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A tailored program that understands your business.

Warehouse Lending from Simmons Bank

Warehouse Lending

Simmons Bank's Warehouse Lending Program is designed specifically for non-delegated correspondent mortgage lenders. Thrive on the stability of Simmons Bank, the experience of our warehouse lenders, and the tailored service of a program that understands your business.

Warehouse Lending program guide
Application deposit $1,000, returned after initial loan funding or refunded if application declined
Borrowing rate Matches note rate on each funded loan
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, Reverse Mortgages
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{40}
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, 1% pledged CD, audited financial statements, and resume of qualified underwriter(s)
Talk to a lender

David Frase, CMB

Warehouse lending
(214) 502-3280 cell

Jason Gillespie, CMB

Senior Vice President
Warehouse Lending Production Manager
(972) 837-5461 cell

Simeon Knight

Vice President
Warehouse Lending Account Executive
(214) 463-9777 cell

Jennifer Chaikin-Hood

Vice President
Warehouse Lending Account Executive
(214) 789-9326 cell

  • {40} Simmons Bank is not affiliated with any fulfillment providers or takeout investors.