Loan Correspondent Portal
Welcome to the Correspondent Lender Portal
I hope you all had a productive and happy summer and fall. I appreciate the opportunity to have worked with you all. I wish the best to you and yours for the upcoming holiday season.
I’d like to make the time to meet up with any of you that have a desire to do so. While the basics of the correspondent program haven’t changed much, we have some new faces and changed roles that have strengthened our department.
We have a long-time originator that has since taken a leadership role in our underwriting department. Anyone in this business likely realizes the luxury of production personnel that have real world experience on the sales side.
In addition, Sherry Simonds, our primary lender in the Buxton area, is also assisting me with the correspondent loans. This should allow SIS to be more responsive to your inquiries and offer a choice of who you work with here at SIS.
The most utilized product we have is also one of the most underutilized. No, I haven’t been “celebrating” the holidays prematurely. Close to half of the loans I do here on the correspondent lending side are single close construction to perm loans.
While that is a good number, I find that there are a lot of you that do quite a large volume, but don’t work with construction loans. They are a bit more labor intensive to be sure, and while there are a few more moving parts, it really comes down to communication and setting realistic expectations. Of course, if you don’t do them, or aren’t comfortable and informed on the process (see needing to meet with you guys, above), they may seem overwhelming.
I have attached a little FAQ type info sheet in with the lending related docs for reference. Please contact me with any specific questions, and no question is a dumb question when it comes to these things.
Frequently Asked Questions
Q: Is there a minimum FICO score required for SIS correspondent loan submissions?
A: If there is a submission in which the mid lower score is <680, we need strong compensating factors to offset the risk.
Q: Who is responsible for obtaining conditions from the borrower?
A: Generally, the correspondent will be obligated to gather the required documentation/conditions. It is important that the customer knows that you are their contact, as that allows you to retain their business in the future.
Q: Can we utilize an existing appraisal?
A: If the anticipated LTV is less than 80% we can utilize the existing report, if the LTV exceeds 80%, we will require our own report. If we are able to utilize an existing report, please be sure to provide us with the invoice clearly indicating if it is paid or if payment is due. The appraisal must be fully reviewed and approved by SIS. For loans over 80% LTV, SIS will order, review, approve and provide a copy to the correspondent and borrower.
Q: How do we determine who does title and closing?
A: The coresponedent/borrower may choose the title and closing attorney, but the closing agent must be on SIS’s approved list (in the document section of this site). SIS will make the request and follow up the order.
Q: What are the main reasons for a delay in loan approval/credit decision?
A: Our underwriters and decisions makers are on site which allows for loan commitments to be provided within 24 to 48 hours. Any delays are generally as a result of insufficient documentation (incomplete loan packages). To avoid delays, the correspondent should provide a complete loan package.
Q: What constitutes a “complete” loan package?
A: Our requirement is likely the same as any investor loan. Loans submitted without the required documentation can mean significant delays and the risk of being suspended by underwriting. If the “standard” conditions aren’t provided at time of package submission, please provide a written explanation as to why it is missing and when it can be expected. Missing funds to close information and current income information, i.e.; P&L for self-employed or 30 day pay stubs could generate a denial or suspension from underwriting.
Q: What sort of turnaround times are to be expected from inception to closing?
A: A minimum of 45 days on purchase transactions is reasonable. (30 day contracts will generate an underwriting condition for an extension.)
Q: Why are photo IDs needed at time of application?
A: Because SIS is a banking institution we need verification of our customer’s identity before opening any accounts.