E-Mail Applications Compensation Niches

Jeff Nelson - Regional Manager Tel /  877-579-9109 Fax /  208-330-8378  E-mail

Since 1955, Aames has been a market leader for Mortgage Loans for the Credit Impaired... take the time to get to know us and you will join our team!  

Aames Direct and Sales Logic

 Professional grade automation...for professional originators.  Prequals, Full Underwrites, Credit Reports, Broker Status, Pipeline Reports, Conditions, Notes and Loan Information at your finger tips.  Tools for the new age!

Automated Underwriting through Aamesdirect.com

  • Allows for the import of files from all Major POS platforms
  • Credit Reports provided to Clients by EQUIFAX
  • Export all Obligations (credit) information to CONTOUR and POINT
  • Full Underwrites are conditioned, Graded and Priced
  • Prequals are Graded and Priced
  • Pipeline Management
  • ID’s and Passwords are auto generated
  • Vendor relationships are being developed…currently mass marketing campaigns are available which includes lead generation, marketing piece generation, stuffing and mailing (all on line) for no more than $ .40 per piece
  • Account Executives receive an additional 5 BPS for all files that have been input on the system and the export button has been pressed

Pipeline Management through Sales Logic

  • Each AE is supplied with a laptop computer
  • Reports are generated and delivered by daily downloads with the mainframe
  • Includes pipelines, loan information and Broker information
  • Ability to create customized reports, forecasts, set appointments, campaigns, etc.,
  • Day Timer functionality similar to ACT

 

Underwriting Niches
The following are some of the elements of Aames's programs that will give you a general overview of the aggressiveness of our guidelines:


Credit Scores
  • Minimum Credit Score is 500 (Using primary Borrower only, mid-score)
  • Stated Minimum Score is the floor score of 500
  • Stated Piggys 620 Credit Score and above
  • Full Doc Piggys 580 and above

Pricing
  • Aggressively Priced through Market Surveys
  • Rate exceptions to Meet or Beat the competition when required and supported

Credit
  • 12 Month Look Back
  • Minimum Credit…24 month depth, 4 trades, 1 >$ 3,000, 2 active or paid and rated for 24 months (Target (blend) A & A- requires 3 years depth)
  • Dismissed BK’s disregarded
  • Unpaid Taxes and Child Support not included in CLTV (Underwriter discretion on Pay Off or use 1% of balance as payment) or other judgments not on title
  • < 10 months on installment account not counted in D/R or < $ 100 with revolving accounts
  • CCC not counted as BK, must be completed/paid off (not Alt-A)
  • Rolling 60 day mortgage lates on "C" and "C-"
  • No VOR or VOM (cannot get) grade based on consumer credit (no blending)

Employment History

  • Self Employment < 2 years with same line of work listed on 1003
  • Job Gaps < 90 days, no VOE’s required for proof , accepted as listed on the 1003

Loan Amounts/Cash Out

  • Loan Amounts from $ 35,000 to $ 1,000,000 (Firsts)
  • Cash out in most cases does not include pay off of debt (debt consolidation) Rate and term is equal to pay off of consumer debt and up to $ 2,000 cash in hand
  • No adds for cash out
  • Cash out up to $ 350,000 (program based)

Lien Seasoning

  • None for All Programs. Alt-A and Piggy Backs cash out is limited to the sum of all cash out refinances in the preceding 12 month period, including the current transaction

Property Seasoning

  • 12 months for appraised value plus any documented improvements. Properties seasoned more than 6 months but less than 12 months will be considered with a maximum increase in value of purchase price plus < 10% if < appraised value, at full LTV’s.

Construction to Perms (Take Outs)

  • Take Out loans will be based on the purchase price of land and hard costs (no sweat equity) plus 10% < appraised value at full LTV’s with no cash out.

