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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
Borrowing rate Tied to note rate on each funded loan
Transaction fee Charged per file
Personal guarantee Yes, for owners of at least 10% of company
Line size Up to 20x personal plus corporate liquidity
Minimum liquidity Higher of $100,000 or 1/3 of average loan size
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 unless using Delegated Fulfillment or Delegated Underwriting
Delivery options Best efforts
Permitted products FNMA, FHLMC, FHA (with DE approval), VA, USDA, Section 184, Jumbo, Non-QM
Prohibited products Second liens, construction, 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
Underwriting Prior Approval by takeout investor unless approved for Delegated Underwriting (see below)
Fulfillment requirement Loan Documents to be generated and reviewed by Takeout Investor or approved Third Party Provider{40} unless Delegated for Fulfillment
Delegated fulfillment Permitted with resume of Qualified Closer, $250,000 corporate liquidity, and 1% Pledged CD
Delegated underwriting Permitted with resume of Qualified Underwriter, $500,000 liquidity supported by Audited Financials, and 1% Pledged CD
Talk to a lender

David Frase, CMB
President
Warehouse lending
(214) 502-3280 cell
david.frase@simmonsbank.com

Jason Gillespie, CMB
Senior Vice President
Warehouse Lending Production Manager
(972) 837-5461 cell
jason.gillespie@simmonsbank.com

Simeon Knight
Vice President
Warehouse Lending Account Executive
(214) 463-9777 cell
simeon.knight@simmonsbank.com

Jennifer Hood
Vice President
Warehouse Lending Account Executive
(214) 789-9326 cell
jennifer.hood@simmonsbank.com

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