Loan Correspondent Portal
Welcome to the Correspondent Lender Portal
Spring is now upon us. The construction and seasonal purchase markets are heating up. In addition to "traditional" seasonal homes (lake homes, camps, etc.), we also provide options for condotels, new condo projects and other non- standard homes. Please contact one of our lenders with any questions on these portfolio products. If you would like us to visit your office for a lunch and learn type of thing, we would be more than happy to accommodate. We are the bank that listens, and because of that, I have had back office production staff attend these meetings. This is often invaluable, as the underwriters, processors and loan closers play a large part in how SIS can assist you in growing your pipeline by providing a seamless process for the deals in which we partner up.
Some of the most common questions that we get this time of year are regarding borrowers who ultimately want to build their homes, rather than choose from existing inventory. We offer both a one- time construction to perm loan, and land only loans to assist with this goal. A land only loan may be most appropriate for someone who has found their "dream" location but are not nearly prepared for the construction quite yet. This offers the benefit of locking up the building lot and allowing the borrowers to take their time in planning for the new build. It also allows the "as completed" appraised value to be used when determining LTV once it is time to build. In contrast, we would use the LESSER OF the appraised value or acquisition costs if they were to buy the lot and fund the construction project as a purchase money construction loan. The biggest advantage to purchasing the lot and funding the construction in one step, is that the borrower has only one set of closing costs (as there is no 2nd closing).
Because the SIS correspondent channel has experienced so much growth, and today's market requires that we are more responsive to our partners than ever, we have added a couple of lenders to assist you with your needs. Jeff Hoerth operates out of the Portsmouth branch and would be glad to assist those of you South of our main office in Sanford, ME. Sherry Simonds works out of our Buxton branch and would be glad to assist folks "up North :-)"….well…. North of Sanford. Additionally, you can always contact me…in the middle.
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.