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Warehouse Application Checklist
Once all owners have cleared the background check you will be provided a user name and login to the automated application system for Goldome.
Checklist of items/information to collect/compile for warehouse application submission to Goldome.
- Resumes for all principals, officer, managers and key personnel (UW and Closers if delegated)
- Financial statements on the business for the past two years
- Most recent quarter end un-audited (interim) financial statement. Include bank and/or brokerage statements for all liquid assets listed on interim financial statements.
- 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
- Quality Control Plan/Procedures and copy of most recent quarter’s QC reports with management’s response. Include UW policies and procedures if delegated
- Narrative of company’s business history, ownership and business plan
- Credit report on all owners greater than 10%. (Must be dated within 90 days of this application)
- Personal Financial Statement (PF1) on all owners 10% or greater (with supporting documentation to verify liquid assets and completed schedules).
- Tax returns on the business (all schedules/pages) for the past two years (Not Applicable if audited financials are provided)
- Last two years personal tax return for all owners 10% or more (all schedules/pages)
- Copy of drivers licenses for all Owner/Guarantors
- 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
Must be provided prior to underwriting
- Check must be payable to Goldome Financial 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 (if new policy)
- 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 (if new or changed policy)
- Approval letters from all Investors - including Agencies, if applicable
Please contact us with any questions.
E&O And Fidelity Bond
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.