July 2015

Windows to Home Ownership

Phone: 615-815-2180

Fax: 615-564-2700

Toll-Free 1-800-228-8432

502 Deaderick Street

Third Floor

Nashville, TN 37243 Coming Soon . . . HFA Preferred Mortgages

Rhonda Ronnow

Director of Loan Production

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.

Stay connected

to THDA!

SINGLE FAMILY

HELP LINE

615-815-2100

Page 2

Monthly OA Rankings—July 31, 2015

Our total application production for July was $36,310,220.

Year-to-Date OA Rankings through July 31, 2015

Our year-to-date total application production as of July 31, 2015 was $186,196,832.

Windows to Home Ownership

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

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

Page 3

Windows to Home Ownership

Homebuyer Education Annual Peer Session

Jayna Johnson

Homebuyer Education Manager

The 12th Annual HBEI Peer Session took place July 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 pre-

purchase 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 *Knox Housing Partnership, Knoxville

*Dominion Financial Management Inc., Smyrna *Life of Victory International Ministries, LaVergne

*Chattanooga Neighborhood Enterprises, Chattanooga *Family & Children’s Service, Nashville

*United Housing Inc., Memphis *MiTecho Inc., Memphis

*Residential Resources Inc., Nashville *Affordable Housing Resources, Nashville

Page 4

Windows to Home Ownership

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

Page 5

Windows to Home Ownership

Top Honors Update

THDA Top Loan Originators

19 Closed Loans: Shelia Middleton, Magna Bank

17 Closed Loans: George Margrave, Mortgage 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 Home 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: Tony James

9 Closed Loans: Lynn Harrison

5 Closed Loans: Adam Hall, Courtney Yates,

John Quinn, Steve Jones

THDA Top Builders

36 Closed Loans: Ole South Properties

5 Closed Loans: Regency Homebuilders

3 Closed Loans: Centex Homes, Regent Homes, Smithbilt Communities

Star Rewards Update

31 Perfect Loan Submissions

Derek Ryder, Magna Bank

26 Perfect Loan Submissions

Frederica Maxwell, People’s Home 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, Mortgage Investors

Results for Star Rewards and Top Honors are based on accuracy of data submitted, for loans closed 10/1/14 to 7/31/15.