SIERRA PACIFIC MORTGAGE CORRESPONDENT SELLER …
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CORRESPONDENT SELLER APPROVAL PROCESS
➢ Accuracy and completeness is CRITICAL. If incomplete application packages are sent to compliance the approval process WILL BE delayed.
➢ We do not need original signatures on Correspondent packages. Copies, fax or email transmitted signatures are acceptable. ELECTRONIC or stamped signatures are NOT acceptable. Please make sure the signatures are not electronic or stamped before sending to compliance for approval.
➢ A completed package is emailed to correspondent-approvals@ or can be sent overnight to Corporate Compliance Department Attn: Correspondent Approvals along with the pre-existing wholesale Broker Code or a new Seller ID. Division manager has the ability to create a Seller ID in ops as they do a Broker Code currently. Codes used for establishing Seller IDs can follow pre-established guidelines for division specific alpha-numeric coding as currently used for wholesale broker codes. Existing Wholesale customers receiving Correspondent approval will use their current Broker Code to access both channels.
➢ Compliance will perform the initial review within 72 hours (see Approval Workflow for further details). Approval WILL BE delayed if the package is incomplete and until all conditions are signed off.
➢ Until further notice, AE’s are responsible for calling Warehouse Lenders and other investors to verify size of line and that a potential customer is “in good standing.” Warehouse Lender contact information can be found on the application.
➢ A background check will be performed. Please allow extra processing time for background check reports to come back and/or other possible resulting issues. A “PENDING” notice will be sent out at this time to alert the Regional Center Manager and AE of conditions or other problematic issues. Personal credit checks will not be performed at this time.
➢ PLEASE USE THE LINK ON OUR WEBSITE TO SEND OUT THE LATEST CORRESPONDENT APPLICATION PACKAGE! Frequent updates / revisions are made to existing documentation. Please make sure our customers are receiving the latest application package.
➢ Total approval time will depend on completeness of package but could take up to a week or more. Please manage expectations accordingly.
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