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LINTHICUM, MD, January 21, 2016—NFM Lending is proud to announce that Shaun Hires, formerly Director of Operations, has been named the company’s Chief Risk Officer.

Hires has been with NFM Lending since February 2008, and has been the Director of Operations since July 2008. He has over twenty years of experience in the banking industry, and has had HUD Direct Endorsement authority since 1993.

“The addition of this new role is critical to our success as NFM continues to grow,” said Hires. “I welcome this opportunity, and look forward to helping to lead NFM into the future.”

As Chief Risk Officer, Hires will analyze risk factors involved in NFM’s loan production and operations, and ensure compliance with industry regulations.

“Shaun’s new role is crucial as NFM continues its journey to the top, and as we as a residential mortgage company begin to transform into a larger, more self-sufficient mortgage organization,” said Ozga. “Shaun has been an incredibly loyal and dependable member of the Executive Team, and his insight and expertise have been invaluable. I look forward to watching Shaun take on this new role and assist in moving NFM to the next level.”

NFM Lending is grateful for Hire’s contributions to NFM Lending over the last eight years, and looks forward to supporting him in this new role.

NFM Lending is a mortgage lending company currently licensed in 27 states across 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™.”

If you are in the market for a new home, one of the first things you should consider financially is how much of a down payment you can make. Most home buyers know that the most common mortgage loan (a Conventional loan) requires 20% down payment. This means that if you purchase a home worth $200,000, you must have $40,000 cash available, on top of the closing costs needed to purchase the home. This may deter many potential home buyers from purchasing because they only have a small amount of money saved. However, Conventional loans are only one of the many loan options available. Here are five of the most widely used mortgage loans and their down payment requirements.

A Federal Housing Administration (FHA) loan is a mortgage loan that is insured by the government’s Housing and Urban Development (HUD) agency. FHA loans require a 3.5% down payment for purchases and it typically offers very competitive rates compared to rates from a conventional loan. Due to the low down payment, FHA Mortgage Insurance Premiums (MIP) are required in order to protect lenders against losses as a result from defaulted mortgages. There is an up-front premium paid at closing, and a monthly premium that is paid along with the monthly mortgage payment. FHA has several guidelines that all loans must meet, such as loan limits, allowable closing costs, and debt ratios.

A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA). VA loans help service members, veterans, and eligible surviving spouses purchase a home with a competitive interest rate, limited closing costs, no Private Mortgage Insurance (PMI) requirement, and often without a down payment (as long as the sales price doesn’t exceed the appraised value). This is because VA guarantees a portion of the loan, which allows the lender to provide favorable terms. VA loans have several guidelines that all loans must meet, such as eligibility and loan limits.

A USDA loan is a mortgage loan guaranteed by the United States Department of Agriculture (USDA). With a USDA loan, home buyers can purchase a home in eligible rural locations with no down payment, and can finance up to 100% of a home’s appraised value, plus closing costs. For eligible borrowers, USDA loans often come with the lowest interest rates and program insurance premiums of all government-backed loans. USDA loans have several guidelines that all loans must meet, including property eligibility and income eligibility.

Also known as a Piggyback loan, an 80-10-10 loan is a great option for home buyers who have great credit but lack capital, and wish to avoid paying PMI. The mortgage loan works by having 80% of the property value covered by a first loan, 10% of the property value covered by a second mortgage which carries higher interest rates than the first conventional mortgage, and 10% will be covered by the home buyer’s down payment. Loans that are 80% or less of the home value do not require PMI.

Several U.S. states offer state bond loan assistance programs. These bond programs aim to help first-time home buyers or buyers with low capital by providing below-market interest rates, down payment assistance, long term affordability, and/or other benefits specific to the programs. These loans have program-specific income and occupancy requirements, and limitations.

There are many more mortgage loan options available not mentioned but these are the most commonly used. If you are looking to purchase a home soon, make sure you speak with a licensed mortgage loan originator. Choosing a down payment option is a big decision and a licensed mortgage loan originator can help you find options that best fit your needs. They can also walk you through the loan process and explain to you all of the eligibility requirements for the loan you choose.

*LTV’s of up to 96.5% for FHA loans. **Veterans Affairs loans require a funding fee, which is based on various loan characteristics. †100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value, plus the guarantee fee may be included. Loan is limited to the appraised value without the pool, if applicable.

If you are a homeowner, you may have considered refinancing your current mortgage. Refinancing can offer many advantages to help you meet your financial goals. If you are just starting to look into refinancing, or have been thinking about it for a while, here are three benefits that you should consider.

It may be possible to obtain a lower interest rate by refinancing your current mortgage loan.* A lower interest rate means that your monthly mortgage payments would be lower. This could save you money monthly or you could make payments directly to the principal of your loan, allowing you to build your home equity quicker and reducing your interest. A lower interest rate is the most popular reason that homeowners choose to refinance.

