Correspondent Approval Checklist
Correspondent Approval Checklist
Correspondent:Street Address:
City: / State: / Zip Code:
Sierra Pacific Relationship Manager:
CORRESPONDENT ELIGIBILITY DOCUMENTS
Completed Application – All fields
Executed Loan Purchase and Sale Agreement – Electronic signatures not accepted
Audited Financial Statements for previous fiscal year &/or P&L and Balance Sheet – signed by Principal.
(Banks: Form #FFIEC034, Savings and Loans: Form #FHLBB1313, Credit Unions:Form #NCUA5300)
Unaudited YTD Financial Statements, if the reporting date on the audited is over SIX months old – signed by Principal
** COMMITMENT letter from warehouse banks verifying minimum warehouse lines of $1,500,000
Wire instructions for all warehouse lenders
Resumes of management, officers and key personnel
QC Policies and Procedures
Articles of Incorporation and all Amendments
** Licenses and/or NMLS printout
Completed W-9
Resolution of Board of Directors
Authorization/Release for Businesses and Individuals - MARI/MIDEX (signed by ONE authorized person)
** Disclosure AND Authorization to Obtain Information (signed AND completed by all owners with >25% ownership)
Correspondent Contact Information Form–ALL FIELDS MUST BE COMPLETED WITH NAME, PHONE, FAX EMAIL (PG 4)
Limited Irrevocable Power of Attorney Form – Must be Notarized
Hold Harmless/Indemnification Addendum
BSA/AML BANK Secrecy Act/Anti-Money Laundering (BSA/AML)
Redistribution of Addendum Desktop Underwriter Schedule – Sign as “User”
Errors and Omissions Declaration Page
Fidelity Bond or Declaration Page
MERS Approval Letter with ID
Manager Review & Approval: / Signature: / Name :
** MAY NOT BE REQUIRED FOR FEDERALLY REGULATED FINANCIAL INSTITUTIONS
COMMENTS
Correspondent Application ChecklistRevised: 12/13/2013Page 1 of 14
Application for Correspondent Approval
COMPANY INFORMATIONLegal Name of Company: / D.B.A. (If Applicable):
Street Address: / City/State/Zip:
Phone Number: / Toll Free: / Fax Number:
Primary Contact Name: / Primary Contact Email Address:
MERS ORG ID #: / MERS Membership Type: Lite TPO
Approval Requested: / Date Founded: / State of Incorporation:
NMLS #: / Federal Tax ID#: / State License #:
Company Type: C Corp. S. Corp. LLC Partnership Sole Proprietor Other:
OWNERSHIP INFORMATION
Name / Title / % Ownership / Social Security # / DOB
AGENCY APPROVALS
Fannie Mae # / Approved: Yes No Pending / Approval #:
Freddie Mac # / Approved: Yes No Pending / Approval #:
FHA # / Approved: Yes No Pending / Approval #:
VA # / Approved: Yes No Pending / Approval #:
CURRENT INVESTOR RELATIONSHIPS
Investor Name / Contact Person / Phone Number / $ Monthly Volume / Relationship Since
Please check the box next to the investors listed above that you have delegated underwriting with.
WAREHOUSE LENDERS
Warehouse Lender / Contact / Phone Number / Line Amount
Application for Correspondent ApprovalRevised 12/13/2013Page 1 of 14
Application for Correspondent Approval
PRODUCTION LEVELSLoan Products / Current Year to Date / Prior Year
Conventional
FHA
VA
Jumbo
Alt A
USDA
Other:
Total
Average Loan Size
% - Retail Originations
% - Wholesale Originations
% - Refinance Originations
% - Purchase Originations
BUSINESS QUESTIONS
- How many employees do you have?
- Is there any pending legal action against your company, principals, or key officers?
- (If so, please provide explanation on a separate letter and attach).
- Has the company ever been denied approval, suspended or terminated by HUD/VA/GNMA/FHLMC or FNMA?
- (If so, please provide explanation on a separate letter and attach).
- Please provide a list of your branch office locations.
- Is the company or any of its’ principals or officers involved in any other mortgage related business?
- (i.e. Appraisal, Title Company, etc.) (If so, please provide explanation on a separate letter and attach).
