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Iowa Bankers Mortgage Corporation often touts its three lending channels — Heritage, CORE and Alliance — that are designed to match the various needs of mortgage lenders.
To help our lending partners better understand which channel fits their needs, IBMConnection will feature FAQs on each channel as well as IBMC’s partnership with the Federal Home Loan Bank. This month, we take a deeper look at Heritage.
Under Heritage, the mortgage lender completes the loan application and registers the loan with IBMC. Then, we handle the processing and underwriting while you maintain the relationship with your borrower. Below are some frequently asked questions about Heritage that may help you determine when this channel is right for you.
What types of loan products are available within the Heritage Channel?
Fannie Mae conventional, Rural Development (RD), Federal Housing Administration (FHA), Veterans Affairs (VA), Iowa Finance Authority (IFA) and RuraLiving.
What is the maximum income the bank can earn through this channel?
Each loan closed through the Heritage channel earns 1.5% of the loan amount.
What are some of the benefits to utilizing the Heritage channel?
The Heritage channel offers the loan products listed above with the benefits of competitive pricing all while mitigating credit and compliance risk for the bank. Additionally, it allows bank partners the ability to offer secondary market loan products without the cost burden and commitment of maintaining a loan operating system.
In which states can I lend in using the Heritage channel?
Iowa, Minnesota, Nebraska, South Dakota and Wisconsin.
Is the bank responsible for document preparation or settlement of the loan?
No. The IBMC team will handle the preparation of all documents, checks and booking of each loan. The lender will facilitate the loan closing themselves or via a title/closing company in states where applicable.
Once a loan is registered within the Heritage channel, how quickly must I submit the application?
The loan must be registered, and the application submitted within 24 hours to ensure TRID compliance.
Can a borrower complete e-consent and receive their disclosures electronically on loans within this channel?
Yes, if an email address is provided at time of application or during the transaction and eConsent is completed, the borrower can receive their documentation electronically.
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