800-932-3370
NEW CLIENT CENTER
Correspondent Approval Requirements
Wholesale Approval Requirements
- Have a net worth of at least $500,000
- Minimum of $250,000 of Bond and E/O with a maximum of $15,000 per occurrence
- 2 Years audited financials
- 2 Years personal financials on all principals and/or principal officers of the Lender
- Satisfactory credit rating on all principals of company
- Minimum of 5 years of licensed mortgage banking activity
- Must have verifiable physical address
- 2 most recent report cards from 2 companies who are currently purchasing loans from you
- Clean report from MARI, or similar reporting agencies on business name or any principal officer, loan officer, underwriter or any part of the processing staff
- Clean report from MARI, or similar reporting agencies on business name or any principal officer, loan officer, underwriter or any part of the processing staff (CMS to order)
- Satisfactory credit rating on all principals of company (included on MARI report)
- Any adverse reports must have satisfactory written explanation
- Evidence of at least $100,000 Bond and E/O with a maximum of $10,000 per occurrence