The undersigned and company (“We”) represent and warrant that the information provided is complete and accurate in all respects. We understand that this application is made for the purpose of inducing Sierra Pacific Mortgage to approve our request to be an approved Seller with Sierra Pacific Mortgage. We authorize Sierra Pacific Mortgage to make such investigation of our financial condition and the representations contained in the application. We understand that this application shall remain the property of Sierra Pacific Mortgage for all purposes. We understand that Sierra Pacific Mortgage will continue to rely on this information being full and accurate until we provide you with notice in writing of any changes. We agree to notify you immediately of any adverse change affecting the company. By this application We authorize Sierra Pacific Mortgage to file a financing statement describing the collateral which will be subject to a security interest in favor of Sierra Pacific Mortgage if it approves the request. The Federal Equal Credit Opportunity Act requires that all creditors, including Banks, Savings and Loans, small loan companies, retail stores and others, make credit equally available to all credit worthy customers without regard to sex, marital status, race, color, religion, national origin, age, the fact that all or part of applicants income is derived from a public assistance program, or the fact that this applicant has in good faith exercised any right under the Consumer Credit Protection Act or applicable state law.
Signature: / Title: / Date:
Signature: / Title: / Date:
Application for Correspondent ApprovalRevised 12/13/2013Page 1 of 14
Correspondent Contact Information
CONTACT INFORMATION FOR ALL POSITIONS MUST BE PROVIDED.PRIMARY CONTACT
Name of Primary Contact: / Phone Number:
Email Address: / Fax Number:
ADMIN WEB USER
Admin Web User: / Phone Number:
Email Address: / Fax Number:
COMMITMENT (LOAN LOCKS)
Commitment: / Phone Number:
Email Address: / Fax Number:
UNDERWRITING (PROCESSING)
Underwriting: / Phone Number:
Email Address: / Fax Number:
LOAN DELIVERY
Loan Delivery: / Phone Number:
Email Address: / Fax Number:
POST CLOSING
Post Closing: / Phone Number:
Email Address: / Fax Number:
SERVICING (INTERIM SERVICING ISSUES)
Servicing: / Phone Number:
Email Address: / Fax Number:
PURCHASE ADVICE
Purchase Advice: / Phone Number:
Email Address: / Fax Number:
PERSONNEL AUTHORIZED TO COMMIT LOANS:
Correspondent Contact InformationRevised 12/13/2013Page 1 of 14
Resolution of Board of Directors
OF (Name of Correspondent Lender):THAT
TYPED NAME / SIGNATURE / TITLE
of this corporation, or any one or more of them or their duly elected or appointed successors in office, be and each of them is hereby authorized and empowered in the name of and on behalf of this corporation and under its corporate seal from time to time while this resolution is in effect, to sell mortgage loans to Sierra Pacific Mortgage Company, Inc., and to execute any and all agreements, contracts, assignments, endorsements and issuance of checks, reports, mortgage documents, and other papers in connection with documents, and furnish any information required or deemed necessary or proper by Sierra Pacific Mortgage Company, Inc. in connection therewith.
AND THAT
TYPED NAME / SIGNATURE / TITLE
of this corporation, or any one or more of them is hereby authorized and empowered in the name of and on behalf of this corporation and under its corporate seal while this resolution is in effect, to execute any and all assignments, endorsements, and other papers in connection with documents, and furnish any information required or deemed necessary or proper by Sierra Pacific Mortgage Company, Inc. in connection therewith.
I HEREBY CERTIFY that the foregoing is a true and correct copy of a resolution presented to and adopted by the Board of Directors
OF:
AT A MEETING DULY CALLED AND HELD AT:
ON THE: / DAY OF: / YEAR: 20
at which a quorum was present and voted, and that such resolution is duly recorded in the minutes book of this corporation; that the officers named in said resolution have been duly elected or appointed to, and are the present incumbents of, the respective offices set after their respective names.
secretary name (typed name):
secretary signature:
CORPORATE SEAL
Resolution of Board of DirectorsRevised 12/13/2013Page 1 of 14
Authorization/Release for Businesses and Individuals
Name:City: / State:
(the “Applicant”) acknowledges that it is in the best interest of both Applicant and Sierra Pacific Mortgage Company, Inc. (“Mortgage Lender”) for Mortgage Lender to perform due diligence concerning Applicant’s background and experience. Applicant further acknowledges that Applicant benefits from the efficiencies in the due diligence process that are possible when Mortgage Lender and other similarly-situated entities in the mortgage industry exchange information about their experiences in doing business with individuals and companies such as Applicant. Therefore, Applicant hereby consents and gives Mortgage Lender permission to submit the name of Applicant’s company and any and all employees of that company for screening through any and all mortgage industry background databases, including, without limitation, databases operated by Mortgage Asset Research Institute, Inc., such as the Mortgage Industry Data Exchange (“MIDEX”). Applicant understands that Mortgage Lender performs quality control reviews of the loans that Applicant submits to Mortgage Lender for registration, review, underwriting, and/or purchase. Applicant understands and hereby consents to the release of information about any loan application that is believed to contain misrepresentation and/or irregularities. Applicant agrees and gives its consent that it and its employees may be named as the originating entity or loan officers on such loans, whether or not Applicant or its employees are implicated in the misrepresentations and/or irregularities. Applicant hereby releases and agrees to hold harmless Mortgage Lender, Mortgage Asset Research Institute, Inc., all MIDEX subscribers, and any trade associations that endorse the MIDEX system from any and all liability for damages, losses, costs, and expenses that may arise from the reporting or use of any information submitted by Mortgage Lender or any other MIDEX subscriber to Mortgage Asset Research Institute, Inc., recorded in the MIDEX system, and used in any way by Mortgage Lender or any other MIDEX subscriber.
