The Banker must meet the following criteria:
- Have a minimum audited net worth of $1,000,000 and strong investor report cards. Clients applying for Third Party Origination approval must have a minimum net worth of $2,500,000.
- Have E&O Insurance with minimum coverage of $300,000 and a deductible of $50,000 maximum and Fidelity bond in the amount of $300,000.
- Have a traditional Warehouse facility (cash fundings are only permitted for Bank and Credit Union clients).
- Be properly licensed and authorized to originate and bank loans meeting Stearns product line and underwriting standards.
- Have a “good standing” rating with all governmental licensing and revenue collection agencies. A correspondent who has been suspended or is currently under investigation by any governmental agency or has an open judgment in excess of $10,000 will not be approved.
- All principal officers, owners and/or partners, and the broker of record must have an acceptable personal credit profile. Past credit difficulties will be reviewed on a case-by-case basis.
Experience why Stearns is a leader in the industry. For more information or to apply, complete the preapproval application or contact your current Stearns Representative.