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Correspondent

At ResMac, we offer our correspondents the ability to deliver on a non-delegated basis, eliminating the credit risk and expense of employing your own underwriting staff. Our consistent turn times allow for a prompt credit decision, enabling you to maintain your service level commitments to your referral sources.

For those who have recently made the transition from broker to banker, we offer a robust Emerging Banker platform. Let us assist in customizing a platform that works for you by incorporating one of our strategic partners, whether it be a fulfillment company or warehouse lender, we can make the necessary introductions and design a strategy that suits you best.

To qualify as an approved Correspondent, one must:

  • Be in business for at least (2) years or have a minimum of (5) years experience in the mortgage business;
  • Present evidence of a net worth of $100,000. Be properly licensed, active, and in good standing with the respective state(s) and NMLS;
  • Have E&O Insurance at a coverage amount of $300,000, and a maximum deductible of $15,000;
  • Have a traditional warehouse facility with a minimum line amount of $1,000,000;
  • Sign the Correspondent addendum;
  • Have satisfactory investor score cards;
  • Be in good standing with all governmental licensing and revenue collection agencies;
  • Show an acceptable personal credit profile for all principal officers,owners and/or partners.

*Additional requirements may apply

 

Click Here to Download Correspondent Seller's Guide