Loan Submission Options & Fees
Delegated Closed Review
- Loans are submitted for review after the loan has closed in the correspondent’s name.
- File review is completed, and material items are addressed with the correspondent.
- Once material items have been addressed, loan can be purchased.
Non-Delegated – Front Line Underwriting Services
- Loans are underwritten by FGMC’s in-house underwriters.
- Conditions are provided to the correspondent to obtain.
- Once conditions are received and cleared by an FGMC underwriter, a Clear-to-Close will be issued (CTC).
- All FGMC approved products are available through the non-delegated channel.
- $389 funding fee for “Closed” loan review.
- $695 funding fee for “Non-Delegated” underwrite.
- Supplemental Origination charge where FGMC will administrate the escrow.