New URLA Resources

Laura C. LaRaia

Chief Legal Officer

2020 DS News Top 25 Women in Law

2020 Housingwire Woman of Influence

2020 Laurie A. Maggiano Legacy Keystone Finalist The Five Star Institute Award

2020 General Counsel Leadership Through Crisis: Banking Industry Award

2020 NEXT Powerhouse Award

2020 Top 100 in Finance

Laura is a dedicated and passionate mortgage professional who has been in the industry for over 20 years. With experience working both in various lender’s legal departments and in a law firm, she has extensive legal, compliance, governance, and risk management knowledge. She has led mortgage companies through the installation of TRID, MLO Compensation changes, Ability to Repay and Qualified Mortgage changes, as well as many other legal and compliance initiatives in the mortgage banking industry for both independent mortgage lenders and banks. Laura graduated from the Mortgage Bankers Association’s Future Leaders program in 2008 and its School of Mortgage Banking I. She is a member of the MBA Legal Issues & Regulatory Compliance Committee, member of the MBA State and legislative regulations committee, co-chair of ComplianceEase’s User Advisory Board, a frequent speaker at the MBA’s Regulatory Compliance conference, and an advocate through the Mortgage Action Alliance. Laura obtained her law degree from Loyola School of Law in New Orleans, her Bachelor of Arts in Religious Studies from the College of the Holy Cross in Worcester, MA, and is a Texas licensed attorney.

Dwayne Smith

Chief Administrative Officer

Dwayne is an innovative administrative professional with over 20 years of financial leadership experience. He executes strategic planning across four FGMC departments: Enterprise Services, Talent Acquisition, Human Resources and Training Creating high-performing strategies for managing talent, increasing profitability, and contributing to corporate vision is what Dwayne does best. He is a proud Aggie with a Bachelor of Business Administration in Human Resources Management from Texas A&M University.

Vishnu Karra

Chief Information Officer

With over 25 years of experience building and supporting mortgage technology platforms, Vishnu Karra currently serves as First Guaranty Mortgage Corporation’s Chief Information Officer. His deep knowledge and passion for improving the digital mortgage experience has made him an expert innovator in his field. He has held a number of leadership positions in mortgage banking and has a proven record of executing on large and complex technology initiatives. Working at Stearns Lending for over 7 years, Vishnu served as Executive Vice President of Production Systems and accomplished creating digital mortgage platforms and overseeing the transition of legacy systems to more scalable and fault-tolerant technologies. Prior to his role at Stearns, Vishnu also held senior leadership positions in Technology at Bank of America Home Loans and Countrywide Mortgage where he managed teams of onshore and offshore resources of 200+ employees and met the unique technology needs of each of the origination channels he managed.

Jane Gershman

Chief of Staff

2019 and 2020 Keystone Award Nominee

2018 Elite Women MPA award

Jane is a dynamic leader with over 20 years of experience in the mortgage industry. She oversees FGMC’s Servicing, Oversight, and Project Management departments. She is highly skilled at building strategic teams and increasing revenue. Jane is a master of finding creative solutions with attention to all regulatory, investor and agency guidelines in order to meet company goals. She earned her Bachelor of Science in Business Communication from California Lutheran University.

Aaron Samples

Chief Executive Officer and Member of the Board of Directors

2019 Vanguard award

Top 100 in Real Estate

Aaron is a strategic leader with over 20 years of experience and expertise across all phases of mortgage lending and servicing. His leadership at FGMC has been transformative in terms of innovation, company culture and profitability; specifically, with the development of a proprietary Non-QM product line Maverick Solutions and the re-launch of FGMC’s Wholesale Division. Prior to his current role, Aaron served in various executive roles in correspondent, retail, consumer direct and wholesale lending channels where his responsibilities included the acquisitions of mortgage servicing rights, corporate M&A, and management of residential loan portfolio subservicing. Aaron is a finance graduate of The University of North Texas, an active member of the MBA, and is recognized industry-wide as a leader in the MSR space.

