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Correspondent Seller

Experience– The Correspondent must have been an active originator of first lien, investment-quality residential mortgage.- The Correspondent has been in business for at least the last two years prior to conducting business with PML. Newer firms must have principals with a minimum of five years of experience and sound financials.

– Acceptable personal credit profile and background for all principal officers, owners and/or partners.

Capital Requirement– $250,000 minimum net worth for Correspondent applying for Non-Delegated Loans with $50,000 in cash.
Legal Standing– The Correspondent must be duly organized, validly existing, and in good standing under the laws of the jurisdiction of its organization and qualified to transact business and properly licensed in each jurisdiction where it originates or services mortgage loans.

– The Correspondent must be in good standing with all applicable regulatory authorities and not subject to any extraordinary supervision of its operations.

– The Correspondent must have the power and authority to sign the PML Correspondent Mortgage Loan Purchase and Sale Agreement.

– The Correspondent’s compliance with the terms and conditions of the agreement, including the terms and conditions of this Guide, must not violate any of the provisions of its articles of incorporation, charter or bylaws or any other instrument relating to the conduct of the Correspondent’s business, the ownership of its property or any other agreement to which it is a party or by which it is bound.

– No active litigation pending or judgments against the Correspondent or their principals.

Licensing– Be properly licensed and authorized to originate and warehouse loans, meeting PML Correspondent product line and underwriting standards

– Have a rating of good standing with all governmental licensing and revenue collection agencies.

Insurance– Minimum E&O coverage in the amount of $200,000, and a maximum deductible of $50,000.

Brokered Lending

Experience– The Broker must be in business for at least two years prior to conducting business with TVC.

–  Newer firms must have principals with a minimum of five years of experience and sound financials.

Legal Standing– The Broker must be duly organized, validly existing, and in good standing under the laws of the jurisdiction of its organization and qualified to transact business and properly licensed in each jurisdiction where it originates or services mortgage loans.

– The Broker must be in good standing with all applicable regulatory authorities and not subject to any extraordinary supervision of its operations.

– The Broker must have the power and authority to sign the TVC Broker Agreement.

– The Broker’s compliance with the terms and conditions of the agreement, must not violate any of the provisions of its articles of incorporation, charter or bylaws or any other instrument relating to the conduct of the Broker’s business, the ownership of its property or any other agreement to which it is a party or by which it is bound.

– On an ongoing basis Broker is required to promptly but in no more than 30 days notify TVC of any new litigation or judgments.

Licensing– The Broker must possess and maintain all required licenses necessary to conduct its activities in each jurisdiction in which any mortgaged property is located or otherwise be exempt from such requirements.