FIRST COLLATERAL SERVICES, INC.. Experts in Warehouse Lending Since 1985 Funded Over $100 Billion in Residential MortgagesOver 300 customers with total commitments exceeding $4 Billion Wholly owned subsidiary of CitiGroup . Warehouse Line Advantages. Originate Loans In Your Own NameControl
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1. WAREHOUSE LENDING
2. FIRST COLLATERAL SERVICES, INC. Experts in Warehouse Lending Since 1985
Funded Over $100 Billion in Residential Mortgages
Over 300 customers with total commitments exceeding $4 Billion
Wholly owned subsidiary of CitiGroup
3. Warehouse Line Advantages Originate Loans In Your Own Name
Control The Process
Sell Directly To Investors
Grow Your Company
4. Making a Successful Transition Transition Models
Obtain a warehouse line and become a mortgage banker
Become a net branch of a mortgage banker
Join a co-operative
Sell your company to a banker or acquire an existing mortgage bank
Where to Start?
Choosing a Warehouse Lender
From Warehouse Lenders
5. Transition Models
6. Where to Start Review state licensing rules
Identify potential investors with emerging correspondent programs
Select products that you can originate and become familiar with investor pricing for those products
Establish a relationship with a:
Capable document prep company
Third party mortgage insurer
Based on size and scope of your operation, consider outsourcing or engaging a reputable consulting firm
7. Choosing a Warehouse Lender
8. Typical Questions From Brokers
9. Typical Questions Warehouse Lenders What is your company’s financial picture?
How long has your company been in business
How is your company going to underwrite, document, settle/close and post-close its loans?
Is your staff qualified to do all the back-office work?
With which investor(s) is your company an approved correspondent?
Are you licensed as a correspondent lender or mortgage banker in the jurisdictions in which you will originate loans?
Does your company maintain errors & omissions and fidelity insurance?
What products does your company originate and in what volume?
10. Making a Successful Transition You must be willing to:
Identify and work with experts to minimize risk
Prepare a plan
Understand what investors and warehouse lenders expect from you
Many third-party vendors have technology available that you can
Don’t make the same mistake once.