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.