You can take advantage of the equity you have built in your home with a cash-out refinance. To take advantage of this, you would refinance your current mortgage for more than the amount you owe, and keep the extra money. For example, if you owe $150,000 on a home worth $250,000, you have $100,000 worth of equity in your home. You could refinance your home for $175,000, and receive a check for the $25,000 difference. You could use this money for home improvements and remodeling, or any other household needs you may have.

Another refinancing option is to shorten your loan term, so you pay your home off in less time. For example, you might switch from a 30-year loan to a 20-year loan. This would allow you to build equity faster, and pay off your loan in less time, with the same (or marginally higher) monthly payments. If you have an adjustable-rate or interest-only loan, you may be able to refinance to a fixed-rate loan product that may save you money over the life of your loan, and may allow you to build equity.

Whether you want to lower your monthly payment, build equity, or get cash for projects, refinancing can be a step towards meeting your financial goals. To find out if refinancing is right for you, talk to one of our licensed Mortgage Loan Originators today!

*Refinancing an existing loan may result in the total finance charges being higher over the life of the loan.

LINTHICUM, MD, November 25, 2015— NFM Lending sponsored the Mortgage Bankers Association of Georgia (MBAG) Foundation Auction on Wednesday, November 18, 2015. The MBAG Foundation is a nonprofit, which participates in community charitable initiatives each year.

The Auction took place at a local restaurant, and was sponsored by various businesses. Gladys Marcelin, a Branch Manager in Stockbridge, Georgia, attended the event on behalf of NFM Lending.

“I was very proud to represent NFM Lending at the MBAG Foundation Annual Charity Dinner, as we were one of the sponsors of the event,” said Marcelin. “Most of the known Mortgage Companies attended and it was a great way to add some leverage to our name in Georgia. NFM was established in Georgia last fall and we are already known in the metro Atlanta. The organizers were very grateful of our donations.”

MBAG is a trade association of Mortgage Lenders, Brokers, and other Industry Professionals. According to their website, the Association is “dedicated to the preservation and improvement of the mortgage banking correspondent system.” The MBAG Foundation is a nonprofit 501(c)(3) organization founded by MBAG to support the local community. Each year, the foundation takes on a project for charity, providing financial support, materials, and labor, depending on the project.

NFM Lending is proud to support the MBAG Foundation. NFM has been involved in charitable efforts with AnySoldier, the Ronald McDonald House of Baltimore, the Maryland SPCA, and the American Diabetes Association, as well as many others. For more information about NFM Lending’s charitable work, click here.

NFM Lending is a mortgage lending company currently licensed in 29 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, November 2, 2015 — NFM Lending is pleased to announce the opening of a new branch in Glen Allen, Virginia. The branch will focus its lending platform throughout the state of Virginia. NFM Lending offers Conventional, FHA, VA, USDA, FNMA, Jumbo, and many other loan options.

“NFM Lending offers us marketing resources, the operations staff to close loans quickly and smoothly, independence in our branch to shape the best customer experience as we see fit, competitive products, and a great culture and atmosphere in which to work in this challenging industry,” said Greg Cowart, Branch Manager. “The quality of departmental and company leadership here is second to none. We now have the best chance to take the best care of our clients, agents, and builders by joining NFM Lending.”

The Glen Allen branch is currently hiring qualified Loan Originators for full and part-time positions. The branch’s goal is to provide top-notch service, commitment, and dedication to borrowers, ranging from first time homebuyers, to seasoned buyers looking for their next home, a second home, or investment properties. Visit the branch page to learn more: https://nfmlending.com/VA318.

NFM Lending is a mortgage lending company currently licensed in 29 states across 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, October 26, 2015— NFM Lending’s CEO, David Silverman will be a panelist on a mortgage executive panel at this year’s Mastermind Summit on November 4, 2015, in Atlantic City, New Jersey. Silverman will join mortgage industry leaders from across the country for this premier executive symposium that addresses critical issues and the future direction of the mortgage finance industry.

The Mastermind Summit is an annual networking event and sales conference hosted by Mortgage Executive Magazine for real estate and mortgage professionals. The event features keynote speakers, roundtable discussions, panels, and breakout sessions lead by sales professionals, trainers, and executives. The executive session, at which Silverman will speak, is an exclusive invitation-only event for managers of leading mortgage companies.

“I am honored to be asked to be on a panel at this year’s Mastermind,” said Silverman. “I look forward to the opportunity to help share our best practices and learn from not only the other panelists, but those in attendance.”

NFM Lending has prospered under Silverman’s leadership, and continues to receive national recognition. The company was named one of the 50 Best Companies to Work For in 2015 by Mortgage Executive Magazine; one of the Washington Post’s Top Work Places in the Washington, D.C. area in 2015; a Top Mortgage Employer by National Mortgage Professional Magazine in 2015; and a Top Work Place in the Baltimore area by The Baltimore Sun in 2012, 2013, and 2014. Silverman received Mortgage Executive Magazine’s Most Influential Mortgage Executives award this year for the third year in a row.

