REFFERAL PARTNER PROGRAM EXPLANATION
How Program Works
WNC has been originating and facilitating commercial real estate and business loans since the Company was formed in 1999. Over that period of time, the Company has been involved in the over $2.0 billion of loans that have closed. WNC has developed an active Referral Partner Program which allows groups that generate commercial loan inquiries to benefit from those leads which will be handled professionally and expeditiously.
The WNC program has been designed to make it simple for our referral partners to participate. WNC referral partners should look at WNC as your commercial loan department . Below are the guidelines of the program:
Application–We have a simple one page application for approval as a referral partner. It takes 30 minutes to complete
Training Call–We have a short call with each approved referral partner to go over programs and the process.
Registration of a Transaction–Referral Partner completes a short registration form that summarizes the transaction and submits by email to WNC
Eligibility Determination– WNC quickly determines the viability of the request.
Introductory Call With Applicant– Once WNC reviews eligibility, we require that the referral partner to setup a phone call to introduce WNC. This step is critical in confirming what the applicant is seeking and allowing WNC to set expectations and describe the process. WNC will also communicate the documents required to obtain investor interest and pricing indications
Investor Acceptance and Pricing Determination– WNC prepares a summary of the loan request and circulates to one or more lenders for acceptance and indicative pricing.
Applicant Fee Agreement– At this point, we require the applicant to agree to any fees they will pay at closing (Please note that in some cases, we will be paid by the lender and no fees will be paid by the borrower.)
Final Application Package Submission and Final Loan Approval-We gather and submit documents to receive final approval.
Loan Closing and Fee Disbursement–Loan closes and fees are disbursed to all parties.
What Partner Makes
Production Unit Requirements:
Our lenders are seeking production units that have a track record of producing an average of $3.0 million or more per month
Our lenders are seeking individual loan originators that have a track record of producing an average of $800,000 or more per month
Source of Production:
Our lenders are seeking production units and individual loan originators that have developed realtor and builder relationships that generate leads for purchase transactions. They are not interested in production units and individual loan originators that rely on purchased leads or call centers that focus solely on rate driven refinance transactions.
Mix of Production:
Our lenders are seeking production units and loan originators that primarily produce government loans and conforming conventional loans. They are not interested in those that focus on specialty products or jumbo production.
Length of Time in Business:
Our lenders are seeking production units and loan originators that are mortgage professionals that have been in the industry for a minimum of 5 years. If a production unit, they could have some LO’s with less that 5 years in the business.
Purpose for Moving:
Our lenders are seeking production units and individual loan originators that are looking to make a move to an organization that can provide them with the support needed to achieve their potential and want to be part pf a larger successful organization.
Our lenders require that we assemble a compreensive documentation package on each production group or loan originator: Below are the requirements for them:
Production Unit Documentation Requirements:
Production unit fact sheet
Documentation of past production-this can be in the form of production reports, W-2’s, or the detail behind payrolls. Need to detail the loan types.
Staffing Information- this will include individual employment applications on each staff member and their individual resume’s. (Please note that lenders will pull credit on the individuals but they understand that individuals do have challenges with their credit from time to time)
Marketing Plan-Narrative on the unit’s plan for generating business.
Pro-forma – Detailed proforma for a minimum of one year including production, revenue and expenses.
Individual Loan Originator Documentation Requirements:
Loan Originator fact sheet
Documentation of past production-this can be in the form of production reports, W-2’s, or the detail behind payrolls . Need to detail the loan types.
Individual Employment Application
Production Projection-Lenders usually look for detailed projections for the next 12 months.
The Role We Play
Below are the functions that we perform in the process:
Marketing– We market the program and generate interest from production groups and loan originators.
Consulting on Best Option– We discuss your needs and your options from the lenders we represent.
Application Assistance– We assist the production groups/loan originators
Negotiation Assistance -We assist you in negotiating the best terms possible.
Transition and Post-Transition Assistance- We know that no transition goes perfect and WNC will assist you in the transition and after transition if issues arise.
We suggest the following steps:
Complete the Questionnare available by clicking the button below.
Call to review your information and discuss options