Whole Loan Purchase and Sale Program Application Powers Ferry Road Suite 150 Atlanta, Georgia Fax

Transcription

1 Whole Loan Purchase and Sale Program Application 6190 Powers Ferry Road Suite 150 Atlanta, Georgia Fax

2 GBC Funding, Inc. Application Revised Company/Lender Information (main office or parent company) Business : Doing Business As: Please Check One Street Address: Sole Proprietor City, State Zip: Partnership County: Corporation Phone No.: Fax No.: LLC address: LLP Web Page address: LP LTD Type of Business: Mortgage Lender Mortgage Broker Bank/S&L Credit Union Corporate Filing Information Date Incorporated: County: Federal I.D. No.: - If no Federal I.D. #, Social Security No: License/Approval Lender license issued in the name: License No.: Date Issued: Expiration Date: Home Office Address of Lender: Phone No.: If licensed or approved by any of the following please complete information required. FHA/HUD, No.: Date Approved: Fannie Mae, No.: Date Approved: Veterans Affairs, No.: Date Approved: Freddie Mac, No.: Date Approved: Principals (if additional Principals, please use Application Supplement) : Phone No.: : Percent Owned: % Date of Birth: Social Security Number : Fax No.: Residence Address: : Phone No.: : Percent Owned: % Date of Birth: Social Security Number : Fax No.: Residence Address: : Phone No.: : Percent Owned: % Date of Birth: Social Security Number : Fax No.: Residence Address:

3 Origination and Processing Method Origination Method: Internet Traditional Wholesale Retail Processing Method: In-house Outsource Outsource Lender Reference (If additional Lender References, please use additional page) Lender : Phone No.: Contact Person: : Lender : Phone No.: Contact Person: : Lender : Phone No.: Contact Person: : Affiliated Companies (If additional Affiliated Companies, please use additional page) Company : Phone No.: Type of Business: Percent Ownership: % Company : Phone No.: Type of Business: Percent Ownership: % Company : Phone No.: Type of Business: Percent Ownership: % Disclosure/Due Diligence 1. Has your company ever been suspended from selling or servicing mortgages by an investor? If yes, please provide explanation: 2. Has your company, and/or principals or corporate officers, been named as defendant in a lawsuit for alleged fraud or misrepresentation in connection with any real estate related activity? If yes, please provide explanation: 3. Has your company ever been involved or is currently involved in any litigation? If yes, please provide explanation: 4. Has your company, and or principals or corporate officers, been named as defendant in criminal proceedings/complaint/conviction for alleged fraud or misrepresentation in connection with any real estate related activity? If yes, please provide explanation: 5. Has your company, an/or principals or corporate officers, filed for protection from creditors under any provision of the bankruptcy laws within the past seven years? If yes, please provide explanation: 6. Has your company, and/or principals or corporate officers, ever had a real estate or other professional license suspended, revoked, or received any other disciplinary action from a regulatory agency? If yes, provide explanation: 7. Has any lender enforced, or attempted to enforce, the Hold Harmless or Repurchase clause of their correspondent or broker agreement with your company and/or principals or corporate officers? If yes, please provide explanation :

4 Branch Offices (If additional Branch Offices, please use additional page) What states are you originating loans in: List ALL branches in every state you are currently licensed in: Branch : Phone No.: Contact Person: : Address: Fax No.: Branch : Phone No.: Contact Person: : Address: Fax No.: Branch : Phone No.: Contact Person: : Address: Fax No.: Additional Principals : Phone No.: : Percent Owned: % Date of Birth: Social Security No.: Fax No.: Residence Address: : Phone No.: : Percent Owned: % Date of Birth: Social Security No.: Fax No.: Residence Address: Education Courses Completed The Lender of Record and/or Principal have completed the following: Date Completed: Date Completed: Date Completed: Date Completed: Contact Information Processing: Phone No. Secondary Marketing: Phone No. Underwriting: Phone No. Shipping: Phone No. Funding: Phone No. Servicing: Phone No. Accounting: Phone No.