Income Documentation

  • Full doc is 1 W-2 and 2 current paystubs, or 1 1040 and current 2 paystubs or 24 month bank statements (no add-ons or reduction in LTV’s)
  • Light Doc is 6 months of personal bank statements, 12 months with business bank statements or co-mingled (personal when BFS, 25% expense factor, no P&L required) and can use more than 1 account to qualify
  • Stated Income is W-2 or Self Employed for all LTV’s
  • Can use Bank Statements with a non-borrower listed (use percentage…50% for 2 on account, etc.)

LTV / CLTV

  • 5% LTV extender for Aim and Target programs (O/O and NO/O)
  • 100% Stand Alones with Cash Out
  • 100% CLTV at reduced LTV’s (10% less) on all programs except NO/O and Manufactured (95%), private party
  • Second Homes are same LTV and Pricing as Owner Occupied
  • Subordinate financing must be for > 36 months or more
  • Duplex Treated as SFR with respect to LTV

Properties

  • Manufactured homes < 15 years old and double wide, no move on’s, Max 80% LTV, dirt roads maximum of 60% LTV
  • Zoning, AG, C OK, I and M on case by case
  • Max 20 acres, reasonable value given to outbuildings if common and comped…Excess value for acreage over 5 at reduced value
  • Mixed use OK with out modification to property
  • Multiple contiguous parcels acceptable with one Title Policy
  • Free and clear properties at full LTV’s

Rural Properties

  • Rural is defined as < 25% built up, comps more than 5 miles away and more than 10 miles from a major community maximum of 80% or 5% off program

Sourcing and Seasoning
  • > 80% LTV requires 5% of borrowers funds, sourced, rest can be gift, < 80% all can be gift
  • Gift equity from Family Members < 80% LTV

Piggy Backs

  • CCC OK if closed prior to Funding
  • Payment Shock not a Factor
  • Retention of Residence not a factor
  • 24 Months Bank Statements treated as Full Doc

Miscellaneous

  • Super Jumbos from 580 Credit Scores
  • 4 loans or $ 1,000,000 per borrower
  • Retention of residence not an issue (in some cases not allowed..reasonability test)

Alt A Highlights

  • Max Loan Amounts $ 1,000,000
  • Alt-A is O/O and NO/O
  • Second appraisal required for > $ 650,000
  • No adds for Cash Out
  • Max YSP is 1.5%
  • >90% O/O…85% 2nd home… Cash Out includes Debt Consolidation
  • Max Cash out $ 350,000
  • Alt-A reserves allowed from cash out if Credit Score is greater than 680
  • 95% to $ 500,000…90% to $ 650,000…85% to $ 800,000…80% to $ 1,000,000
  • 1x30 on Mortgage OK

AIM (Scored Highlights)

  • O/O, NO/O and Second Homes
  • $ 35,000 to $ 750,000
  • Max YSP 2.0
  • 5% Extender for both NO/O O/O (Allows for an additional 5% in LTV on the First Mortgages
  • Full Doc 600=100% w/1x30 to $ 500,000…580=100% Piggy…580=95%…560=90%…550=85%…100% CLTV allowed
  • Stated 620=100% to $ 500,000…620=90%…600=85%…550=80%…80% to $ 750,000 (minimum score 580)
  • Max cash out on concurrent 2nds $ 50,000 (no stand alones)

Target (Blend Traditional)

  • O/O, NO/O and Second Homes
  • $ 35,000 to $ 500,000
  • Max YSP 2.0
  • 80-85% LTV 525 score…85-90% 550 score
  • 5% extender to 95% with 550 or better score, O/O and NO/O, Full or Light Doc
  • Same Credit requirements as all other programs except "A" and "A-" requires 36 months of depth
  • 24 Month Bank Statements treated as Full Doc, no add’s

Mortgage Only

  • O/O, NO/O
  • Full Doc Only $ 35,000 to $ 300,000
  • Max YSP 1.0
  • 85% LTV O/O
  • 80% NO/O
  • CLTV’s to 100%
  • 2 Years Discharge on BK
  • NOD 2 years old allowed on "A-"
  • Minimum Credit Score 500
  • No Payoffs of any Collections or Charge Offs

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