To begin the correspondent application process, please fill out the form below
Correspondent Eligibility Requirements
Approved correspondent lender partners shall demonstrate strong experience with originating and selling investment quality mortgage loans. At a minimum, applicants must meet the following requirements:
- Established in the mortgage banking business for three (3) or more years.
- Evidence the company is financially stable and has established an acceptable business reputation within the industry.
- Maintain appropriate level of controls for managing its mortgage banking operation, including, but not limited to, regulatory and legal compliance, origination, underwriting, secondary marketing, quality control, finance, accounting and loan servicing.
- Adequately capitalized: In general, correspondent lenders shall maintain the greater of audited tangible net worth of $2,000,000 or net worth to total assets of six (6) percent. In addition, correspondent lenders shall demonstrate a history of positive earnings as verified by recent audited financial statements.
- Fidelity bond insurance and errors and omission insurance required (minimum of $300,000 each).
- Maintain a written quality control program consistent with HUD, Fannie Mae and Freddie Mac requirements, and the ability to produce monthly quality control summary reports.