Correspondent Partner Guide - Wintrustmortgage.net

PARTNER GUIDE
purchase (i.e., loan amount, LTV, property type, etc.) The initial AUS
findings that were run PRIOR to closing must be included in the file for
purchase. The final AUS findings should be dated before and no later
than the closing date. Findings run after closing will be accepted
provided the initial findings dated prior to closing are in the file. The
final findings must match the final 1008 and 1003 to be eligible for
purchase.
WINTRUST MORTGAGE will purchase only loans with an Approve/Eligible
or Accept/Accept Plus recommendation.
Fannie Mae Desktop Underwriter Sponsorship
Generally, WINTRUST MORTGAGE requests that Correspondent Lenders
obtain Fannie Mae approval and set up their own Desktop Originator. If
the Correspondent Lender is not set up with Fannie Mae directly, please
follow the process below:
1. WINTRUST MORTGAGE will sponsor the Correspondent Lender
for DO and deduct a $50.00 DO fee at time of loan purchase for
this option. If a lender fails to deliver 70% of their loans based
on the previous month’s applications, WINTRUST MORTGAGE
will require the lender to reimburse the DO cost incurred on
files not delivered. If lender fails to remit check within the
timeframe given, WINTRUST MORTGAGE will deduct the costs
from their next loan funding.
Government Loans
For Correspondent Lenders with Direct Endorsement Approval or VA
Automatic Lending Authority, traditional underwriting is acceptable to
WINTRUST MORTGAGE. Effective May 1, 2004, all lenders utilizing
Desktop Underwriter or Loan Prospector for their FHA loans, must
underwrite utilizing FHA’s TOTAL Scorecard procedures.
Non‐Conforming Loans
WINTRUST MORTGAGE currently does not offer non‐conforming products.
conforming loans require AUS approval.
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