THE SURE STEP™ BANKER PROGRAM
SureStep™ combines a WarehouseOne line with fulfillment services to provide the lowest risk means of making a broker to banker transition. SureStep™ Bankers are correspondent lenders and mortgage bankers that are licensed to originate and close loans in their own name in the jurisdictions in which they operate. SureStep Fulfillment Services, LLC provides fulfillment services in conjunction with a number of vendors that have agreed to integrate data processing systems with SureStep™ and meet specific performance level requirements set by SureStep™.
Reduce Risk: The largest obligation that a broker incurs in making the transition to a banker is the repurchase risk associated with selling a mortgage loan to an investor. SureStep™ is low risk because the program provides a processing/underwriting warranty for the services that it performs that eliminates repurchase risk upon sale of the loan to an investor (there are carve outs for fraud, first payment defaults and early prepayment).
Reduce Cycle Time: 24 hour turn around time on underwriting, other perfomance guarantees and the receipt of integrated vendor services data significantly reduces cycle time, positively impacting cash flow and customer service.
Reduce Fallout: Reduce fallout because our system tracks the status of every document and condition required for approval in addition to time sensitive dates like lock expirations.
Reduce Hassle: SureStep™ eliminates having to hire additional processors and underwriters, funders, closers and shippers. SureStep™ provides services from point-of-sale through post-closing although clients can enter SureStep's™ process flow at several logical steps in the loan manufacturing process.
Embrace Technology: SureStep™ provides more information about loans that it is fulfilling than clients typically have accessible in their own offices. Loan files are uploaded electronically as an export from loan origination software applications like Byte, Calyx, Contour and most other popular LOS applications. All of the information, once uploaded, is available for viewing over the web. The entire file is imaged while it is being processed, resulting in a 100% electronic file. The file is stored indefinitely for clients making post-closing audits and quality control a breeze.
BYOI - Bring Your Own Investors: SureStep™ is not a captive program, meaning that you are the mortgage banker and you determine to whom your loans are sold. You may sell loans to any eligible secondary market institutional investor for whom you are an approved correspondent.
Maximize Return: SureStep™ also includes access to an affiliated mortgage purchase conduit, Sterling Eagle, that provides competitive pricing for conforming and non-conforming first and second lien mortgage and home equity loans. Sterling Eagle can provide competitive pricing because of the loan volume that comes through the SureStep™ program from many clients and the representations and warranties that wrap each loan that it has performed services on, both of which translate into purchase price premium. Sterling Eagle's pricing is at a premium relative to the pricing negotiated by many of its clients.
Online Product/Pricing Matrix: SureStep™ Bankers may pre-qualify borrowers and identify loan product and related pricing online. SureStep™ Bankers may register rate locks through this same point of sale system. This same front-end tool is available to banker clients to communicate product and pricing data to their loan officers through private-label web sites.
Open New Origination Channels: Use SureStep™ to open new origination channels that may be too risky to attempt in-house. For example, open a wholesale program for third-party originators. SureStep™ centralizes all of the underwriting, review, closing and post-closing functions and incorporates fraud and predatory lending tests to keep files clean and compliant.
Please refer to the "Benefits" page for a complete listing of the SureStep™ Banker Program benefits.
