Correspondent Partner Guide - Wintrustmortgage.net

PARTNER GUIDE
bail out a family member or current owner from an existing delinquent
mortgage. When individuals wish to purchase or refinance property
currently or recently owned by an individual with whom they have an
established relationship, the following requirements apply:
Purchases – Title commitment may not evidence foreclosure
proceedings or notice of default
Refinances – If the borrower has been on title less than six
months from date of application, payoff demand from the
purchase transaction must reflect the mortgage was current at
the time the borrower purchased the property.
In purchase transactions where the seller is a corporation, partnership,
or any other business entity, Correspondent must ensure the borrower is
not an owner of the business entity selling the subject property. In
addition, the borrower must have a minimum of 5% of his/her own funds
in the transaction.
Borrower Is an Interested Party – this type of transaction is not allowed
if the builder, property seller, and/or any party currently on title on the
subject property is any of the following:
A company owned by the borrower
A borrower who is related to the builder, property seller, or any party
currently on title as a registered agent, sales agent, partner, or employee.
Multiple Mortgages to the Same Borrower – Please refer to the
individual product guidelines for the program you are using.
Living or Land Trusts – are permitted provided the product guidelines
permit. It is the Correspondents responsibility to meet all agency
guidelines.
Leasehold Estates – are not permitted by Wintrust Mortgage.
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