Warehouse Lending
nationalprime bank's Warehouse Lending Program is designed specifically for non-delegated correspondent mortgage lenders. Thrive on the stability of nationalprime bank, the experience of our warehouse lenders, and the tailored service of a program that understands your business.
Warehouse Lending program guide | |
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Application deposit | $1,000, returned after initial loan funding |
Borrowing rate | Tied to note rate on each funded loan |
Transaction fee | Charged per file |
Personal guarantee | Yes, for owners of at least 10% of company |
Line size | Up to 20x personal plus corporate liquidity |
Minimum liquidity | Higher of $100,000 or 1/3 of average loan size |
Acceptable liquidity | Corporate cash (net of short-term borrowings) and marketable securities plus unrestricted cash and securities held by personal guarantors |
Startups | Allowed |
Financial reporting | Quarterly, GAAP-quality balance sheet and P&L; does not need to be audited |
Advance rate | Up to 99% of note amount; lender fees netted from wire |
Maximum dwell time | 45 days |
Pledge account | Not required unless using Delegated Fulfillment or Delegated Underwriting |
Delivery options | Best efforts |
Permitted products | FNMA, FHLMC, FHA (with DE approval), VA, USDA, Section 184, Jumbo, Non-QM |
Prohibited products | Second liens, construction, reverse mortgages |
Geography | All U.S. states except New York |
Minimum credit scores | Agency 620, FHA 580, VA/USDA 500, Nonagency Jumbo 700 |
Insurance required | $300,000 fidelity bond plus $300,000 mortgagee's interest errors and omissions |
Agreement term | Renewable annually |
Underwriting | Prior Approval by takeout investor unless approved for Delegated Underwriting (see below) |
Fulfillment requirement | Loan Documents to be generated and reviewed by Takeout Investor or approved Third Party Provider{40} unless Delegated for Fulfillment |
Delegated fulfillment | Permitted with resume of Qualified Closer, $250,000 corporate liquidity, and 1% Pledged CD |
Delegated underwriting | Permitted with resume of Qualified Underwriter, $500,000 liquidity supported by Audited Financials, and 1% Pledged CD |
David Frase, CMB
President
Warehouse Lending
(214) 502-3280 cell
[email protected]
Jason Gillespie, CMB
Senior Vice President
Warehouse Lending Production Manager
(972) 837-5461 cell
[email protected]
Simeon Knight
Vice President
Warehouse Lending Account Executive
(214) 463-9777 cell
[email protected]
Jennifer Hood
Vice President
Warehouse Lending Account Executive
(214) 789-9326 cell
[email protected]
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{40} nationalprime bank is not affiliated with any fulfillment providers or takeout investors.
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{234} nationalprime bank NMLS#: 484633