PRMG - Dave Kevelighan

Report
EXPERIENCE THE DIFFERENCE!
BECOME A PRMG SELECT CORRESPONDENT
AS THE CORRESPONDENT:
YOU DISCLOSE AND ESTABLISH YOUR EARLY FEE COLLECTION DATE AND EARLY CLOSE DATE
ENJOY THE INCOME BENEFITS OF BEING A CORRESPONDENT AND DRIVE YOUR OWN FEES AND INCOME
AS A PRMG SELECT CORRESPONDENT:
PRMG WILL DRAW THE DOCS IN YOUR NAME AND PROVIDE ALL THE SERVICES YOU CURRENTLY HAVE WITH
PRMG, INCLUDING UW, CLOSING, FUNDING AND POST CLOSING
BECOME A SELECT CORRESPONDENT WITHOUT THE COST OF ADDITIONAL STAFF
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LOW NET WORTH REQUIREMENTS
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PRIORITY SERVICE
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NO DRAW FEES
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NO NON-USAGE FEES
Share the Warehouse Line Video “Advantages of
Warehouse Lending” with my PRMG customer at
www.GoldomeLLC.com
WHO IS MY POTENTIAL CUSTOMER?
A. Anyone who is currently approved with a general OR allocated Goldome Warehouse Line
B.
Anyone who uses Flagstar, WLG, First Funding
C.
Any Broker who has a 50,000 net worth (can vary by state) and does a majority of Conventional and VA loans
D.
Has at least 1 loan officer
WHAT’S THE DIFFERENCE?
Correspondent: A lender who underwrites, closes and funds loans in their own name via a
warehouse line of credit, usually selling the loans to an investor and securing a commitment on
the interest rate eliminating market risk.
Mini-Correspondent: A lender, who performs all of the above, except the underwriting,
eliminating the credit risk in addition to the market risk.
Allocated Warehouse Line Correspondent: A lender, who closes and funds loans in their own
name via a warehouse line, with the support of a larger lender who underwrites, closes and funds
the loans in the originating lender’s name on the originator’s warehouse line allocated to the
larger lender for the purpose of closing and funding the loans that will be sold to them.
WHAT ARE THE BENEFITS?
The Benefits of becoming a Select Correspondent with PRMG are…
A. All the benefits afforded a Lender vs. a broker
B. by PRMG:
1. Priority service
2. GUARANTEED PURCHASE by PRMG
3. PRMG performs the closing piece which is a cost savings to the broker w/o a Third party
closing vendor.
4. PRMG guarantees the purchase of the loan in 15 days or less but goal is 72 hours
5. PRMG UWs, funds, closes and purchases the loan completely so no additional staffing costs
6. An .125 bonus monthly on total volume of $3 million/month and 90% pull through on locks
HOW DO I GET STARTED?
A. Profile your Brokers and your Pipeline
B. Identify Qualified Candidates
1. Who is approved with a General Goldome Warehouse Line?
2. Who has a Goldome allocated line with my competitor?
3. Who currently has a warehouse line with Flagstar, WLG, First Funding?
4. Who has at least a $50,000 net worth and does conventional and VA?
C. Present the benefits of being a PRMG SELECT CORRESPONDENT
BEFORE THE APPLICATION
PROCESS STARTS…
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BACKGROUND CHECK IS COMPLETED
BROKER CAN PROVIDE A CURRENT CREDIT REPORT WITH A CREDIT SCORE OF 620
OR GREATER
BROKER SUBMITS THE CREDIT REPORT WITH THE BACKGROUND AUTHORIZATION
FORM THROUGH GOLDOME’S SECURE SITE JETDOCS AT:
upload.jetdocs.com (*see handout*)
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WHEN BACKGROUND/CREDIT CHECK PASSES, GOLDOME WILL AUTOMATICALLY
NOTIFY THE BROKER AND ISSUE THE APPLICATION AND COPIES RACHELLE ROWAN
BACKGROUND CHECK
ALLOCATED LINE CHECKLIST FOR GOLDOME
CHECKLIST FOR
PRMG SELECT CORRESPONDENT
APPROVAL
*See handout*
CORRESPONDENT AGREEMENT
Ronald J. Gapp, Esq.
of Counsel
DISASTER RECOVERY PLAN
REQUIREMENT
A Disaster Recovery Plan is required to be submitted with each application. This plan must be on your
company letterhead and signed by a senior loan officer in the company. The Disaster Recovery Plan will
be submitted and reviewed by the approving underwriter.
