Turn Times
In Average Business Days
24 HOURS
Loan Setup
(if file is missing documents needed for initial submission to Non-Delegated Underwriting, FGMC will not meet the published SLA)
Decisions
| Non-Delegated Underwriting | |
| FHA | Purchase: 06/15 Refinance: 06/15 Streamline: 06/14 |
| Conventional | Purchase: 06/14 Refinance: 06/14 |
| VA | Purchase: 06/15 Refinance: 06/14 IRRRL: 06/14 |
| USDA | Purchase: 06/15 Refinance: 06/15 |
| WS/NDC NON QM | 48 Hours |
| Jumbo/Non-QM | Purchase: 06/14 Refinance: 06/11 |
| Clear To Close Review | |
| Purchase | 24-48 Hours |
| Refinance | 48-72 Hours |
| Prepurchase Review | |
| Initial Review | 2-3 Days |
| Conditions | 2 Days |
|
|
| |
FGMC IDs
FHA ID # 7516800049
VA ID # 6852450000
NMLS ID: 2917
Updated: June 15, 2021 9:10AM
Sarah Gonzalez
Chief Operating Officer
- 2020 NMP Woman of Inspiration
- 2020 Housingwire Vanguard
- 2020 Top 100 in Finance
- 2019 Housingwire Woman of Influence
- 2019 and 2020 Cultural Award Keystone Finalist The Five Star Institute Award
- 75 Elite Women of 2017 by MPA Award
- 2016 Housingwire Insider Award
Sarah is an innovative leader, who draws on 20 years of mortgage experience, coupled with her expertise in critical operational analyses and strategic decision making, to lead FGMC’s operations, credit risk and marketing groups to success. Sarah is passionate about organically cultivating the next generation of leaders in mortgage and building teams that advocate for a customer first mentality. She provides guidance and vision to those in her organization and encourages them to always lead by example. Throughout her career, Sarah has held a number of leadership positions where she strategically positioned companies for growth through process optimization implementations resulting in an upwards of 45% decrease in operational expense. She is also a member of the Mortgage Bankers Association, National Association of Professional Women and Support Women for Women International.
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.
Michael McFadden
Chief Financial Officer
Michael is an innovative business professional, entrepreneur, and designated CFA. He has deep experience in financial reporting, FP&A, strategy, and investor relations. He is also the CEO and Founder of OptiFunder, a warehouse management system for residential mortgage originators. Prior to joining FGMC, he operated a mortgage advisory firm, McFadden Group and worked extensively additional banking and finance positions. He earned his MBA and Masters of Science in Accounting from Indiana University- Kelley School of Business and his Bachelor of Science in Physics from Indiana University.
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.
Trailblazer Jumbo Resources
Maverick Solutions Resources
Product Matrices
-
Non-QM Product Matrix
Visionary Investment Product Matrix
Champion Prime Product Matrix
Achiever Expanded Credit Product Matrix
Trailblazer Jumbo Product Matrix
Product Flyers
-
Champion Prime
Achiever Expanded Credit
Visionary Investment
Trailblazer Jumbo
Visionary Investment White Label
Trailblazer Jumbo White Label
Champion Prime White Label
Achiever Expanded Credit White Label
Checklists/Forms
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
Visionary Investment Resources
Achiever Expanded Credit Resources
Champion Prime Jumbo Resources
Achiever Expanded Credit Resources
Visionary Investment Resources
Turn Times
June 15, 2021
Wholesale Turn Times
| Initial Disclosures Only | |
| June 15th | |
| Initial Disclosures and Loan Set-up | |
| Working on full files submitted on June 15th |
| Working on Purchase loans submitted to underwriting on | |
| FHA Purchase | June 14th |
| VA Purchase | June 14th |
| USDA Purchase | June 14th | Conventional Purchase | June 14th | Non-QM Purchase | June 11th | Trailblazer Jumbo Purchase | June 14th |
| Working on Refinance loans submitted to underwriting on | FHA Streamline Refinance | June 15th | FHA Refinance | June 10th |
| VA IRRRL Refinance | June 15th |
| VA Refinance | June 15th |
| USDA Refinance | June 15th |
| Conventional Refinance | June 15th |
| Non-QM Refinance | June 11th |
| Trailblazer Jumbo Refinance | June 14th |
| Underwriting - Final Approval | |
| Underwriters Reviewing CTC Purchase Conditions from | June 14th | Underwriters Reviewing CTC Refi Conditions from | June 14th | Underwriters Reviewing CTC IRRRL Conditions from | June 14th | Underwriters Reviewing CTC Streamline Conditions from | June 14th |
| Account Manager - Conditions | |
| 48 Hours | |
| Closing Disclosure | |
| June 14th | |
| Closing/Scheduling | ||
| Purchase | 2 Days | |
| Refinance | 2 Days | |
| Last Day to Issue Initial CD Purchase |
June 25th | |
| Last Day to Issue Initial CD Refinance | June 23rd | |
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
Condo Documentation
- Limited Review- Established (for applications dated prior to 12/07/20)
- Full Review – Established (for applications dated prior to 12/07/20)
- Limited Review- Established (for applications dated on or after 12/07/20)
- Full Review – Established (for applications dated on or after 12/07/20)
- New or Newly Converted
- Non-QM Non-Warrantable Condo Project Review Form
- Condominium Project Review Job Aid
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
- Intent to Proceed Certification
- Verbal Authorization to Obtain a Credit Report
- SSN Form
- 4506-C Form
- 4506-C W2 Example
- 4506-C 1040 Example
- 4506-C 1120 & 1065 Example
- 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
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
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
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.
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.
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.
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.
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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