Once approved for a WarehouseOne facility...

  1. You submit
    a pre-funding package to us.
  2. Once the package
    is approved, the funds are sent directly to the settlement agent, in escrow, for closing
  3. When
    the mortgage loan is closed, the settlement agent sends the original mortgage note to us, endorsed in blank, and a copy of the HUD-1. The balance of the package remains with you.
  4. You post-close
    the mortgage loan and prepare it for delivery to the investor.
  5. When you ship
    the credit package to your investor, upon receipt of your delivery instructions, we ship the note.
  6. We complete
    the endorsement and ship the note in accordance with your instructions, accompanied by our bailee letter to the investor.
  7. The investor
    transfers the purchase proceeds to our collection account.
  8. We subtract
    the warehouse facility principal, interest and loan transaction fees due us. The balance, your profit, is transferred to your bank account. We electronically send or fax you a report showing all receipts, deductions and transfers on a loan-by-loan basis.
  9. The warehouse facility
    is now available for you to fund other mortgage loans.
We have prepared a booklet that describes issues brokers face in making the transition.