Frequently Asked Questions
Answers to questions you may have.
1. Do I need a license to work for Statewide Funding Inc.? If so, what type?
Yes, as a Loan Officer you must be licensed with the NMLS. In California, you can be licensed with the DRE or DFPI. For you to do business in any state that we are licensed in you would need to also be personally licensed in that state with the NMLS.
2. Does Statewide Funding have a set‐up fee?
No. We never have a setup fee to join our company.
3. Does Statewide Funding supply training, leads, an office, or salary?
Statewide Funding is designed primarily for experienced and self‐sufficient originators. However we do have training events on occasion via webinar. Our back office has a training calendar that you can attend internal, lender and MI company training events.
4. Does Statewide Funding broker, bank, or both?
Statewide is a broker/banker. Our loan officers can broker loans with any of our approved wholesale lenders and also use our correspondent lenders. 80% of our loans are done via Correspondent Channel.
5. Am I paid 1099 or W‐2?
That depends on the state you are located in. If you are in California and under DRE, you are paid as 1099. If you are licensed with the California with the DPFI you must be W2.
6. Can I operate under my own company name or do I need to operate as Statewide?
All Statewide Funding loan officers must operate as Statewide Funding, i.e. marketing, sign on door, business cards, answering phones, website, etc. If you work at a branch that operates under their own DBA then you can use that DBA. Non Approved DBA’s are not allowed.
7. How often do I get paid?
Statewide cuts commission checks on the 15th and the last day of the month. After the loan funds and escrow sends broker check to Statewide accounting. Statewide will review the file. If the file is complete according to the Statewide Stacking Order, commission checks are cut. If incomplete, commissions delayed. To be paid on the 15th the loan must fund no later than the 8th and to be paid on the last day of the month it has to fund by the 23rd. P&L Branches are paid every Friday based on the loan being purchased by that Wednesday.
8. Does Statewide have a minimum quota?
We do not have a minimum production level for loan originators. If you are W2 with benefits then you must close at least 1 loan every other month.
9. What types of loans can I originate at Statewide?
Statewide is approved with many wholesale lenders and banks. The programs cover almost every possibly type of loan, Conventional, FHA, VA, USDA, Conventional, Jumbo, CalHFA, GSFA, Chenoa, Non-QM, Home Equity, Reverse, commercial, multifamily, mobile homes, land, etc.
10. How do I price loans with Statewide? Can I see Statewide’s rate sheet?
Statewide uses Optimal Blue’s pricing engine. On all correspondent loans are priced out using our pricing engine. On brokered loans, you will need to price loans out on the lenders website or subscribe to Lender Price or LoanSifter. Once you are approved by Statewide, you will be provided a User ID & password to our OB pricing engine.
11. What type of loan origination software do I need to use at Statewide?
We use Calyx Path. When you join Statewide we will provide you a login to Path.
12. Who processes the loan?
We employ in-house loan processor. Loans are processed by our corporate processors or at the branch you work at. Our average processor has 15 years of experience.
13. What does the file flow look like from origination to submission to commission check?
In general, file flow looks like this, but the order of some steps can vary of course:
a. Originator takes the 1003 in Path
b. Originator uploads all items needed onto Path under documents
c. Processor reviews file and notifies our disclosure desk to issues initial disclosures to borrower
d. Borrower signs and returns initial disclosures
e. Processing orders title, appraisal and opens escrow
f. Processor submits the file directly to the lender or in-house underwriter
g. Originator locks interest rate on lender’s website or pricing engine for Correspondent
h. Processor emails disclosure desk to prepare locked LE
i. Originator/processor works with the lender meet conditions
j. Processor email disclosure desk to prepare locked CD
k. Processor orders loan docs
l. Borrower signs docs and docs are delivered to lender or in house funder
m. Once Statewide issues Authorization‐to‐Close, we fund the loan
n. Processor updates file on Path and uploads all documentation
o. QC clears file, and payroll works up commissions for pay period
14. How do I pull credit reports?
We will set up your credit report account. Loan originator understands that you, not Statewide Corporate, is responsible for payment of all invoices. You can have your customer pay for the cost of the credit report upfront via payment link, if you wish.
15. Which lenders are Statewide approved with?
We are approved with over 90 lenders. To see our lender list ask us for a copy. As we are always adding lenders, if you’re wondering about a certain lender, please ask.
16. Does Statewide help with lender placement and scenarios?
Statewide originators use Optimal Blue, an online pricing/program engine. You will also have full access to the lenders’ websites and your AEs’ contact information. We also have a scenario desk that you can email and ask questions.
17. I want to open a branch office and hire Jr. Loan Officers to work under me. Is this okay? And are checks cut to me, the branch mgr, or directly to the Jr. LOs?
In order to act as a branch manager, you must have significant experience in mortgage origination and fund at least $1 million a month in loan volume. Statewide can split commission checks between the branch manager and his/her Jr. LO. However, splits must be pre‐set and static.
18. If I am a licensed broker, can I be sponsored by more than one company in the NMLS?
Yes. We have non-exclusive associate broker arrangements. This will limit the product mix you can offer thru Statewide.
