Question:

What is needed to know on how to become a correspondent lender?

Answer:

If you already are involved in the mortgage industry, perhaps you should find yourself a sponsor and become a correspondent lender. If you are not an FHA/HUD approved lender, your sponsor may help you get approval.

Net worth required is $63,000 with additional $25,000 for each branch office but cannot exceed $250,000 net worth maximum. As part of the application process you will have to submit an annual audit report, prepared according to HUD standards, within 90 days of the end of fiscal year. A minimum of $ 1 million line of credit or funding program (as with sponsor) is required.

Other required items needed to become a correspondent lender will be the non-refundable $1,000 application fee, presentable photos of facilities covering HUD requirements including a business sign on entrance, corporate credit report, and evidence that you or another senior member has at least three years of expertise in the field applied for and none of you has been denied license.

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