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Pinnacle Capital  picks up market share! 
Check out these stats-based on recorded deeds of trust in Q2 2011:


PCM Rocks
PCM Rocks! Not our words, yours...

"Huge thank you to you, and to all of your staff for working so darn hard everyday, especially pulling together so strongly during this crazy time in our industry.  PCM ROCKS HARD IN MY BOOK!"

Nancy Danno

Tenstar Properties/The Spectrum Group


"Fabulous!! Thanks so much! PCM Rocks!!"

Marsha Tempel

Vintage Mortgage Group


"WOOOHOOO!!!!! You rock Theron ;0)

Maryvonne Cadgene



"Thank You Erin!!!! Seriously you rock!!! Have a great day!

I am submitting another file today, hopefully you will be the U/W!

Kelly Jurosky

Fitzpatrick Capital


"You guys rock!!  Thanks so much!  Another one down!"

Madeleine Stauber

Signet Mortgage Corporation


"You guys are simply awesome!! Thank all of you guys sooo much!!!"

Fernando Hernandez

TRT Home Loans


"Kyle, I did want to take this opportunity to mention that I noticed your effort going beyond the normal call to service your files. I did appreciate it and wanted to again reiterate it. Thanks again and look forward to working with you."


Shining Star Funding

Best Place 2011

Pinnacle Capital Mortgage Corporation

Concord Branch

honored as 12th best place to work in the San Francisco Bay Area 2011




Pinnacle Press

Mortgage Musings and Industry Updates 


Wow! What a September this has been! We shattered some funding records here at PCM both for our Concord/Irvine regional center and as a company as a whole. Looks like our final funding total this month for our region is a tad over 372 Million! A hearty thank you to all our loyal wholesale customers and our amazing affiliate branches for helping us acheive and exceed our goals. It was a scramble getting those HBs and refis through, but our operations staff really pulled it off with lot's of long hours and teamwork!


Please see all the new faces and all your long time favorites here at PCM by clicking on the Operations Staff link in the left hand margin.


And, check out the latest Q2 Dataquick stats by county also in the left hand margin. We've made some great market share gains with your help!


In this issue of KOL, I'll address the ongoing disparity between brokers and bankers where HUD is concerned. We'll look at the new ML 2011-34.

Also, a reminder below to be sure you know your limits! Read on... 


The Ref



Disparity between (sponsored) FHA Originators and Originators

Working directly for mortgagees continues at HUD


Mortgage Letter 2011-34, the subject of which is titled Revised Lender Approval Requirements, issued September 23, 2011, does a couple of things which I will outline momentarily. But it does not grant parity between third party originators (mortgage brokers) that are sponsored to originate FHA loans and originators that work directly for lenders that are HUD approved mortgagees. By most interpretations, the former can engage in selling real estate and the latter cannot. HUD does not come right out and sanction this but through their omission of mentioning it in ML 2010-20; it is generally accepted and allowed by most lenders. Many had hoped that this Mortgagee Letter would address this inequity. It did not. While this ML rescinded many sections of the current Mortgage Approval Handbook, also known as the 4060.1, it did not rescind the section that restricts originators working for mortgagees, namely Section 2-9 F&G, from engaging in any other real estate related activities outside of originating mortgages for the mortgagee that employs them.


Secondly, there was no lifting of the requirement for employees of mortgagees to be W-2'd employees vs. 1099. Mortgage brokers being sponsored for FHA can opt for 1099 reporting. So, for now, score two for the independent mortgage brokers!


Now let's discuss what this ML did address that pertains to all. Jurisdiction restrictions have been removed. Effective immediately, HUD will follow state licensing guidelines when it comes to originations. Mortgagees and their branches or sponsored brokers may originate FHA loans in any state where they hold the appropriate license.


In most cases, this means three levels of licensing. For mortgagees the levels will likely be the company, the branch and the originator. For third party originators, or mortgage brokers, the levels will be the wholesale lender (mortgagee), the broker and the originator. You will want to have your appropriate licensing in place prior to advertising, taking an application, or representing yourself as an originator in any fashion. It is now a felony in several states to engage in origination activities without proper licensing.


Additionally, unless you expect to have business in the next couple of weeks, if you submit your new application at the end of October and its approved after November 1st, most states will approve your license through December 31st of 2012.


Read all the changes ML 2011-34 makes here.


Loan Limits, of course 

Is it Friday yet?


The much anticipated, late September extension of temporary loan limits did not materialize. Just not enough sympathy on the hill for those of us in high cost areas like California. The standard conforming limit remains at $417,000. The maximum high cost (HB) limit of $729,750 dropped to HERA limits, effective 10/1/2011 to $625,500. Do not assume the county you are doing your loans in is at $625,500. Many counties in California are below this amount. In fact, the counties that are now at $625,500 is a relatively short list; eleven in all. If the county you intend to lend in is not in one of these counties, you will want to use the loan limit look up tools listed below.


Eleven California Counties at New Maximum HB Limit of $625,500: 

  1. Alameda
  2. Contra Costa
  3. Los Angeles
  4. Marin
  5. Orange
  6. San Benito
  7. San Francisco
  8. San Mateo
  9. Sana Barbara
  10. Santa Clara
  11. Santa Cruz

New FNMA (HERA) limits for California  Printable  for easy reference

FHA Loan Limit Look up

We, at Pinnacle Capital Mortgage, stand ready to support you as we head into 2012 whether as your wholesale lender or banking partner. The best business model that works for you is the one that works for us!

Terri Buckman
VP, Wholesale Lending  & Affiliate Branching 
Named CAMP 2010 Affiliate of the Year & 200 Club Member
Cell 925.822.5931
My Blog solely represents my own personal opinions and commentary and does not represent the opinions of any corporate entity or other individual. The intent of this blog is to start conversation on topical mortgage issues. This is not advice and should not be acted on accordingly. Further, this information is intended for mortgage professionals only and is not intended for consumers
� 2011
Pinnacle Capital Mortgage Corporation    Equal Housing Lender  NMLS 81395   | ID-MBL-6950, WA CL-81395, NM-03710 Licensed by the Department of Corporations under the California Residential Mortgage Lending Act. CA License #RMLA-4130351, ID License MBL-6950, AZ License 910890, UT License 7033397-MLCO, NM License 03710
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