Windows to Home Ownership
July 2015
Windows to Home Ownership 502 Deaderick Street Third Floor Nashville, TN 37243
Coming Soon . . . HFA Preferred Mortgages Rhonda Ronnow Director of Loan Production
Phone: 615-815-2180 Fax: 615-564-2700 Toll-Free 1-800-228-8432
SINGLE FAMILY HELP LINE 615-815-2100
Stay connected to THDA!
THDA suspended the purchasing of conventional loans in January 2009, due to private mortgage insurance (PMI) providers change in ratings. Since that time staff has pursued other ways to fill the gap to allow eligible THDA borrowers access to THDA downpayment and closing cost assistance if they prefer a conventional loan product. THDA is pleased to announce the return of conventional financing, “HFA Preferred”. Once released for applications, this product will be another lower-cost option under the Great Choice Loan program. HFA Preferred mortgages are offered through Fannie Mae (FNMA). THDA will be offering them at a 95% LTV. For HFA Preferred Plus the second mortgage will be up to 5% of the sales price for a combined loan to value (CLTV) of 100%.
Benefits will include a lower private mortgage insurance which will save borrowers money, but still offering a competitive rate. Another benefit is that the traditional PMI requirement ends once the borrower reaches 20% equity in the property, unlike FHA loans which continue for the life of the loan. However, there are other advantages to FHA loans for borrowers in certain situations. THDA will also be offering a Lender Paid Mortgage Insurance (LPMI) option. The HFA Preferred product is offered within a mortgage-backed security, which is different than the standard Great Choice product. THDA will not purchase these loans directly from our participating lenders. Instead, participating lenders will sell the loans directly to our FNMA approved Master Servicer, US Bank. The servicer will pool the loans and create a security guaranteed by FNMA, which THDA will then purchase the security and hold it in our general bond resolution. Therefore the standard IRS code requirement will apply. We are excited to offer this new product and will be offering joint training along with FNMA and US Bank prior to the release of the program. Watch your email, and remember to RSVP for the webinar.
Windows to Home Ownership Page 2
Monthly OA Rankings—July 31, 2015 Rank
Lender
# of Loans
Volume
1
MORTGAGE INVESTORS GROUP, INC
41
$ 4,184,560
2
FIRST COMMUNITY MORTGAGE
22
$ 3,279,777
3
PEOPLE’S HOME EQUITY
21
$ 2,596,004
4
MOVEMENT MORTGAGE
13
$ 1,679,883
5
SWBC
12
$ 1,888,990
6
REGIONS BANK
12
$
1,724,232
7
FRANKLIN AMERICAN MORTGAGE
9
$
1,383,227
8
HIGHLANDS RESIDENTIAL
9
$
1,298,907
9
MAGNA BANK
9
$
1,118,267
10
F & M BANK
8
$
969,004
Our total application production for July was $36,310,220.
Year-to-Date OA Rankings through July 31, 2015 Rank
Lender
# of Loans
Volume
1
MORTGAGE INVESTORS GROUP, INC
284
$30,663,270
2
PEOPLE’S HOME EQUITY
102
$12,941,592
3
FIRST COMMUNITY MORTGAGE
88
$ 11,766,861
4
SWBC MORTGAGE
55
$ 7,832,193
5
MOVEMENT MORTGAGE
52
$ 6,518,764
6
FIRSTBANK
45
$ 5,555,220
7
F & M BANK
42
$ 5,499,423
8
MAGNA BANK
41
$ 4,536,453
9
COMMUNITY MORTGAGE
35
$ 3,839,237
10
PINNACLE NATIONAL BANK
32
$ 4,414,771
Our year-to-date total application production as of July 31, 2015 was $186,196,832.
