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WAREHOUSE LENDING

Simmons Bank's Warehouse Lending Program is designed specifically for non-delegated correspondent mortgage lenders. Thrive on the stability of Simmons Bank, the experience of our warehouse lenders, and the tailored service of a program that understands your business.

Warehouse Lending Program Guide

Application Deposit
$1,000, returned after initial loan funding or refunded if application declined
Borrowing Rate
Matches note rate on each funded loan - no floor
Transaction Fee
Up to $200 per file influenced by average loan size per most recent Call Report
Personal Guarantee
Yes, for owners of at least 10% of company
Line Size
Up to 20x personal plus corporate liquidity
Minimum Liquidity
Higher than $55,000 or 1/3 of average loan size per most recent Call Report
Acceptable Liquidity
Corporate cash (net of short-term borrowings) and marketable securities plus unrestricted cash and securities held by personal guarantors
Startups
Allowed
Financial Reporting
Quarterly, GAAP-quality balance sheet and P&L; does not need to be audited
Advance Rate
Up to 99% of note amount; lender fees netted from wire
Maximum Dwell Time
45 days
Pledge Account
Not required
Delivery Options
Best efforts
Permitted Products
FNMA, FHLMC, FHA (with DE approval), VA, USDA, Section 184, Jumbo
Prohibited Products
Second liens, manufactured housing, construction
Geography
All U.S. states except New York
Minimum Credit Scores
Agency 620, FHA 580, VA/USDA 500, Nonagency Jumbo 700
Insurance Required
$300,000 fidelity bond plus $300,000 mortgagee's interest errors and omissions
Agreement Term
Renewable annually (no renewal fees)
Underwriting
Prior approval by takeout investor
Fulfillment Requirement
Must use approved third-party provider to generate legal documents and review final CD prior to closing; may instead use takeout investor for fulfillment, if available40
Upgrade Available
Delegated fulfillment with minimum $250,000 liquidity, 1% pledged CD and resume of qualified closer(s)
Next Upgrade
Delegated underwriting with minimum $500,000 liquidity, 1% pledged CD, audited financial statements, and resume of qualified underwriter(s)

TALK TO A LENDER

David Frase, CMB

President
Warehouse Lending
(214) 502-3280 cell
david.frase@simmonsbank.com

Jason Gillespie, CMB

Senior Vice President
Warehouse Lending Production Manager
(972) 837-5461 cell
jason.gillespie@simmonsbank.com

Simeon Knight

Vice President
Warehouse Lending Account Executive
(214) 463-9777 cell
simeon.knight@simmonsbank.com
40 Simmons Bank is not affiliated with any fulfillment providers or takeout investors.