Minimum correspondent approval requirements
We're looking for people who want to make a positive difference for their customers. Below is a list of requirements to become approved with Parkside Lending as a Correspondent.
- 620+ credit score for all owners with 5% or more ownership interest in the company
- No current or pending litigation that would adversely affect the ability to fund loans or run the business
- Fully executed Correspondent agreement/contract
- Minimum 2 years industry experience (preferably 5 years)
- Three investor/lender references in good standing
- No derogatory information listed on MARI
- No derogatory items listed on state license(s)
- $75,000 total net worth (or minimum amount required per state licensing and/or warehouse lending requirements if higher) with 50% of net worth held in cash or cash equivalents
Must carry a NMLS endorsement for the company, branch and each individual loan originator - Physical location verified by Account Executive visit
- Business license must be in the state where main office is located
- May not be on Parkside’s exclusionary list or exclusionary list of any Parkside investor
- Errors and Omissions and Fidelity Bond Insurance with the minimum coverage equal to or greater than $250,000 (or minimum amount required per state licensing and/or warehouse lending requirements if higher)
- Acceptable recent scorecards from all investors
- Warehouse Line agreements, wire instructions, bailee letters and satisfactory current pipeline aging reports. Must have at least one warehouse line from a warehouse bank that has approved Parkside as a take-out investor
- Latest 3 months Quality Control Reports with Management Responses
- Appraiser Independence Policy
- State licenses from all states where the applicant is currently doing business
- Anti-Money Laundering policy
- Fair Lending Policy, Identity Theft Prevention Plan, Loan Fraud Policy, Loan Originator Compensation Plan, Quality Control (QC) Policy, Privacy Policy, Vendor Management Policies & Procedures
Exceptions to these requirements may be considered, but are subject to approval by the Parkside Lending Counterparty Risk Committee.
Become an approved Parkside Partner