First Federal Bank of California

About Us: Our Advantage

Our Advantage

Who are we?

First Federal Bank of California is an experienced single family residential wholesale lender located in Santa Monica, California. First Fed has over 75 years of mortgage experience behind it and provides brokers with the most sought-after Option ARMs in the mortgage industry. First Fed lends on properties in California, Arizona, Nevada, Oregon, Utah and Washington.

What are the advantages of working with First Fed?

(1)

Great Option ARM Programs - First Fed's Option ARM programs allow our brokers to be financial experts and advisers to their customers - a critical and necessary component that mortgage brokers must possess in today's very competitive mortgage market. First Fed's loan programs are tied either to the Cost of Funds Index (COFI) or the Monthly Treasury Average (12-MTA), two historically stable indices. Our Option ARM programs enable borrowers to manage their budgets through their monthly mortgage payment by offering flexible payment options.

(2)

Fast Decisions and Turn Around Times - At First Fed, we understand that mortgage brokers' and their borrowers' time is valuable. That's why our loan responses are delivered in a timely manner. In addition, once a loan is ready for documents, First Fed prides itself on working expeditiously with the closing agent to get those documents ready for the borrower's signature. First Fed funds the mortgage broker's compensation directly into escrow, ensuring that mortgage brokers get paid immediately.

(3)

Client Service - First Fed provides exemplary customer service throughout the entire loan process. First Fed prides itself on a process that works efficiently, alleviates miscommunication and streamlines the loan process for mortgage brokers. We match mortgage brokers with an experienced Wholesale Account Executive and a dedicated Account Coordinator who will provide immediate service. These individuals work with the mortgage brokers though every step of the loan process. First Fed prides itself on providing you with incomparable customer service - sign up with us and see for yourself!

What Features and Benefits Does First Fed Offer to Mortgage Brokers?

First Fed's Option ARM programs help mortgage brokers look after their customers' financial best interest. This assists mortgage brokers with gaining credibility in their borrowers' eyes which means more future business for the mortgage broker. For example, our programs offer mortgage brokers the following features and benefits:

Feature	Defined	Benefit
Qualify Borrowers at a Higher Loan Amount	Due to the lower interest rate typically associated with adjustable rate mortgages, borrowers are able to qualify for larger loan amounts than on comparable fixed interest rate loans.	Enable borrowers to purchase larger homes.
Flexible Monthly Payment Options	Because the borrower has more than one monthly payment option, he / she can decide how much money to put towards the mortgage payment and how much to put towards other financial obligations. This flexibility does not exist with fixed rate loans.	Borrower has payment options on loan.
Stated Income / Verified Asset Programs	Because the borrower simply states his / her income, there is less paperwork required and less work altogether.	Easier qualifying; less paperwork; quicker decisions.
Trusts, Corporations, LLCs, Power of Attorney	First Fed allows for different types of trusts, corporations, LLCs, power of attorney under certain doc types without requiring the borrower to restructure title. This does not exist with most fixed rate lenders.	Easier qualifying.
Payment Caps on Standard Monthly Adjustable Payment Option ARM	Because First Fed puts a payment cap of 7.5% each year (unless a triggered recast occurs), the borrower does not have to worry about their payment getting out of control.	Stability of payments; peace of mind.
40 Year Terms	Because the borrower can amortize the loan over 40 years, he / she is able to receive an even lower payment than a 30 year amortizing loan. This option is not available on fixed rate loans.	Borrower has payment options on loan.
Stable and Slow Moving Indices	Because First Fed chose two very slow and stable indices (COFI, 12-MTA) for its ARM programs, the borrower's payment will change more slowly than other ARM programs.	Borrower has payment options on loan.
Lifetime Interest Rate Cap of 10.95% - 13.45%	Because First Fed puts a life cap on its ARM programs, the borrower does not have to worry about their payment getting out of control.	Peace of mind.