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Direct: (443) 690-6304
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Disclaimer

This website and all associated information contained within is for mortgage professionals only and is not intended for consumers or the general public. 

Qualification Criteria

Correspondent Approval Guidelines

Required Documents

 The following outlines the requirements for becoming an approved Correspondent:

  • The Bank, Credit Union, or Savings Bank will be directed to Comergence to complete the online application
  • The institution will not be required to supply financial statements if they are already reporting results to the OCC or FDIC. Otherwise the last 2 years fiscal year end audited statements are required
  • For lenders that are not Banks, Savings Banks, or Credit Unions we will need the Articles of Incorporation, Articles of Organization (LLC), or the Partnership agreements, whichever would apply are required
  • The institution will be required to supply State licenses when required and a list of all Mortgage Loan Originators along with their respective NMLS number
  • Supply a copy of a Master Bailment letter from each warehouse bank. If self-funded, a copy of the wire instructions
  • Fully executed Resolution of the Board of Directors that identifies the authorized officers of the company
  • Proof of E & O insurance or surety bond depending upon the state in which the company does business
  • Copy of current Fidelity Bond
  • Resumes of principal officers unless net worth is over $50 million
  • Fully executed Loan Purchase and Sale Agreement.
  • Fully executed LO Compensation Attestation
  • AIR Policies and Procedures
  • AML Policies and Procedures
  • Evidence of FACT Act compliance
  • GSA approval letters
  • Quality Control Policies and Procedures
  • OFAC Policies and Procedures

 Organization Standards

To be eligible to sell loans to resXpartners, a division of United Bank, the applicant must:

  • Be an organization which is accustomed to making Conventional and/or FHA/VA 1-4 family residential mortgages
  • Must have established lending and compliance guidelines that are followed consistently
  • Not be listed or have any mortgage loan originators on any exclusionary lists provided by any Government agency
  • Act as an independent contractor
  • Be a Thrift, Savings Bank, Commercial Bank, Credit Union, or Mortgage Banker which is supervised or examined by a federal or state authority. Hold all applicable federal, state and other required licenses, authorizations, and approvals, necessary to perform its obligations under the Purchase and Sale Agreement. And is not in violation of any of the requirements of any such licenses, authorizations and approvals
  • Maintain an acceptable financial position
  • If applicable, maintain acceptable FHA Compare Ratios

Net Worth

To be considered for approval by United Bank an applicant must have a minimum tangible net worth of $1 million exclusive of related party receivables or goodwill.

resXpartners, a division of United Bank
6958 Aviation Blvd., Suite A1, Glen Burnie, MD  21061
Direct:  (443) 690-6304
LBanfield@bankatunited.com
Copyright © 2018 United Bank
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