Windows to Home Ownership Page 3
Homebuyer Education Annual Peer Session Jayna Johnson Homebuyer Education Manager
The 12th Annual HBEI Peer Session took place J uly 19 – 21 at the Nashville Airport Marriott. THDA hosted 120 homebuyer education counselors and educators. Three different courses were offered, which gifted continuing education hours that can be applied to the required prepurchase and foreclosure certifications. One of the highlights of the conference was hearing personal homeownership stories from three customers who joined us for the Sunday evening reception. Their stories of the difference the homebuyer education counselor and agency made in their life was inspiring for all who heard! THDA thanks our sponsors- First Community Mortgage, eHome America, NeighborWorks Alliance of Tennessee, and Regions—for their contribution to a very successful conference: Lastly, please join me in congratulating the following agencies for their accomplishment of ranking in the Top 10 of Homebuyer Education of Total Production, between 7/1/14 – 6/30/15: *You Can Make It Homeownership, Smyrna *Dominion Financial Management Inc., Smyrna *Chattanooga Neighborhood Enterprises, Chattanooga *United Housing Inc., Memphis *Residential Resources Inc., Nashville
*Knox Housing Partnership, Knoxville *Life of Victory International Ministries, LaVergne *Family & Children’s Service, Nashville *MiTecho Inc., Memphis *Affordable Housing Resources, Nashville
Windows to Home Ownership Page 4
THDA Travels Katie Moore Community Outreach Liaison—East Tennessee
Recently, several THDA staffers visited the Tri-Cities area to attend housing related events. The Tri-Cities area citizens are known for their robust and active housing initiatives and this trip was evidence of some of those activities. The THDA CONNECT Team spent two days, along with several of our housing partners, witnessing and sharing their joy while pursuing some of their goals and aspirations. It is always nice to hear about exciting homeowner stories, upcoming goals or input on ways THDA can help fulfill some community housing needs. One partner we visited was the Keystone Development, a non-profit division of the Johnson City Housing Authority (JCHA). A significant part of THDA’s housing initiatives is the money given back to communities. The JCHA is one such community recipient. JCHA recently completed seven rental housing units intended for veterans and special needs individuals. Equally noteworthy is the fact that the site where this beautiful complex now sits was previously a distressed property allegedly frequented by criminals and criminal activities. What a joy to enrich the community with much needed housing for veterans and lessen the criminal activities by doing so. Three new tenants were present for the ribbon cutting. Hearing their stories was inspiring. Some may have been prior homeowners or will be again, thanks to this stabilizing step in their housing journey made possible by THDA’s lending and real estate partners. What I often realize when I step back and reflect is: THDA loans are a good purchase option, a source for downpayment assistance when needed and a way of putting money directly back into Tennessee communities, thereby fulfilling THDA’s mission of creating safe, sound, affordable housing opportunities
Windows to Home Ownership Page 5
Star Rewards Update 31 Perfect Loan Submissions Derek Ryder, M agna Bank 26 Perfect Loan Submissions Frederica Maxwell, People’s Hom e Equity 22 Perfect Loan Submissions Candace Johnson, First Community Mortgage Taylor Gobble, Southern Heritage Bank Connie Brewington, Platinum Financial Funding 21 Perfect Loan Submissions Joan Moore, M ortgage Investors
Top Honors Update THDA Top Loan Originators 19 Closed Loans: Shelia Middleton, Magna Bank 17 Closed Loans:
George Margrave, M ortgage Investors Group
16 Closed Loans:
Chris White, Mortgage Investors Group Belinda Arender, Ibera Bank
15 Closed Loans:
Stacy Flynn, Mortgage Investors Group Michael Hampton, People’s Hom e Equity Tannia Bond, SWBC
THDA Top Selling Agents 6 Closed Loans: Tracey Bright 5 Closed Loans: Frances Anderson, Brenda Wilson Lowery, Paul Russell THDA Top Listing Agents 10 Closed Loans: 9 Closed Loans: 5 Closed Loans:
THDA Top Builders 36 Closed Loans: 5 Closed Loans: 3 Closed Loans:
Tony James Lynn Harrison Adam Hall, Courtney Yates, John Quinn, Steve Jones
Ole South Properties Regency Homebuilders Centex Homes, Regent Homes, Smithbilt Communities
Results for Star Rewards and Top Honors are based on accuracy of data submitted, for loans closed 10/1/14 to 7/31/15.
