WarehouseOne provides warehouse facilities that mortgage originators can depend on!
WarehouseOne provides warehouse facilities to mortgage originators:
- who are seeking their first warehouse facility
- who are making the transition from mortgage broker to mortgage banker
- who are seeking additional warehouse capacity
- who are seeking diversification in warehouse facilities providers
- who require warehouse facilities of up to $15 million
- who require larger, syndicated facilities for the aggregation of loans for pooling or securitization
WarehouseOne FACILITY |
BANKER DIRECT | EZTRACK BANKER | EZTRACK HYBRID | TRADITIONAL |
|---|---|---|---|---|
| Description | Branch Banking or Broker-to-Banker Transition Program specially designed for branch networks or large brokers with no centralized processing. We establish a banking division for the client with direct correspondent investor relationships and arrange for the warehouse funding. | Branch Banking or Broker-to-Banker Transition Program combining a private-labeled back-office with a WarehouseOne line and Sterling Eagle's mortgage purchase conduit. Clients may access products and correspondent pricing from more than 12 top tier investors through Sterling Eagle's conduit. | Docs, closing and post-closing services combined with a WarehouseOne facility - client establishes and maintains their own correspondent relationship with investors. | Traditional Warehouse Line |
| Underwriting | Clear-to-Close from investor | Clear-to-Close from Sterling Eagle | Clear-to-Close from investor or delegated authority | Clear-to-Close from investor or delegated authority |
| Interim Servicing | Available | Available | Available | Not Available |
| PROGRAM FEATURES 1 | ||||
| Facility Amount | Up to $15 Million | Up to $15 Million | $1-$15 Million or More | $1-$15 Million or More |
| Advance Rate 2 | Up to 100% | Up to 100% | Up to 99% | 98% |
| Loan Products | Prime and non-prime, first and second lien products | Prime and non-prime, first and second lien products | Prime and non-prime, first and second lien products | Prime and non-prime, first and second lien products |
| Document Submission | Fax, Hard Copy, Online | Fax, Hard Copy, Online | Fax, Hard Copy, Online | Fax, Hard Copy, Online |
| Funding | Wet or Dry | Wet or Dry | Wet or Dry | Wet or Dry |
| Settlement | Wire Transfer | Wire Transfer | Wire Transfer | Wire Transfer |
| Same-Day Funding 3 |
Yes | Yes | Yes | Yes |
| Maximum Dwell 4 | 45 Days | 45 Days | 45 Days | 60 Days |
| PROGRAM REQUIREMENTS 1 | ||||
| Minimum Net Worth | $100,000 Corporate and $200,000 Combined Corporate and Personal | $100,000 Corporate and $200,000 Combined Corporate and Personal | $100,000 Corporate and $200,000 Combined Corporate and Personal | $100,000 Corporate and $200,000 Combined Corporate and Personal |
| Audited Financials5 | No | No | No | No |
| Errors & Omissions Insurance | Yes | Yes | Yes | Yes |
| Financial Covenants | No | No | No | Yes |
| Non-Usage Fee | No | No | No | No |
| 1 Program Features and Program Requirements are determined on a case-by-case basis and are subject to change at any time at the discretion of WarehouseOne management. |
| 2 Advance Rates are determined on a case-by-case basis and are subject to changes in market conditions. |
| 3 Same-day funding is available subject to a cut-off time or at other times at an additional cost. |
| 4 Dwell time for any loan funded through the facility is subject to the discretion of WarehouseOne's management and may be subject to additional fees or discount or both. |
| 5 Audited Financials are not be required but are always preferred. |
