- WarehouseOne...was founded and is operated by mortgage bankers for mortgage bankers
- is an independent warehouse facilities provider, meaning that we do not compete with you in the primary market or with your investor in the secondary market.
- has assisted many mortgage brokers in making the transition to mortgage bankers.
- will finance qualifying, newly-formed mortgage originators.
- provides facilities from $500,000 to $15,000,000 or more.
- can grow with you as your business grows.
- is a national warehouse facilities provider and can assist you in financing production from all 50 states.
- does not generally limit warehousing of B&C credits, non-conforming or second-lien residential mortgage loans.
Any mortgage originator (broker or banker) who is engaged full-time in residential mortgage loan origination, has successfully developed a relationship with and sold loans to at least one takeout investor and can meet certain minimum net worth and industry experience criteria.
Applications can be taken on-line (see the Full Application page on this site) or by requesting that an application be sent to you by completing the Contact Form page on this site or by calling WarehouseOne at (888) 508-1800 and speaking with one of our representatives.
Generally, completed applications (accurately filled out and accompanied with all requested information) can be processed within two weeks. A nominal application fee, refundable in most circumstances if you are not approved for a facility, is charged to offset the cost of reviewing the application and processing credit reports.
Using a warehouse facility does not have to be complex. Rather, a warehouse facility should be an integral part of your loan origination and closing process without resulting in significant additional cost or complexity. While using a warehouse facility does entail some cost, this is a cost associated with conducting business on a business level that should provide for additional investor relationships as a correspondent lender and allow for significant growth in origination activity. Use of a warehouse line should result in additional revenue growth for your firm, over and above the cost.
Seemingly, yes. However, you must consider the aggregate revenue associated with originating and selling the loan, since using a warehouse facility allows you to sell the loan rather than receive a back-end fee for brokering the loan. The sale price of the loan, when compared to the all-in cost of originating and warehousing the loan, should be at least equal to or greater than the back-end fee that you would receive if you brokered the loan to your investor. If it is not, you should either investigate other investor relationships or limit use of the warehouse facility to fund loans that result in neutral to positive cash flow. (See the Contact Form page on this site to request WarehouseOne's booklet "How To Successfully Use A Warehouse Facility")
Mortgage originators, brokers and bankers that establish and use a WarehouseOne facility can benefit significantly by:
- controlling the scheduling of loan settlement and funding dates
- closing loans in their own name rather than table funding loans and closing in the investor’s name
- establishing correspondent lending relationships with investors who purchase loans at premium secondary market prices
- taking advantage of "flow" and "bulk" purchase commitment pricing
- complying with RESPA regulations without having to disclose fees or premiums received from investors
- meeting licensing criteria in certain jurisdictions or with certain agencies
- realizing additional revenue from loan sales versus back-end fees .
- WarehouseOne can also assist with introductions to qualified takeout investors with loan programs that may increase your ability to originate loans.