5 Loan Production Prior Year Funding Volume Government: Average Loan Amount: Prior Year Funding Volume Conventional Average Loan Amount: Prior Year Funding Volume Jumbo: Average Loan Amount: Prior Year Funding Volume Sub-Prime: Average Loan Amount: Prior Year Funding Volume Second Trust Deed: Average Loan Amount: Year-to-date Government: Year-to-date Conforming: Year-to-date Jumbo: Year-to-date Sub-Prime: Technology Resources What processing software do you use (include name and version no.)? What point of sale loan origination software? Do you currently use Fannie Mae Desktop Underwriter to approve loans? Yes No Do you currently use Freddie Mac s Loan Prospector? Yes No Wire Transfer Information Wire to Bank : Address, City St Zip: ABA No.: Account No.: Account : Contact : Phone No.: Fax No.: Warehouse/Credit Lenders : Amount: Renewal Date: : Amount: Renewal Date: : Amount: Renewal Date: The Additional Statement and Miscellaneous information sheets are herein incorporated as part of the TPO Application. All declarations and authorizations apply as part of the original TPO Application. For the purpose of inducing lenders to provide financing for customers of the undersigned, I (we) certify the above information to be true and correct. The undersigned declares that the foregoing information and all accompanying information are true to the best of his/her knowledge and belief. Georgia Banking Company, Inc. is hereby authorized to obtain verification of information from any source (including character and credit references) and obtain a personal credit report for each principle in connection with this TPO application. The undersigned herein transfers all information to Georgia Banking Company, Inc.. Georgia Banking Company, Inc. is further authorized to update my/our credit report four times per year and maintain a history for review by lenders accepting Georgia Banking Company, Inc. TPO Certification Program. Lender/Owner/Corporate Officer Signature Date Lender/Owner/Corporate Officer Signature Date Lender/Owner/Corporate Officer Signature Date

6 Credit Authorization A credit report card is part of the finished Georgia Banking Company, Inc. TPO Certified package. Each Principal/Owner/Lender must sign this Credit Authorization below. Principal names must also be listed on TPO Lender Application contained in this kit. Georgia Banking Company, Inc., or its agent, is hereby authorized to obtain verification of information from any source (including character and credit references) and obtain a personal credit report in connection with this loan brokerage application. Georgia Banking Company, Inc., or its agent, is further authorized to update my/our credit report at least four times each year and maintain a history for review Principal/Owner/Lender Date Principal/Owner/Lender Date Principal/Owner/Lender Date Principal/Owner/Lender Date Principal/Owner/Lender Date Principal/Owner/Lender Date

7 LENDER RESOLUTION WHEREAS, ( Lender ) has determined that it is in the Lender s best interest to participate in Georgia Banking Company, Inc. TPO Certification Program, (the Program); RESOLVED, that in connection with Lender s application for the Program Lender adopts the standard application process contained in the Program, RESOLVED FURTHER, that Lender agrees to allow Georgia Banking Company, Inc., or its agent, to obtain the personal credit report of Lender and in the case of a corporation, Limited Liability Company or partnership, a Dun & Bradstreet report, if required by the user of the Program. If a Dun & Bradstreet report is not available for a corporation, limited liability company or partnership, the personal credit report of the principals, members or partners, respectively, or, in the case of a limited partnership, the personal credit report or a Dun & Bradstreet report, as available, of the general partner (collectively Credit Reports ) and to submit the Credit Reports on a quarterly basis to lenders designated by brokers; RESOLVED FURTHER, that the Lender agrees to transfer to Georgia Banking Company, Inc., or its agent, all information on Lender Application, schedules and documents submitted to Georgia Banking Company, Inc. for the TPO Certification Program. RESOLVED FURTHER, that Lender or an officer of Lender be, and hereby are, authorized and empowered to furnish a proper certificate of the foregoing resolutions; and RESOLVED FURTHER, that Lender, or an officer of Lender be, and hereby are, authorized, directed and empowered to execute and deliver all documents and other papers and to take such other action as they deem necessary or advisable in order to carry out and perform the purposes of these resolutions. Corporate Officer/Lender of Record Date Corporate Secretary/Partner Date

