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

New Client Information Form

New Client Information Form - Correspondent

Contact Information

Company Information

Company Owners