FAQs
 CONTENTS:
· How long does the approval process take?
· How does a warehouse line benefit me?
· What sort of support staff do I need to manage a warehouse line efficiently?
· What do I need to get approved?
· Do you have any net worth requirements?
· What strengths does GBC Funding have to offer?
· What are the costs if loans don't go through or rescind?
How long does the approval process take?
With a thorough, completed application, we can work very quickly in issuing an approval. The background check usually takes a week to turn-around and if there are no issues, we can issue an approval shortly thereafter.
If there are questions or documentation is missing, the process should take no longer than 4 weeks, unless we do not receive timely responses from the applicant.
Also, please note that while you are applying for a line of credit, it may be best to simultaneously apply for a correspondent approval with your end investors to expedite that process. For existing correspondents, we will just ask for documentation of your investor approvals.
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How does a warehouse line benefit me?
A few of the benefits include:
- Increased control over the closing process in that you can pull closing documents yourself instead of subjecting yourself to the turn-time of most investors
- Better pricing on correspondent rate sheets vs broker rate sheets
- Volume incentives
- Advertise your company as a lender
- Avoid disclosing YSP
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What sort of support staff do I need to manage a warehouse line efficiently?
One option is to hire on a third party warehouse management company who can handle all funding requests and post-closing and shipping procedures. Otherwise, depending on your volume, it would be a good idea to dedicate at least one employee to managing the warehouse line.
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What do I need to get approved?
Please refer to our "Become a Lender" section online
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Do you have any net worth requirements?
We require a net worth of at least $200,000. In addition to the financial profile, we do weigh our approval more heavily on the credibility and reputation of the customer and their ability to effectively use a warehouse line of credit.
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What strengths does GBC Funding have to offer?
- GBC Funding's staff includes experienced professionals, a great sales team and a dedicated support staff, ensuring a smooth transition from broker to lender status and ensuring a seamless loan funding process.
- Program Highlights:
- We offer same day funding requests at no additional charge
- We provide flexibility in offering funding for conventional, government, Alt-A, and non-agency loans
- We accept both delegated and investor underwriting approvals.
- We fund 100% of the loan – no haircuts
- There are no non-usage fees
- We are committed to total customer satisfaction – there are no automated phone systems but real person contact with every phone call
- Our advanced technology enhances wire and document tracking by offering an automated program, free of charge, which allows you to follow-up on your loan within seconds!
- It is our goal to ensure a superb customer relationship by offering and working with good character, integrity and honesty – qualities we strongly uphold.
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What are the costs if loans don't go through or rescind?
As long as funds are returned within 48 hours of funding, there are no fees or interest charges assessed.
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