The plan must state how each company will continue to be productive in the case of an emergency.
Example: If your building burns down today, how are you to continue business tomorrow and continue
to take applications and remain profitable? Clearly state who will work where in a Disaster Recovery,
where supplies are accessed, access to system, communications, etc. It must state that all employees
are clearly aware of the plan and you will perform an exercise periodically to confirm the plan works
and is functional.
Provide data backup and storage information. How often is it backed up? Where is it backed up? Who
handles this piece?
Sign and date the Disaster Recovery Plan on your company letterhead.
INTEREST RATE RISK POLICY
The Interest Rate Risk Policy is required to be submitted with each application. This must be
on your company letterhead and signed by a senior officer in the company. The Interest Rate
Risk Policy will be submitted and reviewed by the approving underwriter.
The Interest Rate Risk Policy must clearly explain how lock commitments and pricing are
managed and handled. It must clearly state who locks the loans, how locks are managed and
monitored. It must state who monitors the lock expiration dates, who relocks loans, who
extends the locks. It must state the training and or experience of this person to handle this
responsibility. In addition the policy must state how any losses are handled and how cost of
extensions and re-locks are managed. Who absorbs the cost etc.?
Sign and Date the Interest Rate and Risk Policy on your company letterhead.
GOLDOME 99% FUNDING
Goldome will fund 100% of the Net Funding Amount up to 99% of the loan amount. There is a
1% haircut on each loan. If the loan is a purchase and the buyer and seller pay the applicable
closing cost at close this typically brings the net funding amount below the 99%. In the
situation of a refinance where closing cost are rolled into the loan there could be a 1% haircut
that would need to be sent to the closing table from the lender.
FIDELTY and E&O
*See handout*
GENERAL LINE FEE SHEET
HOW DO I GET CERTIFIED?
1.
Complete The Select Broker Opportunity Report on all current brokers and prospects
2.
Send QUALIFIED Broker Opportunity Reports to [email protected]
3.
Plan to attend the Compliance Training to complete the Certification Process
PROFILE OPPORTUNITY REPORT
USE OUR
PRMG RATE
SHEETS &
ENTER YOUR
OWN LOGO!
NEW LOAN SET-UP
PROCESS OVERVIEW FOR GOLDOME
ALLOCATED LINE FOR PRMG CORRESPONDENT
SELECT CHANNEL
Correspondent will upload their file in their PRMG Select 700/Goldome pipeline. This ONLY
applies to loans that will be disbursed from the Goldome Allocated Line.
Lock expiration date must be valid through the Purchase date of the loan off of the
Correspondent’s Goldome warehouse line.
Correspondent will be responsible for every single set of disclosures (TIL, GFE, etc.) and must
issue all re-disclosures in compliance. Provide all INITIAL DISCLOSURES AND re-disclosures to
PRMG @[email protected]
Correspondent will submit their full file to PRMG as THEY would normally SUBMIT A
BROKERED LOAN.
Closing Protections Letters to be addressed to the Correspondent “it’s successors and/or assigns”
except for Texas properties. Texas properties will need 2 CPLs, one addressed to Goldome Financial
LLC, 543 W. Main Street, Suite 202, Lewisville, TX 75057
The correspondent will use their own mortgagee clause. A completed Request for Change to
Insurance Policy is required.