19. I want my checks to be cut to my corporation. Is this okay?
Yes, this is ok, however be aware that some states do not allow us to cut a check to a corporation. In those cases, the check will be cut to you personally. Statewide will need documentation that you are the owner, such as “articles of incorporation”. (California allows us to cut checks to corporations as long as your licensed with the DRE).
20. I have self‐generated leads that I want to bring with me to Statewide. Is this okay?
You can bring self‐generated leads with you, but absolutely no leads that your former broker provided to you. If you have any self‐generated loans in process while making the transition to Statewide, you should obtain a letter from your borrower acknowledging your change of broker.
21. Can I run my own advertisements?
Yes, you can, but you MUST have them approved by our Compliance Department first. All advertising must be in Statewide or approved DBA’s name. This applies to any form of advertising, including, but not limited to, print, radio, television, and internet.
22. Do I need to answer my phone as Statewide Funding?
Yes, all Statewide Funding loan officers must operate and advertise as Statewide Funding unless you are granted approval to operate under a DBA of Statewide.
23. Do the 1003, disclosures, credit report and official loan documentation all need to be in Statewide Funding’s name?
Yes, all paperwork that is submitted to the lender must be submitted under Statewide Funding, Inc. regardless if you have an approved DBA.
24. I want to print business cards and letterhead. Where do I get the Statewide Funding logo?
In terms of logos we have two versions. Business card and letterhead can be ordered directly from one of our approved vendors and can be ready within a week of approval. You can also download our logo from our intranet and create your own letterhead, envelopes, stationary, business cards, etc.
25. Can I originate my own loans or my spouse’s loan?
Statewide loan officers cannot originate their own loan (personal property) or their spouse’s loan since the loan needs to be an arm’s length transaction. Another Statewide loan officer must be the loan officer on the file.
26. I currently have great relationships with certain Account Executives. Can I continue to work with those AE’s, or do I have to switch to yours?
If you are working from your own commercial location, you can complete the lenders “Add a Branch” form and indicate on the form who you want as your AE. If you are working from your home office, you will generally have to work with established relationships. Some lenders don’t care however so ASK your AE how they account for this.
27. I would like to conduct real estate through Statewide? Can I do that?
Statewide is NOT a real estate company but it holds a CA DRE Brokers license. On exception, if you have your CA DRE license, we may allow you to do an accommodation transaction. All real estate is conducted through our DBA Coastline Properties. (See “Real Estate” Addendum for contract details on the intranet under “HR.”) The split is simple, Statewide charges 15% plus a $125 Risk Management Fee, which includes E&O insurance you earn 85% of thereafter. TC is separate, we have a list of independent contractors you can use for TC, there fees vary. TC fees would also come off the top.
28. What address do I use on loan documentation, i.e. 1003 and disclosures?
You would never use your home office address.
The address would be either:
a. Statewide Funding’s Corporate office address
b. Your branch office address, assuming you’re in a licensed commercial branch office.
Note: If you are operating out of a commercial office location, you must notify Statewide Funding so we can register the branch with the state and NMLS.
29. If I am working from a commercial location, do I need register my branch with DRE?
If you are working from a commercial space, you would notify Statewide Funding Corporate and we will register your branch with the DRE and NMLS (There is a $20 yearly fee that the NMLS charges for branch licenses).
30. Does Statewide Funding do commercial loans?
Yes. Statewide Funding focuses on primarily residential mortgages; however, we are approved with lenders that do commercial loans and you are welcome to originate commercial loans with Statewide Funding.
31. Do I have to notify my soon‐to‐be former broker I’m leaving?
You do NOT have to notify your broker you are leaving. Once you change your licenses over to Statewide Funding, your former broker will receive a notification from the NMLS and DRE that you have moved your license.
32. Does my former broker need to sign any paperwork to ‘release’ me?
You do NOT have to have your broker sign any paperwork to “release” you. When you complete the DRE and NMLS license transfers online it will displace your old broker automatically.
33. Do I need to send Statewide Funding my original California DRE license?
No. You can simply download a copy of your license on the DRE’s e‐licensing website and include it with your approval paperwork as requested. Instructions can be found in the hire packet.
34. Do the DRE and NMLS notify my soon‐to‐be broker that I’m leaving?
The DRE will send a letter to your previous broker notifying them that you have moved your DRE license. The NMLS will send an email to your previous broker notifying them that you have terminated your relationship with them in the NMLS.
35. I have loans in my pipeline with my former broker. What’s the best way to transition so I don’t have a two‐month gap in income?
As soon as we send you your ‘Hire Date’ email and your DRE and NMLS licenses are under Statewide Funding, you can originate NEW loans with Statewide Funding (while simultaneously closing out your pipeline at your former broker. This is within DRE regulations and designed this way so you don’t have to go 2‐ 3 months without a paycheck.) *Always check your contract with your previous broker.
36. Once my application is approved, how long before I can start originating loans?
After you return the completed original contract to Statewide Funding and your NMLS license are transferred to Statewide, you may begin originating.
You will receive an email with your formal ‘hire date’. Remember: It is acceptable to be closing out your pipeline at your to‐be former broker while originating new loans under Statewide Funding.
Do you have additional questions? Please contact Alex Diaz at Statewide Funding at 949-471-0449 or adiaz@swbcorp.com and we will be happy to assist you.
