well as one of the Top 5 Men’s Health Ultimate Guys. SoldierFit is a gym based out of Frederick MD, which started as one sub-let location and has since grown to 3 stand-alone facilities with 3,000 members and 50 employees.

Recently, he co-founded Platoon 22, a 501(c) that combats veteran suicides. His goal is to revitalize the American dream and remind his fellow Americans no other soil on earth is more fertile for their dreams then America’s. Farrar was nominated by Jeremy Poling, a Mortgage Loan Originator at NFM Lending, who volunteers at Platoon 22.

“Over the last few years, I have watched this young man work hard to start the work in motion at Platoon 22,” said Poling. “As a husband, father, student, business owner, advocate, and friend he spends each day trying to help everyone around him with the last thought in mind on himself. His story is raw, with a past that is difficult to understand unless you spend time and talk to him. His service to our country, combined with the sacrifices he continues to make for our community, is unmatched in my eyes. I am proud to call him a friend.”

NFM Salutes is an initiative in which one military member or veteran is chosen each month to be honored as the “Salute of the Month.” Salutes will be chosen from nominations on the NFM Salute website, www.nfmsalute.com. The “Salute of the Month” will be featured on the website with a brief biography and information about his or her service, and NFM Lending will make a $2,500 donation to a military or veteran non-profit in the Salute’s name. Farrar chose Platoon 22 to receive this month’s donation.

Selected NFM Salutes may choose from one of several non-profits that support active military members and veterans, including Platoon 22, AnySoldier, Soldier’s Wish, and the Gary Sinise Foundation. NFM looks forward to the opportunity to continue to honor our military and veterans through the NFM Salute initiative.

LINTHICUM, MD, March 30, 2016— NFM Lending is proud to announce that it ranked one of the Top 100 Mortgage Companies in America 2015 by Mortgage Executive Magazine.

Each year, Mortgage Executive Magazine compiles a list of the nation’s top 100 mortgage companies and publicly traded banks by their total yearly mortgage volume. NFM Lending ranked in the 85^th spot on the list, with a mortgage volume of $1,043,406,509 and 4,448 loans closed.

“NFM has a solid foundation for growth, the best talent in the industry and continuously strives to identify ways to improve,” said Tom Sealock, Capital Markets Director. “It’s a true honor to receive this award and I am confident that we have the right pieces in place to continue this momentum.”

NFM Lending was founded in 1998 by David Silverman and his wife, Sandy. The company started as a small brokerage shop with 4 loan originators, and it is now licensed in 27 states, with more than 300 employees and over 40 retail branches.

“This is truly a team effort, and I could not be more proud of the group of dedicated individuals that I have the pleasure of working with,” said Bob Tyson, Chief Operating Officer. “Receiving this recognition is a well-deserved accomplishment for the hard work that each team member has put in.”

In addition to this most recent award, NFM Lending has been recognized many times for its exceptional company culture. In 2015 alone, it was named one of the Washington Post’s Top Work Places in the Washington, D.C. area; a Top Mortgage Employer by National Mortgage Professional Magazine; and one of Mortgage Executive Magazine’s Top 50 Best Companies to Work For. NFM Lending is proud of these accomplishments, and looks forward to another successful year.

NFM Lending is a mortgage lending company currently licensed in twenty-seven states in the U.S. The company was founded in Baltimore, Maryland in 1998. They attribute their success in the mortgage industry to their steadfast commitment to customers and the community. NFM Lending has firmly planted itself in the home loan marketplace as “America’s Common Sense Residential Mortgage Lender™.”

LINTHICUM, MD, March 29, 2016— NFM Lending’s local Tampa Branch looks forward to sponsoring the Coldwell Banker Tampa Bay CaresWalk on Saturday, April 2, 2016. The Tampa Bay CaresWalk is an annual event hosted by Coldwell Banker Residential Real Estate’s charitable non-profit, CARES.

“I am honored to be able to contribute to such an amazing foundation and be able to give back to those who have already given so much,” said Jane Floyd, Tampa Branch Manager.

The Coldwell Banker CARES foundation has raised more than $1 million for numerous non-profit organizations and charities, including the American Heart Association, Habitat for Humanity, and Vehicles for Change. This year’s CaresWalk will benefit the Gramatica Family Foundation, a non-profit, that provides energy efficient housing initiatives and development assistance to disabled military veterans and others in need.

