Wall Street Wholesale

Wall Street Wholesale Frequently Asked Questions?

How do I become an approved broker?
Go to the “Forms Online” button and then click on the account executive you are requesting. Once completed and all supplemental items are attached, please send the fully executed original documents directly to your Account Exectuive.

How do I become an FHA approved broker?
If you already are approved with FHA, send us a copy of your FHA approval letter so we can begin the process on our end. If you are not already approved as an FHA broker you will need to do the following. Go to the “Forms Online” button and then print off all of the forms listed under “FHA Forms”. Complete all of the FHA forms required to be come a “Non-Supervised Loan Correspondent (Mini Eagle)” and send all but the check for $1000 to: Wall Street Wholesale, Attn: Broker Approval, 75 Lane Road, Fairfield, NJ 07004. Wall Street requires that you have an existing relationship with Wall Street with sufficient conventional loans closed with us before we will sponsor anyone. Wall Street will review loan quality, performance, and other characteristics in making the decision to sponsor anyone for their FHA approval. For specific questions regarding the FHA Title II application package, required documentation, or general questions, please contact the Lender Approval department at HUD at 202.708.3976 or email them at FHALender@hud.gov . More information is available online at www.hud.gov/groups/lenders.cfm and in HUD Handbook 4060.1 available online at www.hudclips.org

What is your mortgagee clause?
Use the following mortgagee clauses for all insurances (i.e. homeowners, flood, windstorm), the title commitment, and the closing protection letter (a/k/a indemnification letter or insured closing letter). For Conventional Loans: Wall Street Financial Corporation, ISAOA ATIMA, 75 Lane Road, Fairfield, NJ 07004. For FHA Loans: Wall Street Financial Corporation, The Secretary of Housing and Urban Development, ISAOA ATIMA, 75 Lane Road, Fairfield, NJ 07004.

How do I submit a file for prequalification?
If you have an E-Miracle logon, you can submit your file directly into E-Miracle yourself for a prequalification and pricing. If you do not have an E-Miracle logon or a product not offered thru E-Miracle, on the website, under the “Prequal Form” button, there is a list of account executives. Select your account executive from the list, and print off their submission form. The form has the account executive's direct fax number and email address that you can submit your prequal to them. If you received a “refer” from E-Miracle, please include the feedback as well.

If I send in a loan for a prequalification, is my rate locked?
No. We do not lock your rate at time of prequalification. You must specifically request a rate lock from us once you have a pre-approval.

What is the minimum rate lock term I can do?

Wall Street offers a 15-day rate lock for files that have received a full underwriting approval. Loans that are only pre-approved and not fully underwritten by the underwriting department are eligible for 30-day or greater lock terms.

What does Wall Street require to do a full underwrite?
We require a full original credit package in order to submit your file for a full underwriting decision. This includes but is not limited to: initial application, all disclosures issued within compliance, preapproval or AUS feedback (if applicable), credit report, income docs, asset docs, sales contract (if applicable), and appraisal.

Does Wall Street require original documents?
Yes. Wall Street requires the original documents prior to closing. This includes the initial 1003 signed and dated by both the borrower(s) and the loan officer as well as all disclosures and any other document requested by underwriting.

Does Wall Street require loan amounts in even increments?
Yes, Wall Street requires final loan amount (for FHA, the total loan amount with UFMIP) must be rounded down to the nearest $50 increment.

What does Wall Street need for closing?
We require the following items. They do not have to be sent with the initial submission to underwriting. A.) Preliminary title commitment. Use the appropriate mortgagee clause for the lender's name depending on whether the loan is FHA or conventional. B.) Closing protection letter (a/k/a indemnification letter or insured closing letter). It must be specific to the transaction. It must list the proper mortgagee clause as well as the borrower's full name and the subject property address. C.) Preliminary HUD-1 with the closing agent's fees. D.) 24 Month chain of title E.) Wiring instructions F.) Homeowners insurance, flood insurance (if required), or windstorm insurance (if required) with the correct mortgagee. Also, need an invoice showing the payment status on the policy (i.e. paid in full, bill at closing, or paid thru). G.) Any invoices to be paid at closing (i.e. appraisal, inspections, etc) as applicable. H.) Fee sheet. I.) Property tax information with due dates The closing department will review the title items after they are sent to underwriting on an ongoing basis. The closing department will review the title work and contact the closing agent directly to correct any items necessary.

For new FHA refinance's is there any special considerations?
If you're refinancing into an FHA loan, regardless of the lien types being paid off, the current mortgage payment(s) for the current month must be paid if the loan disburses after the 15th of the current month.

What does Wall Street require for Patriot Act CIP compliance? Wall Street requires a legible copy of the borrower's current, valid, driver's license or state identification card, a legible social security card, and a Patriot Act Disclosure on all loans.

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Licensed Mortgage Banker NJ Dept of Banking and States of PA, FL, CT, MD, VA, DE and SC.
Registered Mortgage Broker in New York State securing mortgages through a 3rd party lender. Not available for Wholesale.