SIGNED FOR APPLICANT:
Print or Type Name:
Its:
Company Name:
Street Address:
City: / State: / Zip Code:
Date:
Print Name: / Signature:
Print Name: / Signature:
Print Name: / Signature:
Print Name: / Signature:
Authorization/Release for Businesses and IndividualsRevised 12/13/2013Page 1 of 14
Disclosure and Authorization to Obtain Information
In connection with my association with Sierra Pacific Mortgage Company, Inc., I understand that prior to or at any time after any acceptance of my association, a Consumer Report may be requested from public records including, but not limited to, my Social Security number, motor vehicle operation history / driving records, and criminal history to the extent permitted by law from various local, state, and federal agencies. I understand that this Report may include information as to my character, general reputation, personal characteristics, and mode of living, whichever are applicable.I VOLUNTARILY AND KNOWINGLY AUTHORIZE ANY ADMINISTRATOR, LAW ENFORCEMENT AGENCY, STATE AGENCY, LOCAL AGENCY, FEDERAL AGENCY, CREDIT BUREAU, AND/OR OTHER PERSONS TO GIVE RECORDS OR INFORMATION THEY MAY HAVE CONCERNING MY CRIMINAL HISTORY, MOTOR VEHICLE HISTORY, SOCIAL SECURITY NUMBER, OR ANY OTHER PERTINENT INFORMATION REQUESTED BY SIERRA PACIFIC MORTGAGE.
In accordance with the federal Fair Credit Reporting Act (FCRA), 15 U.S.C. 1681 et seq. and state law, I understand that I have the right to request a complete and accurate disclosure of the nature and scope of the investigation requested. Further, I am entitled to know if I am denied access because of information obtained by a Reporting Agency. If so, I will be so advised in writing and be given the name and address of the agency, including their toll free number, a statement that the action was based in whole or in part on information contained in the Report, and written notice that I have the right (i) if I request, to obtain within sixty days a free copy of the Report from the Reporting Agency, and from any other Consumer Reporting Agency which compiles and maintains files on consumers on a nationwide basis; and, (ii) to dispute the accuracy or completeness of any information in a consumer report furnished by the Reporting Agency. I understand that upon my request with reasonable notice, REPORTING AGENCY will supply me with investigative information in my file during normal business hours in person or upon written request, by mail or telephone as permitted by law.
I understand that ANY REPORTING AGENCYUSED is a Consumer Reporting Agency and WILL NOT be involved in or make decisions or recommendations for the company noted herein. SIERRA PACIFIC does not sell or otherwise provide any of the information found in its background investigations to any other party.
I understand that any Consumer Report or Investigative Consumer Report requested would be used strictly for permissible purposes under section 604(a)(f) for a general business purpose, which I initiated as defined under the Fair Credit Reporting Act. In addition, I understand to be considered I must authorize the procurement of such Report(s). A photographic or faxed copy of this form shall be as valid as the original.
The following must be filled out completely and signed for your application to be considered. Please Print:
Last Name: / First Name: / Middle Name/Initial:
For identification purposes, please provide:
Full Date of Birth: / Month: / Date: / Year:
Social Security Number: / Percentage Owned:
Have you ever used any names other than above?: Yes No
If Yes, please list other names used:
Signature authorizing the procurement of the consumer report and/or investigative consumer report:
Print Name: / Signature: / Today’s Date:
Print Name: / Signature: / Today’s Date:
Print Name: / Signature: / Today’s Date:
Print Name: / Signature: / Today’s Date:
Disclosure and Authorization to Obtain InformationRevised 12/13/2013Page 1 of 14
Limited Irrevocable Power of Attorney
(“Seller”) has sold or intends to sell certain one or more Mortgage Loans to Sierra Pacific Mortgage Company, INC. (“Purchaser”) pursuant to that certain Mortgage Loan Purchase and Sale Agreement dated(“Agreement”). Capitalized terms not otherwise defined herein shall have the meaning set forth in the Agreement.