Maverick Solutions Resources

Product Matrices

Maverick Solutions Product Matrix
Visionary Investment Product Matrix
Champion Classic Product Matrix
Achiever Expanded Credit Product Matrix
Trailblazer Jumbo Product Matrix
Trailblazer Plus Jumbo Product Matrix
Pioneer Plus Product Matrix

Product Flyers

Maverick Solutions Products
Champion Classic
Achiever Expanded Credit
Visionary Investment
Trailblazer Jumbo
Trailblazer Plus Jumbo
Pioneer Plus
Visionary Investment White Label
Trailblazer Jumbo White Label
Trailblazer Plus Jumbo White Label
Champion Prime White Label
Achiever Expanded Credit White Label
Pioneer Plus White Label

Checklists/Forms

QM/Non-QM Loan Submission Form
Non-QM Loan Submission Checklist
Non-QM Income Worksheets
Non-QM Non-Warrantable Condo Project Review Form
Non-QM Quick Reference Guide

Program Flyers

Bank Statement Program
Debt Service Coverage Ratio Program
Jumbo Options Program
Expanded Credit Program
Non-Warrantable Condo Program
Structure Desk
Asset Utilization
Second Home Options
Bank Statement Program White Label
Debt Service Coverage Ratio Program White Label
Jumbo Options Program White Label
Expanded Credit Program White Label
Non-Warrantable Condo Program White Label
Structure Desk White Label
Asset Utilization White Label
Second Home Options White Label

Job Aids

Maverick Locking Job Aid

January 26, 2022

Wholesale Turn Times

Initial Disclosures Only

Jan 25th

Initial Disclosures and Loan Set-up

Jan 26th

Working on Purchase loans submitted to underwriting on

FHA Purchase January 25th

VA Purchase January 26th

USDA Purchase January 26th

Conventional Purchase January 26th

Non-QM Purchase January 21st

Trailblazer Jumbo Purchase January 26th

Working on Refinance loans submitted to underwriting on

FHA Streamline Refinance January 26th

FHA Refinance January 26th

VA IRRRL Refinance January 26th
VA Refinance January 26th

USDA Refinance January 26th

Conventional Refinance January 26th
Non-QM Refinance January 21st
Trailblazer Jumbo Refinance January 26th

Underwriting - Final Approval

Underwriters Reviewing CTC Purchase Conditions from January 26th

Underwriters Reviewing CTC Refi Conditions from January 26th

Underwriters Reviewing CTC IRRRL Conditions from January 26th

Underwriters Reviewing CTC Streamline Conditions from January 26th

SLA

Condition review 72 hours

Purchase CTC 24 hours

Refinance CTC 48 hours

Account Manager - Conditions

24 Hours

Closing Disclosure

24 hours

Closing/Scheduling

Purchase 2 Days

Refinance 2 Days

Last Day to Issue Initial CD
Purchase January 27th

Last Day to Issue Initial CD Refinance January 21st

FGMC IDs

FHA ID # 7516800049
VA ID # 6852450000
NMLS ID: 2917

*Turn times are subject to change daily.

Announcements

Mortgage Fraud - Employee Misrepresentation

Appraisal Management Company Choice

VA Purchase & Cash Out Refinance Credit Score Overlay

Streamline Refinance Transactions: Overlay

FHA Condo Project Approval and Single Unit Approval

Texas 50(a)(6) and 50(a)(4) Appraisal Requirements

Conventional QM HPML Overlay

VA Cash Out Refinance LTV Limitation Overlay

Fannie Mae Credit Document Expiration Date Overlay

Seller Paid Fees and Costs Included on the Borrowers CD

Seller Paid Fees and Costs Included on the Borrowers CD

Veterans Affairs (VA) Handbook Changes Overlay and Helpful Hints

Self-Reported Tradelines

VA IRRRL & Recoupment

Bulletins

Updates Related to COVID-19

AMC Panel List

Overlay: Conflicts of Interest/ Dual Compensation

FEMA Disaster Declaration - Tennessee Severe Storms, Straight Line Winds, and Flooding

South Dakota Severe Storms, Tornadoes and Flooding (DR-4469)

Loan Limit Increases: 2020

VA Assisted Appraisal Processing Program (AAPP)

VA Circular 26-19-23: Blue Water Navy Vietnam Veterans Act of 2019

South Dakota Severe Storms, Tornadoes and Flooding

USDA Form RD 3555

FEMA Disaster Declaration- Texas Tropical Storm Imelda

FEMA Disaster Declaration- Mississippi Severe Storms, Straight-Line Winds, Tornadoes and Flooding

