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Another need is an experienced team and back-office or outsourced support. Making a successful broker-to-banker transition will require a team of professionals with skills in operations, sales, loan originations, secondary market, underwriting and closing. Many warehouse lenders also require measurements for quality control.
Securing a warehouse line of credit is your first concern and the first decision you will make in your transition. Not all warehouse lines are created equal. Some are available at a higher or lower multiple to your net worth.
Look for a warehouse banker who lends at 15 to 20 times net worth. Also, be wary of the "haircut." This is where many warehouse lenders want bankers to use a percentage of their own finances to fund loans as an added security.
There are numerous benefits in moving from mortgage broker to mortgage banker. Make sure you do your homework and choose the warehouse partner and correspondent lender that is right for you.
Greg Davis is senior vice president of national sales for Impac Funding Corp., the nation's fifth-largest Alt-A residential mortgage originator. A subsidiary of Impac Mortgage Holdings Inc., IFC originates primarily Alt-A residential mortgage loans and to a lesser extent, second-mortgage loans from its network of third-party correspondents and other sellers. For more information, visit www.ImpacFundingCorp.com. To reach Davis, call (949) 475-3746 or e-mail email@example.com.
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