Windows to Home Ownership 502 Deaderick Street Third Floor Nashville, TN 37243
Coming Soon . . . HFA Preferred Mortgages Rhonda Ronnow Director of Loan Production
Phone: 615-815-2180 Fax: 615-564-2700 Toll-Free 1-800-228-8432
SINGLE FAMILY HELP LINE 615-815-2100
Stay connected to THDA!
THDA suspended the purchasing of conventional loans in January 2009, due to private mortgage insurance (PMI) providers change in ratings. Since that time staff has pursued other ways to fill the gap to allow eligible THDA borrowers access to THDA downpayment and closing cost assistance if they prefer a conventional loan product. THDA is pleased to announce the return of conventional financing, “HFA Preferred”. Once released for applications, this product will be another lower-cost option under the Great Choice Loan program. HFA Preferred mortgages are offered through Fannie Mae (FNMA). THDA will be offering them at a 95% LTV. For HFA Preferred Plus the second mortgage will be up to 5% of the sales price for a combined loan to value (CLTV) of 100%.
Benefits will include a lower private mortgage insurance which will save borrowers money, but still offering a competitive rate. Another benefit is that the traditional PMI requirement ends once the borrower reaches 20% equity in the property, unlike FHA loans which continue for the life of the loan. However, there are other advantages to FHA loans for borrowers in certain situations. THDA will also be offering a Lender Paid Mortgage Insurance (LPMI) option. The HFA Preferred product is offered within a mortgage-backed security, which is different than the standard Great Choice product. THDA will not purchase these loans directly from our participating lenders. Instead, participating lenders will sell the loans directly to our FNMA approved Master Servicer, US Bank. The servicer will pool the loans and create a security guaranteed by FNMA, which THDA will then purchase the security and hold it in our general bond resolution. Therefore the standard IRS code requirement will apply. We are excited to offer this new product and will be offering joint training along with FNMA and US Bank prior to the release of the program. Watch your email, and remember to RSVP for the webinar.
Windows to Home Ownership Page 2
Monthly OA Rankings—July 31, 2015 Rank
Lender
# of Loans
Volume
1
MORTGAGE INVESTORS GROUP, INC
41
$ 4,184,560
2
FIRST COMMUNITY MORTGAGE
22
$ 3,279,777
3
PEOPLE’S HOME EQUITY
21
$ 2,596,004
4
MOVEMENT MORTGAGE
13
$ 1,679,883
5
SWBC
12
$ 1,888,990
6
REGIONS BANK
12
$
1,724,232
7
FRANKLIN AMERICAN MORTGAGE
9
$
1,383,227
8
HIGHLANDS RESIDENTIAL
9
$
1,298,907
9
MAGNA BANK
9
$
1,118,267
10
F & M BANK
8
$
969,004
Our total application production for July was $36,310,220.
Year-to-Date OA Rankings through July 31, 2015 Rank
Lender
# of Loans
Volume
1
MORTGAGE INVESTORS GROUP, INC
284
$30,663,270
2
PEOPLE’S HOME EQUITY
102
$12,941,592
3
FIRST COMMUNITY MORTGAGE
88
$ 11,766,861
4
SWBC MORTGAGE
55
$ 7,832,193
5
MOVEMENT MORTGAGE
52
$ 6,518,764
6
FIRSTBANK
45
$ 5,555,220
7
F & M BANK
42
$ 5,499,423
8
MAGNA BANK
41
$ 4,536,453
9
COMMUNITY MORTGAGE
35
$ 3,839,237
10
PINNACLE NATIONAL BANK
32
$ 4,414,771
Our year-to-date total application production as of July 31, 2015 was $186,196,832.