USDA Fiscal Year 2020 Conditional Commitment Notice

Private Transfer Fees

USDA Elimination of Interest Rate Cap

Hurricane Dorian Activity Suspension

VA Circular 26-19-22, Clarification Updates to Policy Guidance for VA IRRRL

Hurricane Dorian Activity

VA Refinance Transactions

FHA Mortgagee Letter 2019-11, Minimum Loan-To-Value and Combined Loan-To-Value Percentages for Cash-out Refinance Mortgages

FEMA Disaster Declaration - Texas Severe Storms and Flooding

FEMA Disaster Declaration - Missouri Severe Storms, Tornadoes, and Flooding

VA Circular 26-19-17, Funding Fee Guidance

FEMA Disaster Declaration - Arkansas Severe Storms and Flooding

FEMA Disaster Declaration - Oklahoma Severe Storms, Straight-line Winds, Tornadoes, and Flooding

FEMA Disaster Declaration - South Dakota Severe Winter Storm, Snowstorm, and Flooding

FEMA Disaster Declaration - Alabama Severe Storms, Straight-Line Winds, and Tornadoes

FEMA Disaster Declaration - Nebraska Severe Winter Storm, Straight-line Winds, and Flooding

FEMA Disaster Declaration - Iowa Severe Storms & Flooding

Broker Documents

Broker Quick Reference Guide

eConsent and eDisclosure Guide for Consumers

Loan Estimate Review Guide

Settlement Service Provider List (SSPL) Review Guide

Visa Eligibility

FHLMC Approved Credit Vendors

SSA-89

Wholesale Fee Schedule

TX 50 (a)(6) and 50(a)(4) Refinance Eligibility Matrix

Broker Disclosures Matrix

Marketing Resources

Maverick Solutions Flyers

Champion Prime Jumbo
Updated 01/24/2020

Achiever Expanded Credit
Updated 01/24/2020

Visionary Investment
Updated 01/24/2020

Maverick Solutions Product Matrix
Updated 03/16/2020

Maverick Solutions Product Guide Updates

Champion Prime Jumbo Updates
Updated 03/06/2020

Achiever Expanded Credit Updates
Updated 03/06/2020

Visionary Investment Updates
Updated 03/06/2020

White Label Program Flyers

Lunch And Learn Flyer
Updated 01/14/2020

Asset Depletion Program
Updated 02/12/2020

Bank Statement Program
Updated 02/12/2020

Debt Service Coverage Ratio Program
Updated 02/12/2020

Jumbo with No MI Program
Updated 02/12/2020

Non-Warrantable Condo Program
Updated 02/12/2020

Expanded Credit Program
Updated 02/12/2020

Condotel Program
Updated 02/12/2020

Texas Cash Out Program
Updated 02/12/2020

Checklists/Forms

Affiliate Disclosure Form

Anti-Steering Disclosure

Closing Doc Request Form

Verbal Authorization to Obtain a Credit Report

SSN Form

4506-C Form

IRS 4506-C - How to Complete

QM Wholesale Submission Checklist

Notice of Changed Circumstance

FHA Case Number Transfer Request Form

Non-QM Income Worksheet

VA Max Loan Amount Worksheet

USDA 3555-21

Non-QM Affidavit on Behalf of Limited Liability Company

Non-QM Business Purpose & Occupancy Affidavit

Submission Documents

Non-QM Wholesale Submission Checklist

Initial Disclosure/Submission Job Aid

QM/Non-QM Wholesale Loan Submission Form

QM Wholesale Submission Checklist

Wholesale Fee Schedule

Broker Disclosures Matrix

Anti-Steering Disclosure

Verbal Authorization to Obtain a Credit Report

FHA Case Number Order

Affiliate Disclosure Form

VA Max Loan Amount Worksheet

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Visionary

Investment

First Guaranty Mortgage Corporation (FGMC) believes that a robust product and program set is an important facet of FGMC’s goal of helping consumers fulfill their financial goals. FGMC leverages a logical approach to the evaluation of borrower capacity and creditworthiness, with an emphasis on Ability to Repay (ATR) and risk mitigation through sound underwriting and documentation practices. Our products and programs are supported by compliance and quality control.

The Visionary Investment program was created for the borrower who has a vision for transforming a home into a long-term investment, but still wants some flexibility in how they do it. This could mean a higher Debt-to-Income Ratio or providing an alternate way to document their income. The program allows for:

Loan amounts up to $3,000,000

Fixed, Interest Only, and ARM options

DTI up to 50%

Credit Scores as Low as 540

We believe the Visionary borrower has a strategic home buying story, and Maverick Solutions wants to help tell it.