Recently, we discussed the first step in the home purchase process: getting pre-qualified. Getting pre-qualified allows you to enter the home buying process prepared, with a budget in mind. Once you’ve been pre-qualified, the second step in the home buying process is to choose your mortgage loan type.

Fixed-Rate vs. Adjustable-Rate
Mortgage loans are split into two types: fixed-rate and adjustable-rate. A fixed-rate mortgage has the same interest rate for the length of the mortgage term. Fixed-rate mortgages are usually available in either 15- or 30-year terms. The 30-year fixed rate mortgage is the most common type of mortgage.

An adjustable-rate mortgage has an interest rate that is usually fixed for a set period of time, and then periodically adjusted according to a specific benchmark. Many factors determine how the interest rate changes, including market conditions, financial index, etc.

Whether you should choose a fixed-rate or adjustable-rate mortgage depends on your personal financial situation, how long you plan to live in your home, how quickly you plan on paying your mortgage back, and many other factors. Your loan originator can help you determine which type will work best for you.

Once you have chosen the type of rate that is best for you, you can choose a loan program. Some of the most common loan programs are:

According to Gladys Marcelin, NFM Lending Georgia Branch Manager, the most important factors to take into consideration when choosing a loan program are your credit, your income stability, and your available assets. Your loan originator can work with you to choose the loan program that best suits your needs and financial situation.

In addition to working with a knowledgeable professional, educating yourself on the mortgage process is important, especially as a first-time homebuyer. Gladys recommends attending a homebuyers’ seminar, especially if you are a first-time homebuyer, to learn more about home loans and buying a home.

“Buying a home can be a tedious process, but it can also be rewarding and is a great accomplishment,” says Gladys.

If you have any questions about loan programs or the home buying process, contact us. If you are ready to start the home buying process, click here!

LINTHICUM, MD, March 23, 2016— NFM Lending is pleased to launch its NFM Salute initiative by honoring the first NFM Salute, Coulter C. Houchens, Sr., father of current NFM Lending employee, Jeanette Salamon.

“Our entire family is thrilled that my Daddy has been chosen as the first honoree for the NFM Salutes Campaign!” said Salamon. “He exhibits so much honor and pride in having served in WWII, and other than his family, it is his military service that he is proudest of. He remains to this day a silent hero, never boastful, but always remembering and giving the honor to the ‘boys’ he served with, who lost their lives in WWII, as being the real heroes. Thank you, NFM, for recognizing my Daddy, Coulter Christian Houchens, Sr., a man who served our country proudly.”

Military and veteran causes are important to NFM Lending. For the past eight years, NFM Lending has held a Support Our Troops Drive, collecting items for care packages to send to U.S. troops overseas. In addition to employees and employee family members who are active military or veterans, several members of NFM’s executive team are veterans, including Jason Ponsonby, Director of Sales, who served in the United States Air Force for nine years.

“The NFM Salutes program is another great addition to the longstanding commitment to community involvement at NFM Lending,” said Ponsonby. “We help active military members and veterans each day with home ownership, and now will also be able to honor the service, sacrifice, and courage of the NFM Salute recipients. It is an honor to have Coulter Houchens, Sr. as the first recipient of a NFM Salute. His service during World War II is an incredible example of sacrifice and courage. Thank you to Coulter, and all members of the armed forces, and veterans, for your commitment to service in protecting our country.”

NFM Salutes is an initiative in which one military member or veteran is chosen each month to be honored as the “Salute of the Month.” Salutes will be chosen from nominations on the NFM Salute website, www.nfmsalute.com. The “Salute of the Month” will be featured on the website with a brief biography and information about his or her service, and NFM Lending will make a $2,500 donation to a military or veteran non-profit in the Salute’s name. Houchens chose the Gary Sinise Foundation to receive this month’s donation.

Selected NFM Salutes may choose from one of several non-profits that support active military members and veterans, including Platoon 22, AnySoldier, Soldier’s Wish, and the Gary Sinise Foundation. NFM looks forward to the opportunity to continue to honor our military and veterans through the NFM Salute initiative.

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All FHA Case Transfer Requests must be sent in writing via email to: FHAINFO@nfmlending.com. The request must include the FHA Case number, the new lender’s Origination ID or Sponsor ID, the full subject property address, and a letter signed and dated by the borrower expressing desire for the transfer.
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