NFM Lending was founded in March of 1998, by David Silverman and his wife Sandy. The company started as a small brokerage shop with only 4 Loan Originators and is now a multi-state lender with more than 300 employees, 39 retail branches, and is licensed in 29 states.

LINTHICUM, MD, October 5, 2015 — NFM Lending is pleased to announce the opening of a new branch in New Orleans, Louisiana. The branch will focus its lending platform throughout the New Orleans area. NFM Lending offers Conventional, FHA, VA, USDA, FNMA, Jumbo, and many other loan options. Visit the branch page to learn more: https://nfmlending.com/la317.

Jennifer Cook, Branch Manager, has worked in the mortgage industry for over 10 years. She has been part of the NFM Lending family since 2009 as a Loan Originator and Branch Manager, working out of the Corporate office in Linthicum, Maryland. She looks forward to the opportunity expand her business to the great state of Louisiana.

“I have been with NFM lending since 2009 and decided to branch out into a new location,” said Cook. “I have stayed with NFM because of their commitment to getting loans closed with the least stress possible for my buyers. NFM has great people in both the front and back of the house that truly care about our clients. Our strong operations team means I can focus on growing my business and helping people get into their dream homes.”

The New Orleans branch currently has openings for qualified Mortgage Loan Originators for full and part-time positions. The branch’s goal is to continue to provide the same commitment and dedication to borrowers ranging from first time homebuyers, to seasoned buyers looking for their next home, a second home, or investment properties.

The TILA-RESPA Integrated Disclosure (TRID) Rule will take effect on October 3, 2015. TRID will significantly change the way real estate transactions are processed and settled. To avoid delays and to ensure that each settlement goes as smoothly as possible, it is important for real estate agents to be informed of all of the changes TRID will introduce to the closing process.

New Documents
When TRID goes into effect, there will be two new disclosure forms: the Loan Estimate (LE) and the Closing Disclosure (CD). The LE will combine and replace the Good Faith Estimate and the Truth in Lending disclosure. The CD will combine and replace the HUD-1 and the final Truth in Lending disclosure.

The LE is a form that explains the loan’s features, terms, and risks. This form is due to the borrower within three days of their submitting a loan application. The CD provides the borrower with final details about the loan, including projected monthly payments, fees, and other costs. This is due to the borrower at least three days before closing.

New Timeline
The new disclosures will also instate new timelines for real estate transactions. The lender now has two new deadlines. They are required to provide the borrower with the LE at least three business days after loan application, and to provide the borrower with the CD at least three business days before loan consummation. Click here to view a timeline chart.

The latter deadline can, in some instances, delay closing. If the lender does not provide the borrower with the CD three days before closing, a scheduled closing may be delayed. Additionally, there are some cases in which a re-disclosure, or another three-day review period, will be necessary. If the lender provides the borrower with the CD, and the loan terms in the CD are significantly different from those detailed in the LE, a re-disclosure will be required. Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB) has specified the following three situations under which re-disclosure would be necessary:

Preparing Clients for these Changes
In order to avoid closing delays or confusion when TRID goes into effect, it is important to spend some time reviewing the new forms, so that you can answer any questions your client may have. Keep the new timelines in mind when drawing up contracts, coordinate closings carefully, and avoid any last-minute changes or negotiations. Encourage your clients to review the documents they receive carefully, and to communicate with the lender and ask questions. Finally, avoid making promises that cannot be kept. Initially when the new disclosure forms are implemented, loans and purchases may take longer to close. Make sure your clients are prepared for this possibility.

Knowing how Know Before You Owe, or TRID will change the mortgage industry will help you better serve your clients, and prevent delays in closing or other issues. The CFPB and the Mortgage Bankers Association have published resources for real estate professionals to educate themselves and their clients on TRID. These resources can provide further information and answer some of your questions about how these changes will affect you and your clients.

For more information about TRID, and how NFM Lending is preparing for TRID, click here.

The Consumer Financial Protection Bureau (CFPB) has released new online tools on their “Owning a Home” landing page. These tools are aimed at helping consumers better understand the mortgage process, in preparation for the TILA-RESPA Integrated Closing Disclosures (TRID), or the Know Before You Owe Rule, which goes into effect October 3, 2015.

Within each phase, consumers can use various online forms and worksheets to learn more about the loan process and their options. Consumers can, for example, explore potential interest rates, based on their credit score, location, home price, loan type, and more. There are also tools that walk consumers step-by-step through the new disclosure forms: the Loan Estimate and the Closing Disclosure.

NFM Lending is continuing to prepare its employees, industry partners and consumers for TRID. For more information on TRID, and to find out what NFM Lending is doing to prepare, click here.

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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.
Request for payoff should be submitted to the current servicer of the loan:
If your loan is being serviced by the NFM Lake Zurich Servicing Center, please call 1-866-352-6802 to request a payoff. You can also request a payoff via the online borrower portal, if you are a registered user on the portal.
If your loan is being serviced by the NFM Lending Linthicum Maryland Office, you may submit the request to Servicing@nfmlending.com or call 1-866-765-1827.
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