8 ATTORNEYS OPINION GBC Funding, Inc Powers Ferry Road Suite 150 Atlanta, Georgia Re: Whole Loan Purchase/Sale Agreement by and between ( Seller ) and GBC Funding, Inc. ( Buyer ) dated. Dear :... We have acted as counsel to Seller with respect to the Whole Loan Purchase/Sale Agreement entered into by and between Seller and Buyer dated (the Agreement ). In such capacity, we are informed as to the status of activities of the Seller and have been asked to render the following opinions to and for the benefit of Buyer. We have reviewed the Agreement except where otherwise noted....in addition to the Agreement we have also reviewed certain organizational documents of Seller and such other documents and items as we deem necessary or appropriate in rendering the opinions herein set forth. Based upon the foregoing, we are of the opinion that: 1. Seller is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation and is qualified and properly licensed to transact business and is in good standing in those states where the nature of its business or the property owned by it requires qualification and, to the best knowledge of the undersigned, Seller is not required to be qualified as a licensed mortgage lender, mortgage banker or mortgage broker in any other jurisdiction. 2. Seller has the power and authority to execute and deliver the Agreement and endorsements or assignments referred to in the Agreement and to perform its obligations thereunder, as indicated therein. 3. Seller has duly obtained all corporate actions and all consents and approvals necessary to the validity and enforceability against Seller of the Agreement, and that the Agreement does not conflict with any provisions of the Seller s articles or certificate of incorporation or bylaws or any agreements binding upon Seller of which such counsel, after diligent investigation, has knowledge. 4. The Agreement is a valid and binding obligation, enforceable in accordance with their terms, subject, however, to the provisions of the Bankruptcy Reform Act of 1978, as amended, state insolvency laws and other laws generally affecting creditors rights and, to the extent remedies require enforcement by courts of equity, to the application of equitable principles..... Very truly yours,

9 CORPORATE RESOLUTION Pursuant to a Blanket Resolution by: Board of Directors on Company Date, is Authorized to enter into contracts to facilitate the business of the Corporation and may delegate his/her authority as appropriate. Accordingly, I, Secretary of Company a(n) Corporation, do hereby certify that: State is/are empowered to execute documents binding the Corporation, with regards to participating in Georgia Banking Company s Whole Loan Purchase and Sale Program. Witness my hand and seal of office this day of 20 Secretary

10 Attachments Please provide the following information (and return this page): A. Past two years financials, audited if available. Include balance sheet and P&L. B. Most recent interim financial statements. C. Resumes of Principal Officers. D. Resumes of Senior Underwriter, if applicable. E. Resumes of Senior Processor. F. Lender Resolution G. Credit Authorization H. Corporate Resolution. I. Attorney Opinion Letter J. Copy of Errors and Omissions, and Fidelity Policies, if applicable. K. Copy of Lender s License for all active states. L. Provide Federal Identification Number - W-9 Form. M. List of Investors intended to purchase loans from this warehouse arrangement. This list may be different from the Lender References listed in the application. N. The Whole Loan Purchase and Sale program will be used for: % Fannie/Freddie % Gov t. % Subprime % Seconds Retail Only Wholesale (TPO) Only Retail/Wholesale (If Retail/Wholesale then percentage of each % Retail % Wholesale) O. If your production is from other than a retail operation (i.e. wholesale/tpo), provide details of the operation including, but not limited to, quality control procedures, methods of approving your brokers, etc. P. Copy of Quality Control Procedures. Q. Copy of Closing Instructions. R. Deposit Account Application, Resolution, Signature Card, $1,000 Check (once approved) S. $ Non-refundable Application Fee included. Revised