Windows to Home Ownership Page 3
Homebuyer Education Annual Peer Session Jayna Johnson Homebuyer Education Manager
The 12th Annual HBEI Peer Session took place J uly 19 – 21 at the Nashville Airport Marriott. THDA hosted 120 homebuyer education counselors and educators. Three different courses were offered, which gifted continuing education hours that can be applied to the required prepurchase and foreclosure certifications. One of the highlights of the conference was hearing personal homeownership stories from three customers who joined us for the Sunday evening reception. Their stories of the difference the homebuyer education counselor and agency made in their life was inspiring for all who heard! THDA thanks our sponsors- First Community Mortgage, eHome America, NeighborWorks Alliance of Tennessee, and Regions—for their contribution to a very successful conference: Lastly, please join me in congratulating the following agencies for their accomplishment of ranking in the Top 10 of Homebuyer Education of Total Production, between 7/1/14 – 6/30/15: *You Can Make It Homeownership, Smyrna *Dominion Financial Management Inc., Smyrna *Chattanooga Neighborhood Enterprises, Chattanooga *United Housing Inc., Memphis *Residential Resources Inc., Nashville
*Knox Housing Partnership, Knoxville *Life of Victory International Ministries, LaVergne *Family & Children’s Service, Nashville *MiTecho Inc., Memphis *Affordable Housing Resources, Nashville
Windows to Home Ownership Page 4
THDA Travels Katie Moore Community Outreach Liaison—East Tennessee
Recently, several THDA staffers visited the Tri-Cities area to attend housing related events. The Tri-Cities area citizens are known for their robust and active housing initiatives and this trip was evidence of some of those activities. The THDA CONNECT Team spent two days, along with several of our housing partners, witnessing and sharing their joy while pursuing some of their goals and aspirations. It is always nice to hear about exciting homeowner stories, upcoming goals or input on ways THDA can help fulfill some community housing needs. One partner we visited was the Keystone Development, a non-profit division of the Johnson City Housing Authority (JCHA). A significant part of THDA’s housing initiatives is the money given back to communities. The JCHA is one such community recipient. JCHA recently completed seven rental housing units intended for veterans and special needs individuals. Equally noteworthy is the fact that the site where this beautiful complex now sits was previously a distressed property allegedly frequented by criminals and criminal activities. What a joy to enrich the community with much needed housing for veterans and lessen the criminal activities by doing so. Three new tenants were present for the ribbon cutting. Hearing their stories was inspiring. Some may have been prior homeowners or will be again, thanks to this stabilizing step in their housing journey made possible by THDA’s lending and real estate partners. What I often realize when I step back and reflect is: THDA loans are a good purchase option, a source for downpayment assistance when needed and a way of putting money directly back into Tennessee communities, thereby fulfilling THDA’s mission of creating safe, sound, affordable housing opportunities
Windows to Home Ownership Page 5
Star Rewards Update 31 Perfect Loan Submissions Derek Ryder, M agna Bank 26 Perfect Loan Submissions Frederica Maxwell, People’s Hom e Equity 22 Perfect Loan Submissions Candace Johnson, First Community Mortgage Taylor Gobble, Southern Heritage Bank Connie Brewington, Platinum Financial Funding 21 Perfect Loan Submissions Joan Moore, M ortgage Investors
Top Honors Update THDA Top Loan Originators 19 Closed Loans: Shelia Middleton, Magna Bank 17 Closed Loans:
George Margrave, M ortgage Investors Group
16 Closed Loans:
Chris White, Mortgage Investors Group Belinda Arender, Ibera Bank
15 Closed Loans:
Stacy Flynn, Mortgage Investors Group Michael Hampton, People’s Hom e Equity Tannia Bond, SWBC
THDA Top Selling Agents 6 Closed Loans: Tracey Bright 5 Closed Loans: Frances Anderson, Brenda Wilson Lowery, Paul Russell THDA Top Listing Agents 10 Closed Loans: 9 Closed Loans: 5 Closed Loans:
THDA Top Builders 36 Closed Loans: 5 Closed Loans: 3 Closed Loans:
Tony James Lynn Harrison Adam Hall, Courtney Yates, John Quinn, Steve Jones
Ole South Properties Regency Homebuilders Centex Homes, Regent Homes, Smithbilt Communities
Results for Star Rewards and Top Honors are based on accuracy of data submitted, for loans closed 10/1/14 to 7/31/15.
