Reverse Mortgages For Seniors - California, Roseville, Sacramento, Placer, Sun City, El Dorado, Nevada County, Sacramento County

Becoming a correspondent with the Wholesale Division of Financial Freedom means you are part of a team that makes up the nations largest and most financially sound reverse mortgage lenders. You will also be able to capitalize on the years of experience we have in the industry for we were one of the original providers of the reverse mortgage program in 1988.

As a correspondent lender, reverse mortgages provide not only additional income, but also the knowledge that you can truly make a difference in the life of a senior.

Financial Freedom will provide you with access to the type of tools that only a national lender can provide. The most important of these tools is the outstanding service and support we provide to all our correspondent lenders.

Our National Correspondent program provides:

Training in all aspects of reverse mortgage lending
Full instruction and materials available on how to successfully market
Ongoing support with dedicated staff
Responsive underwriters with quick turn-around time
Broadcast fax of rate changes and industry news
All state specific documents needed for origination and closing
Lender referral network
Hands on closing assistance
Table funding
Submission of Mortgage Insurance
Sponsorship for FHA Correspondent Approval (if needed)
New opportunity for non-FHA approved mortgage brokers
Access to Jumbo reverse mortgage products offered by Financial Freedom (not yet available in all states)

FHA approval is required to originate reverse mortgages. If you have approval, you should have a 10 digit ID #. If you do not have approval with FHA / HUD, we can assist you with this matter. The requirements are attached for your review. As an approved sponsor, we can streamline the process by reviewing the required documentation and submitting to HUD on your behalf.

Net Worth
$63,000.00, plus $25,000.00 for each branch office up to a maximum required net worth of $250,000.00. Loan correspondents are not subject to net worth requirements based on mortgage volume. {HUD handbook 4060.1, 2-4 D}

Annual Audit Report
Mortgagees must submit to the Department of Housing and Urban Development within 90 days of the close of its fiscal year, an acceptable annual certified audit report. {HUD handbook 4060.1, REV-1, 3-4,C5} The audit report must be prepared in accordance with the standards contained in HUD Handbook IG 2000.4 REV-1, Consolidated Audit Guide for Audits of HUD programs. For your information, pertinent audit information from this handbook is attached.

Warehouse Line of Credit
Mortgagees must maintain a warehouse line of credit or other mortgage funding program acceptable to the Department (such as table funding or concurrent funding with Financial Freedom.) that is adequate to fund the mortgagee's average 60- day origination production pipeline, but not less than a $1 million warehouse line of credit or funding program. {HUD Handbook 4060.1 REV-1, 3-3C}

The following documents must be submitted for initial loan correspondent approval:

Application fee to HUD in the amount of $1,000.00
HUD form 92001 - D will be provided by Financial Freedom and sent to you for signature to be forwarded to HUD with the above requirements.
Current certified audit report
Letter establishing or confirming line of credit of not less than $1 million, or other acceptable funding program such as table funding with Financial Freedom.
Certification that neither the company, nor any officers have been sanctioned or otherwise denied a license by state or Government institution.
Resume or other evidence that at least one senior corporate officer has at least 3 years experience in the field in which you are applying.
Personal credit reports on senior officers of corporation/company with a letter, if applicable, explaining any derogatory credit.
Corporate credit report (or Dun & Bradstreet)
Month in which your fiscal year ends
Pictures of facilities, including signs at entrance and a certification that facilities meet HUD handbook 4060.1 REV-1 requirements.
Quality Control plan.

Financial Freedom will review the required information and with a certification letter to HUD, be able to submit for priority approval.

For more information about becomming a Correcspondent
please contact Judy Lochmiller Toll Free at 877-723-4567

Toll Free ( 8 7 7 ) - 7 2 3 - 4 5 6 7

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Reverse Mortgages For Seniors - California, Roseville, Sacramento, Placer, Sun City, El Dorado, Nevada County, Sacramento County.

Reverse Mortgages For Seniors - Reverse mortgage specialist offering a variety of products to suit seniors needs. Site covers reverse mortgage history, descriptions and where to get them. Tells what they are and how they work. California, Roseville, Sacramento, Placer, Sun City, El Dorado, Nevada County, Sacramento County

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