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WNCI invites Brokers and Correspondents to join our Team and use the warehouse facility and other services. Brokers can easily get a warehouse funding facility and become a mini-correspondent lender by following the procedure described below. Our group will perform the underwriting and closing doc preparation; correspondents will typically originate and process the loans and close in their name. You can also review our Process Road Map for additional details on our program.

1) FIRST STEP - Customer completes WNCI Application and Checklist and emails application and required information to WNCI (this information is used to approve Customers for the Correspondent Lending Program, and is referred to collectively as the WNCI Application).

2) Customer executes WNCI Mortgage Services Agreement and emails to WNCI (this will be emailed to customer and is for Confidentiality and non-circumvention, and Warehouse Facility initial setup fee).

3) WNCI reviews completed Application for approval within 24 hours; WNCI notifies Customer of approval and welcomes Customer to our team.

4) WNCI submits approved WNCI Application to RMF, who coordinates initiation of the warehouse facility.

5) WNCI sends the "Correspondent Loan Purchase Agreement" to Customer (this is the Agreement for our Lender(s) to purchase your loans after they are funded and closed).

6) Customer completes Correspondent Loan Purchase Agreement and returns it to WNCI.

7) RMF reviews Correspondent Loan Purchase Agreement then submits it to our Lender(s).

8) Bank approves Correspondent Loan Purchase Agreement and sets up teleconference call with Customer to discuss details and procedures. Broker becomes a “mini-correspondent” of our Lender (Bank) after they receive warehouse approval from the Lender. Typically, Correspondents cannot close an FHA loan in their own name unless they are an approved Title II FHA Lender.

9) Our Group uses LOS software to underwrite, close and track all mortgage loans. Customer will receive instructions on Loan Doc preparation, submittal, and pipeline tracking using the software.

10) Customer opens Direct Deposit checking account (DDA) with two of our Banks – $ 100 minimum deposit is required to open each account. Needed for DDA: photocopy of driver’s license and signature card of signor(s); Articles of Incorporation and Operating Agreement; federal tax ID; Board Resolution to execute Warehouse Funding Facility, and sell loans; and Social Security Number (some of this information is supplied with WNCI Application).

11) RMF sends out pricing / rates each morning to all Customers, or, Customer can use LOS software to view current rate information. RMF has three separate Rate Sheets – Conventional, USDA, and FHA. All Fannie Mae products are priced manually when the Customer submits a loan scenario on the Price Request Sheet. VA Pricing is based on FHA Pricing with additional loan adjustments. (Customers use RMF’s Price Request Sheet for individual loan scenario pricing.)

12) Customers will be issued login information to submit loan doc’s and access their pipeline on the LOS software. The Customer will be given contact information, including Trading Desk, Underwriter, Closer, and Post Closer. Our Team will help you get MERS set up if you are not already registered.

13) The Customer is now ready to use the Warehouse Funding Facility and must call the RMF Trading Desk to begin the loan submittal process.

Correspondents may require specific approvals from their state agencies to perform loan funding.


Last Updated on Tuesday, 13 October 2015 10:50

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