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Southwest Bank

Southwest Bank Mortgage Warehouse Lending

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 available*
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, audited financial statements, and resume of qualified underwriter(s)
Download Application SouthwestBank.com/Mortgage/Warehouse-Lending

*Southwest Bank is not affiliated with any fulfillment providers or takeout investors.

SouthwestBank.com
1603 LBJ Freeway, Suite 123
Dallas, TX 75234

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Equal Housing Lender Member FDIC