To ensure a smooth application process, complete the following items.
- Originator activity for previous 2 years and YTD
- Resumes for all principals, officer, managers and key personnel
- Previous 2 years of Financial statements on the business: Previous 2 years Audited financial statements OR financials prepared by a qualified, independent, uninterested third party
- Most recent quarter end un-audited (interim) financial statement. Include bank and/or brokerage statements for all liquid assets listed on interim financial statements. Must be signed by a Guarantor
- Articles of Incorporation and Certificate of Incorporation; Fictitious Name Statement if applicable. If the owners name does not appear on the Articles, provide an Operating Agreement or Amendment to the Articles showing the names and titles of each owner
- Executed Corporate Resolution and Resolution of Board of Directors — Please provide meeting minutes from last Board Meeting
- Quality Control Plan/Procedures and copy of most recent quarter’s QC reports with management’s response
- Brief narrative of company’s business history, ownership and brief business plan
- Credit report on all owners greater than 10%. (Must be dated within 90 days of this application)
- Information to complete Personal Financials on all owners 10% or greater
- All supporting documentation for Personal Financials ( Include bank and/or brokerage statements for all investment accounts, checking accounts, savings accounts, certificate of deposits, brokerage accounts, etc.) by a Guarantor
- Form 4506-T filled in completely and signed for the last 2 years filed (If a 1065 was filed the title must be named “Partner” under the signature line.)
- Previous 3 years tax returns on the business (all schedules/pages)
- Last 2 years personal tax return for all owners 10% or more (all schedules/pages)
- Approval letters from all Investors — including Agencies, if applicable
- Copy of drivers licenses for all Owner/Guarantors
- Information on existing warehouse lines
- Disaster and Recovery Plan (refer to explanation of requirement)
- Interest Rate and Risk Policy (refer to explanation of requirement)
- Certificate of Good Standing for the state where company is located
- Business License (for each state) and Lender/Broker Licenses for each state doing business
- Copy of wire instructions or voided check to remit residual to originator upon settlement
Must be provided prior to underwriting
- Check must be payable to Goldome Warehouse Lending LLC for an application fee in the amount of $750
Items that must be provided prior to line activation if not provided prior
- Copy of entire current Fidelity Bond and Mortgagee’s Interest E&O policies (min. coverage $500K/$15k deductible for CA and HI, $300k/$15k deductible for all other states)
- Copy of entire Fidelity Bond application
- Fidelity Insurance and E&O proof of payment unencumbered by any financing agreement (copy of canceled check, bank statement, or credit card statement) and the invoice for premium charges
Please contact us with any questions.
Mortgagee’s Errors & Omissions/Mortgage Impairment
Mortgage Errors & Omissions coverage may protect the mortgage banker on mortgaged properties where the following could occur:
- Liability for accidental failure to maintain certain required insurance coverages or guarantees on mortgage properties
- Failure to determine a property is in a Flood Zone.
- Failure to arrange for hazard and/or flood insurance, FHA insurance, VA guarantee and PMI
- Liability to investors and to mortgagors when losses occur due to certain accidental errors and omissions during the warehouse period
- The mortgage interest portion protects mortgagee or owner interest in under-insured properties against physical damage losses from “required” perils
Goldome requires the originator maintain Fidelity Bond and E&O coverage from a Lloyds of London Facility or approved equivalent in force in an amount equal to at least $300,000 per incident, with a maximum deductible of $15,000. Companies located in California and Hawaii requires at least $500,000 per incident, with a maximum deductible of $15,000.
Policies must include endorsements/riders for Theft of Warehouse Lender’s Funds/Collateral and specific Warehouse Lender Loss Payee/Right of Action naming Goldome Warehouse Lending LLC.
Fidelity Bonds protect mortgage bankers from loss due to employee dishonesty and extends to attorneys, or other loan closing agents, performing loan-closing services on a loan originated or acquired by the business. This coverage protects against claims alleging loss from:
- Employee dishonesty as well as any closing agent
- Coverage for theft or mortgage investors money or collateral, satisfying industry standards and most mortgage investor requirements
- Crime coverage for loss of property including real estate documents on premise or in-transit, check forgery and electronic computer crime
- Crime coverage for forged documents and for fraudulent borrower misrepresentations on certain loan documents
- Also includes coverage for robbery, misplacement, counterfeiting, fraudulent documents and fraudulent real property mortgages
Need an insurance agency?
Please contact us for a list of qualified insurance agencies.