Download Flyer

Contact Us

Meet Jonathan.
Jonathan is a small business owner. He has worked hard to build his business, and is proud to watch it grow. He’s a visionary. Jonathan is one of a kind, just like his loan.

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Achiever

Expanded Credit

First Guaranty Mortgage Corporation (FGMC) believes that a robust product and program set is an important facet of FGMC’s goal of helping consumers fulfill their financial goals. FGMC leverages a logical approach to the evaluation of borrower capacity and creditworthiness, with an emphasis on Ability to Repay (ATR) and risk mitigation through sound underwriting and documentation practices. Our products and programs are supported by compliance and quality control.

The Achiever Expanded Credit Program was created for the financial achievers out there. The Achiever may have hit a credit bump or two along the way, but they still want the opportunity to maximize their buying power. The program allows for:

Loan amounts up to $3,000,000

Fixed, Interest Only, and ARM options

Credit Scores as Low as 500

Non-Warrantable Condos Allowed

Bank Statement Based Income Sources Allowed for Self-Employed Borrowers

We believe the Achiever borrower often has a good comeback story, and Maverick Solutions wants to help tell it.

Download Flyer

Contact Us

Meet Erin.
Erin was laid off from her job a few years ago and got behind on some of her bills. She has a great job now, and she’s working hard to improve her financial situation. She’s an achiever. Erin is one of a kind, just like her loan.

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Champion

Prime Jumbo

First Guaranty Mortgage Corporation (FGMC) believes that a robust product and program set is an important facet of FGMC’s goal of helping consumers fulfill their financial goals. FGMC leverages a logical approach to the evaluation of borrower capacity and creditworthiness, with an emphasis on Ability to Repay (ATR) and risk mitigation through sound underwriting and documentation practices. Our products and programs are supported by compliance and quality control.

The Champion Prime Jumbo Program was created for the borrower who is looking to maximize their buying power, but still wants some flexibility in how they do it. This could mean a higher Debt-to-Income Ratio, or providing an alternate way to document their income. The program allows for:

Loan Amounts up to $3,000,000

Interest Only & ARM options

DTI up to 53%

LTV up to 95%

We believe the Champion borrower has a unique home buying story, and Maverick Solutions wants to help tell it.

Download Flyer

Contact Us

Meet James.
James has worked hard throughout his career and made his way to the top. Now he’s finally ready to buy his family’s dream home. He is a champion. James is one of a kind, just like his loan.

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Non-Delegated Underwriting
FHA	Purchase: 01/13 Refinance: 01/13 Streamline: 01/13
Conventional	Purchase: 01/13 Refinance: 01/13
VA	Purchase: 01/14 Refinance: 01/14 IRRRL: 01/14
USDA	Purchase: 01/17 Refinance: 01/17
Trailblazer Jumbo	Purchase: 01/05 Refinance: 01/05
Pioneer Plus	Purchase: 01/18 Refinance: 01/18
WS/NDC NON QM	Purchase: 1/21 Refinance: 1/21

Partial Condition Review
Purchase	48-72 Hours
Refinance	48-72 Hours

Clear To Close Review
Purchase	24-48 Hours
Refinance	24-48 Hours

Working on Purchase loans submitted to underwriting on
FHA Purchase	January 25th
VA Purchase	January 26th
USDA Purchase	January 26th
Conventional Purchase	January 26th
Non-QM Purchase	January 21st
Trailblazer Jumbo Purchase	January 26th
Working on Refinance loans submitted to underwriting on
FHA Streamline Refinance	January 26th
FHA Refinance	January 26th
VA IRRRL Refinance	January 26th
VA Refinance	January 26th
USDA Refinance	January 26th
Conventional Refinance	January 26th
Non-QM Refinance	January 21st
Trailblazer Jumbo Refinance	January 26th

Underwriting - Final Approval
Underwriters Reviewing CTC Purchase Conditions from	January 26th
Underwriters Reviewing CTC Refi Conditions from	January 26th
Underwriters Reviewing CTC IRRRL Conditions from	January 26th
Underwriters Reviewing CTC Streamline Conditions from	January 26th

SLA
Condition review	72 hours
Purchase CTC	24 hours
Refinance CTC	48 hours

Closing/Scheduling
Purchase	2 Days
Refinance	2 Days
Last Day to Issue Initial CD Purchase	January 27th
Last Day to Issue Initial CD Refinance	January 21st