Checklist for the Emerging Mortgage Banker | Windsor Mortgage

Checklist for the Emerging Mortgage Banker

There are several reasons to consider transitioning from a mortgage brokerage firm to a mortgage lender. These reasons could include more operational control, improved pricing, or better loan officer recruitment and retention.

Whatever your reason may be, the list below should serve as a starting point of items to consider and act on as you begin your journey as an emerging mortgage banker, along with estimated timeframes and links to additional resources.

Click Here for a Printable Version of this Information

Download Now »
  1. State Licensing Requirements
  2. Loan Origination System (LOS)
    • Estimated Timeframe: Varies, minimum 6 months
      • Does your LOS support NDC or do you need an upgrade?
        • Auto-assign MIN #
        • Included pricing
  3. Doc Prep
    • Initial Disclosures
    • Changes in Terms / Circumstances
    • Initial Closing Disclosures
    • Closing Disclosures
    • Closing Documents
  4. Hiring Considerations
    • Estimated Timeframe: 8 to 12 weeks
      • Processor for disclosures, balancing with title, and warehouse wire requests
      • Lock desk for managing secondary marketing
      • Post-closing for trailing docs and conditions
      • Compliance for quality control
      • Accounting for reconciliation
  5. Warehouse Line
    • Estimated Timeframe: 4 to 6 weeks
      • Understanding your warehouse line
      • Calculating the correct line size
        • Ask about our Warehouse Line Sizing Model
      • Considerations: pricing, financial requirements, and ease of use
  6. Investor Approval
    • Estimated Timeframe: 2 to 4 weeks (investor dependent)
      • Net worth requirements
      • Experience Requirements
      • VA Sponsorships
  7. Coverage Requirements
    • Errors & Omissions (min. $300,000)
    • Fidelity Bond (min. $300,000 coverage)
  8. MERS
  9. Uniform Collateral Data Portal (UCDP)
  10. FHA-Approved Lender
    • HUD Website
    • Register as an approved lender to pull case numbers
    • If not approved, can still run files through broker channel

Additional Resources

  • Pricing Model
  • Warehouse Sizing Model
  • Net Funding Sheet
  • Reconciliation Calculator