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 during the application process, 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.
There are many options for managing your in house. One is to dedicate an internal staff and another is to contract with a third party fulfillment company. Please consult one of our team members about options and the best plan for your company.
For more information, please refer to our Emerging Bankers page, or just give us a call.
We weigh our approval more heavily on the credibility and reputation of the customer and their ability to effectively use a warehouse facility. For our Mortgage Banker program, the net worth requirement is $500,000. Our Emerging Banker program offers the flexibility small emerging bankers need to grow their business.
As long as funds are returned within 24 hours of funding, there are no fees or interest charges assessed.
