To qualify as an ICM Funding correspondent seller, the following criteria must be met:
- Two-year operating history
- Experienced senior management in key roles
- Minimum net worth of at least $2,000,000 supported by audited financials
- Positive retained earnings history
- Strong liquidity
- Current Errors and Omission (E&O) insurance policy, surety bond and fidelity bond coverage of at least $300,000
- Approved warehouse facility and sufficient funding capacity
- Good production profile and performance ratings with current investors
- Good Quality Control (QC) policies and procedures supported by recent audit findings and management responses
- Appropriate licensing and authorization to originate loans that meet guidelines
- Satisfactory Certificate in Good Standing from appropriate Secretary of State
- Current MERS membership
- If approved to originate FHA mortgages, FHA Neighborhood Watch compare ratio should be less than 150%
- If applicable, Direct Endorsement (DE) underwriters on staff must have a minimum of two years experience and a satisfactory HUD record
- If applicable, Third-Party Originations (TPO) approval criteria, policies and procedures. On an exception basis, CMG will consider fourth-party approval.
