| Application |
Complete the Broker
Application Package (the application package is a fillable document). |
| SUMMIT |
Use SUMMIT to obtain pricing and eligible programs for
your scenario. |
| SUMMIT Training |
http://www.forteswholesale.com/go/training |
| Online Ratesheet |
http://www.forteswholesale.com/rates |
| Minimum Submission Requirement |
- SUMMIT Eligibility Certificate (SUMMIT Certificate is also your
submission form)
- Credit Report
- Signed Borrowers Authorization
- Complete Initial 1008/1003 signed by all borrowers and the Loan
Officer/Originator
- Upfront Disclosures (GFE / RESPA / TIL / State Specific Disclosures)
- 92900LT (if FHA loan)
- Evidence of FHA Case Number (if applicable)
- Sending in additional documentation to ensure we are reviewing
a complete loan file is strongly encouraged
Submitting via SUMMIT is required! |
| Submission Confirmations |
Your Account Manager will confirm receipt of your submission. |
| Licensing |
Both the broker and Fortes must
be licensed or exempt from licensure in the state where the subject property
is located. State
Licensing |
| Disposition |
Your Account Manager will contact you on the disposition
of your loan. |
| Loan Conditions |
- Your Account Manager will provide a loan specific, bar-coded coversheet
to fax all conditions
- Send appraisal by email in PDF format to your Account Manager
- To expedite your file, send in all conditions at the same time
- Condition review turntime is 24-48 hours
Contact your Account Manager for any questions relating to conditions. |
| Lock Policy |
Lock
Policy & Procedures |
| Rate Lock |
- Preferred Method: Send us your lock request online via SUMMIT by
3pm Pacific Time.
- You can also fax your Rate Lock Request form to 866-571-8198 by
3pm Pacific Time. The file must be submitted prior to the fax request.
- Once your rate is locked, you will receive a lock confirmation.
- Lock your rate at least 1 day before ordering docs to avoid delays
to your loan at docs.
|
| Lock Extension |
- Fixed Products - .25 to fee for each 7 day extension (14 days max)
- ARM Products - .125 to fee for each 7 day extension (14 days max)
- Contact your Account Manager prior to your lock expiration date
if your loan requires an extension
|
| Ordering Docs |
- The Doc Order Form is online in the document
library. It details all of our fees.
- Do not submit a Doc Order until the rate is locked
- Final 1008 & 1003 with the final loan terms will be generated by
Fortes and included with the closing document package. Borrower(s)/Loan
Officer must sign the final 1003.
- Once all PTD conditions are signed off, your loan is locked, and
we have received your Doc Order, your file will be placed in line
for docs.
|
| Total Points and Fees Allowed |
The maximum points and fees a borrower can pay may not
exceed the lesser of 5.0% of the loan amount or state specific limitations
(including rebate). |
| Expiration Date |
All docs must be signed in the same month in which they
were drawn and prior to lock expiration. |
| Last Day to Draw Docs |
Please contact your Account Manager on the cut off date. |
| Redraws |
- Partial Redraws are $95/loan
- Full Redraws are $195/loan
|
| Prior to Funding Conditions |
- The Closing Package and all Funding Conditions need to be received
48-hours prior to closing.
- We will need a Closing Protection Letter from the Settlement agent
along with a copy of their E&O Dec Page.
|
| Funding Cutoff Time |
12:00PM Pacific Time |
| Funding into the Month |
If the program allows, loans can fund up until the 5th
calendar day of the month prior to the first payment date. No exceptions
will be granted after the 5th calendar day. |
| Hazard Insurance |
- Evidence of insurance must be signed by agent
- Minimum hazard insured amount is the greater of 80% of the full
replacement cost or 100% of all mortgages.
- Maximum hazard deductible is the lesser of $1,000 or 5% of policy
coverage amount for LTV’s greater than 80%. For LTV’s 80% or less,
a deductible up to 5% of the policy coverage amount is permitted.
- Maximum windstorm or hail deductible is the lesser of $2,000 or
2% of the coverage amount. For all other covered losses, the maximum
deductible is the greater of $1,000 or 1% of the policy’s insurance
limit.
- With multiple liens the policy must include all applicable loan
numbers.
- Purchases require 12-months of coverage and refinances require
6-months of coverage unless prohibited by state law.
|
Mortgagee Clause
(Hazard & Flood) |
Must Show: Fortes Financial, Inc., Its Successors and/or
Assigns
c/o Quatrro Processing Solutions
1350 Bayshore Highway
Suite 630
Burlingame, CA 94010 |
| FHA Form 92900 |
To complete FHA Form 92900 correctly, please use the
following information:
| Mortgagee ID Number: |
25622-0000-7 |
| Address: |
Fortes Financial, Inc.
23046 Avenida de la Carlota
Suite 600
Laguna Hills, CA 92653 |
|
| Flood Insurance |
- Submit declaration page of policy & proof of payment. If premiums
are to be paid through closing, evidence of a binder along with the
invoice are required (binders should be for no less than 60-days).
- Submit to Fortes Financial, Inc., in care of Quatrro Processing Solutions
(above).
|