Once the loan is final approved, (with no PTFs)(signed off by a Level 4 underwriter), the
correspondent will work with their respective Branch fulfillment center by providing all items listed
on the Doc Checklist. Once all items are submitted to PRMG Correspondent Select team, docs will be
released within 24 hours (and upon receipt of approved hud1)
PRMG will prepare the closing instructions & a sample HUD-1. The closing instructions & sample
HUD-1 will be emailed to title/escrow and the correspondent will be copied on that email.
Once title/escrow has provided a HUD-1 that is approved by PRMG , the docs will be emailed to
title/escrow and the correspondent will be copied on that email.
DELIVERY INSTRUCTIONS
The following Special Delivery Instructions will be provided to title/escrow with the closing instructions:
**Collateral Package Delivery Instructions**
Forward the Original signed Note, completed unsigned Note Allonge & certified copy of signed HUD-1 to:
Goldome Financial LLC
543 W. Main Street, Suite 202
Lewisville, TX 75057
**Signed Package Delivery Instructions**
48 hours PRIOR to funding forward the remaining signed docs including any funding conditions to:
Paramount Residential Mortgage Group, Inc.
1265 Corona Pointe Court, Third Floor
Corona, California 92879
If you are unable to guarantee the package delivery 48 hours prior to funding, please scan and email the
entire package to: _________________________________________
DELIVERY INSTRUCTIONS
Once the original package is received, PRMG will upload all the required documentation to
Goldome and complete the necessary screens to order the funding wire. Goldome requires
the wire to be ordered by 10:00 am 1 day prior to the actual funding date.
Once all funding conditions are met, PRMG will balance with title and issue authorization to
record / disburse to Goldome.
PRMG in turn will set up the file for purchase from Goldome within 24 - 48 hours of receipt
of the Original Note and Final HUD-1.
DOC CHECKLIST
*See handout*
QC MINIMUM REQUIREMENTS
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The minimum items required to send a loan to the Quality Control Department for a
pre-closing QC audit are listed below:
The most recent DU findings
FHA Case # Assignment and FHA Case # Update.
PRMG 1003
PRMG 1008 (CONV)
PRMG 92900-LT, 92900-A and 92800.5B (FHA) or PRMG 26-6393 and 1802-a (VA)
Credit report (must be the most recent and must be the one used to run DU)
Income/asset documentation (must include income calculation worksheets)
Purchase contract (if applicable)
Estimated HUD-1
Prelims
Appraisal and if VA the NOV
Broker and PRMG initial disclosures
203K Worksheet (203K)
QC MINIMUM REQUIREMENTS
We do not require that all PTD conditions have been received before the loan can be
submitted to QC for audit. We will check that the Underwriter has conditioned for any other
items that are missing. If the auditor cannot find a condition for a missing item then it will be
included in the Auditor’s findings/recommendations once the audit has been completed.
IMAGING REQUEST:
The people responsible for imaging the documents into FastTrac need to be more careful when
they are scanning the documents. Many of the files have papers sideways and upside down,
which makes it very time consuming for the auditors and investors to review the documents.
Please pay special attention to ensure all documents are correctly imaged so they can be easily
viewed without having to rotate the document. The more information that is imaged correctly
in the file will lead to a quicker turnaround time from your Quality Control Auditor!
WHAT’S IN IT FOR ME?
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10 BPS ON TOTAL MONTHLY PRODUCTION
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IMPROVED PULL THROUGH
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DEEPER PENETRATION OF YOUR CUSTOMER’S PIPELINE
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IMPROVED CUSTOMER BASE
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OPERATIONAL EFFICIENCIES
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INCREASED PRODUCTION
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BECOME A TOP PRODUCER
HOW DO I?
How do I get an existing customer with a Goldome allocated
line with a competitor an allocated line with PRMG?
Sign over the PRMG Broker package!
How do I get an existing PRMG customer with a Goldome
General line an allocated line with PRMG?
There are 24 items required
To schedule a conference call for your
broker with
Rachelle Rowan
Call (512) 657-6013
or email: [email protected]

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