Now, therefore, Seller does hereby irrevocably makes, constitutes and appoints Purchaser, and all of its officers and such employees as any of SPM’s officers may designate from time to time, the true and lawful attorney-in-fact of Seller and in Seller’s name, place and stead for the following limited purposes:
- To execute, acknowledge, record and deliver to Purchaser any assignment of mortgage or other document necessary to complete, correct or transfer to, or vest in Purchaser or to protect the right, title and interest of Purchaser in and to those Loans;
- To sign, endorse, receive and apply the proceeds of any checks or other instruments (made payable to Seller) received as payment with respect to the Mortgage Loans after each related purchase;
- To notify the Mortgagors' insurers of the assignments of such Loans to Purchaser, and to request that all loss payee designations be changed to Purchaser in the event of default by such Mortgagor; and
- To correct errors, where necessary, in documents for such Mortgage Loans to ensure the proper perfection of Purchaser's liens and security interests relating to such Mortgage Loans.
Seller further grants to Purchaser as its attorney-in-fact full authority to act in any manner both proper and necessary to exercise the foregoing powers, and ratifies every act that Purchaser may lawfully perform in exercising those powers by virtue thereof.
IN WITNESS WHEREOF, Seller has executed this Limited Irrevocable Power of Attorney this:
Month: / Date: / Year:
Signature:
Name:
Title:
State of: / County of:
On this, the day of , the foregoing instrument was acknowledged before me, a notary public, in and for the State of , by , personally known to me, by me duly sworn, did say he/she is the of .
Notary Public:
My Commission Expires:
SEAL
Limited Irrevocable Power of AttorneyRevised 12/13/2013Page 1 of 14
Hold Harmless/Indemnification
Company Name (Seller): / Sierra Pacific Seller Code:This addendum is incorporated in to and will be made a part of the Loan Purchase and Sale Agreement contract between Seller and Sierra Pacific Mortgage Company, Inc., (“Purchaser”).
FNMA INITIATIVES:
- Acknowledges and is confirming that as of the date stated above s/he does not employ any individual involved in the origination process of the mortgage transaction that is listed on the General Services Administration (GSA) Excluded Party List (EPL) or the HUD Limited Denial of Participation List (“LDP” List). Seller has and will take reasonable steps to ensure that it does not employ an individual on either list in compliance with FNMA Announcement SEL-2010-01.
- Seller is responsible for the safety, protection and proper handling of any Non-Public Information (NPI) or Personally Identifiable Information (PII) that Seller, it’s employees or agents may receive from them or have access to, intentionally or inadvertently.
Seller acknowledges that it has reviewed the requirements of the Red Flags Rules associated with the Fair and Accurate Credit Transaction Act (FACTA) or 2003, the Fair Credit Reporting Act (FCRA), the Gramm-Leach-Bliley Act (Regulation P) and all other federal and state laws and regulations as may be appropriate and have implemented appropriate policy and procedural changes in accordance with said requirements including, but not limited to:
- Implementation of a privacy and identify theft prevention program inclusive of approved policy and procedures and training program for all current and new employees
- Incorporated appropriate Red Flags that detect indicators of potentially fraudulent activities on every transaction
- Procedures for the notification of data owners of any perceived fraudulent activity
- Seller hereby certifies that for all submissions to Sierra, Seller will conduct an analysis of the fees charged by the Seller, LO, escrow company, Title Company, closing attorney and all third parties and will accurately account for those fees when completing the Good Faith Estimate. Seller acknowledges and accepts that failure to accurately collect and disclose all required fees may result a requirement for seller to contribute funds for closing with said funds payable to borrower for fees that may have been under disclosed, omitted or not disclosed properly. Seller acknowledges that fees cannot be changed unless there is a qualified “Changed circumstance”, as defined under RESPA, and some fees are subject to a 10% variance only and has conducted appropriate training with all staff members.
Signature below acknowledges and represents that Seller has read the foregoing, understands it and is signing it voluntarily. No oral representations, statement or inducements apart from the foregoing written agreement, have been made. The signature below is an authorized signer for the seller as per the appropriate resolution, licensing or current Loan Purchase and Sale Agreement on file with Sierra Pacific Mortgage.
Please sign and date below:
Authorized Signature: / Date:
Hold Harmless/IndemnificationRevised 12/13/2013Page 1 of 14