Opportunity for regional/community banks who want to offer a full array of mortgage products to their customer base without the cost of maintaining an origination platform and staff.
Bank Partners
Originator
Agreement
Allows Bank to earn a
negotiated fee up to 1%
of the loan amount.
Bank must have a
corporate NMLS license.
Originator Bank must complete 5 of the below.
- Take information from borrower and complete initial application.
- Analyze borrower’s income and debt; prequalify.
- Educate of the home buying process.
- Collect financial information.
- Provide disclosures to the borrower.
- Order VOE’s and VOD’s.
- Order mortgage and other loan verifications.
- Order appraisals.
- Order inspection/engineering reports.
- Maintaining regular contact with the borrower and related parties.
- Order legal documents.
- Determine if property is in a flood hazard zone.
- Participate in the closing.
- Applications submitted via an EMC application link or application found on the bank maintained website which interfaces with EMC Loan Origination System (LOS) directly.
- Bank can utilize EMC LOS for applications, thus eliminating the need/cost of purchasing and maintaining their own LOS.
- LOS systems allows for electronic transmission of all documents.
- EMC handles mortgage regulated compliance such as TRID & HMDA
- EMC provides required disclosures, underwrites, and funds the loan.
- EMC offers access to multiple, pre-approved service providers.
- Appropriate fee paid to the bank monthly based on closings.
Banker role as the Originator.
- Initiates the application, uploads data via a website and completes the required steps from the Bank Partner agreement for the bank to earn a fee.
EMC’s dedicated support staff provides the LO liaison, training and assistance throughout the origination process.
- The team is built on relationships and will remain your dedicated team on every loan every time.
EMC’s dedicated team also provides:
- Co-Branded marketing materials (Based on bank requirements).
- Training to Lenders and teller/bank staff as appropriate.
- Required disclosures when loan application received.
- All compliance reporting for HMDA.
- Post-closing and follow up responsibilities.
- FNMA/FHLMC conforming conventional products.
- Government insured products; FHA/VA/USDA.
- Non-conforming jumbo products.
Daily Pricing and
Pipeline Protection
- Daily rate sheet provided offering multiple product options.
- Lock terms of 15,30,45 and 60 days.
- Lock extensions available at a cost of .125% per 7 days.
- EMC assumes all risk associated with locked pipeline.
Monthly Reporting
and Accounting
Bank provided with monthly reports.
- Existing pipeline.
- Funded report.
- Detailed analytics available including loan type, customer data, fallout/rejection rate, referral source.
Accounting
- Bank is paid Lender Compensation once a month.
- EMC provides monthly loan level reconciliation.