Up at Night: Warehouse Eligibility Parameters
Most warehouse lenders have experienced a loan submission that was ineligible at some point – and sometimes one may slip through. If funded, the loan would be unsellable on the secondary market, the warehouse borrower loses money, the originator has to pay for it to be refinanced, and the interest rate could have been affected to the consumer.
ProMerit, SitusAMC’s warehouse lending system, has an “edit check” feature that allows you to set loan-level parameters for data fields based on eligibility factors like product type, occupancy, lien position, or funding channel. You can also program facility-level edit checks such as loan amount thresholds or max lend – for controls and additional compliance approvals. When a loan submission is received and any field deviates from the parameters set, it is immediately flagged for review. With ProMerit, you reduce the costly risk of ineligible loans and catch errors early, resulting in fewer relationship issues and higher customer satisfaction.
To learn more about ProMerit – the most widely selected warehouse lending platform – visit SitusAMC.com/ProMerit