Quontic's New Expedited Loan Closing Program

Quontic’s Wholesale Division introduces the Fast Track! The newest highlight to our wholesale division that will jump start your business and help you close loans with ease. By submitting a complete loan file, your submission will be vetted by our skilled operations team and get expedited to the finish line. Quontic’s fast turn times are now turbo charged with Fast Track

Closing Loans Faster Than Ever

INITIAL UNDERWRITING
CONDITIONS
CLEAR TO CLOSE
FAST TRACK TURN TIMES
24 HOURS
24 HOURS
24 HOURS
AVERAGE TURN TIMES
5 DAYS
4 DAYS
5 DAYS
FAST TRACK TURN TIMES
AVERAGE TURN TIMES
INITIAL UNDERWRITING
24 HOURS
5 DAYS
CONDITIONS
24 HOURS
4 DAYS
CLEAR TO CLOSE
24 HOURS
5 DAYS

*Turn Times As Of 9/21

How Fast Track Works

Step 1

Download and attach the completed checklist below along with your loan submission.

Step 2

The Wholesale Submission team will review and nominate the submissions for the Fast Track.

Step 3

The Management Team
will approve the
submission for Fast Track.

Step 4

Once approved, your loan is pushed to the front of the line for disclosures, initial approval, condition review, CTC review, and closing!

Checklists For All Borrowers

  • Quontic Attestation of No-Forbearance
  • SSA-89 (wet signed only)
  • Borrower Statement of Occupancy and Statement of Business Purpose (if Investor loan)
  • Successful Quontic Qualifier results (if using an approved Quontic credit vendor)
  • Borrower signed Credit Authorization form if NOT using an approved Quontic credit vendor
  • Complete Uniform Residential Loan Application (1003)
  • Executed Broker Fee Agreement with the Company Name and NMLS reflected.
  • Most recent one month’s statement for each account. Large deposits to be documented per guidelines. Signed access letter for all joint accounts.
  • Fully executed gift letters for all gifts
  • Fully executed Purchase Agreement, including all Amendments and Riders, with applicable e-sign consent
  • Signed Lease Agreement(s) or Month-to-Month
  • Letter for the subject property (for refinances)
  • For Condos/Coops: Completed CDL Quontic Limited Review Project Questionnaire (www.quonticwholesale.com).
  • Provide two forms of government-issued ID along with proof of legal US residency (if applicable)
  • Signed credit report Consumer Explanation Letter (for approved Quontic credit vendors).
  • Any required additional credit references (as applicable). Copy of note and 12 months canceled checks for Private mortgages (if applicable)
  • For Cash-Out Refinances, provide a signed letter explaining the reason for cash-out and use of funds.
  • If the borrower owns the current primary residence and the subject transaction is for purchasing a primary residence, a satisfactory signed Motivation Letter is required. If the borrower is relocating, the letter must indicate how the income source will continue.
  • If Investor Loan Under an Entity (Corp / LLC): Note: ALL individuals who own 25% or more of the entity must be on the loan application as a guarantor. Provide LLC/Corp docs per guidelines

Income Checklist By Borrower Type

  • 1040 page 1 Top Section up to and including dependents. No income figures are to be provided. (Required for CDFI purposes ONLY)
  • Self-Employed Borrowers (for Lite Doc loans): CPA/ Accountant/Tax Preparer’s letter stating borrower’s position/title, ownership percentage, and business inception date for All business, dated and signed on firm’s letterhead, and must include contact information. CPA/Accountant/Tax Preparer must have a valid PTIN (preparer tax identification number).
  • Self-Employed Borrowers (for Lite-Doc loans where DTI is calculated): A signed 12-month Borrower-prepared Profit & Loss Statement (P&L) for the period ending within 60 days of closing. Profit & Loss Statement must include attestation confirming no material COVID-19 impact on the ability to make mortgage payments. Provide any applicable business licenses or certifications
  • For self-employed: top portions of their Schedule C’s for the last 2 years, evidencing their business or profession with no income shown or at minimum blacked out, with CPA letter and 12-month P & L
  • For wage-earners, top portions of the 1040s for the last 2 years. (If 2020 have not yet been filed, need proof of extension of 2020 and tops of the 2018 and 2019 tax returns. No exceptions will be made if the aforementioned cannot be provided)
  • Copy of the ITIN card or letter from the IRS required
  • Wage-Earner FN Borrowers (For Lite Doc loans): Letter from Borrower’s employer on employer’s letterhead stating Current position/title, length of employment, and current yearly compensation. The borrower must be employed for at least two years. The letter must evidence contact telephone number, address, and email, if applicable. The employment letter will expire 90 days from the date of issuance on the letter.
  • Self-Employed FN Borrowers (For Lite Doc loans): A signed letter from the borrower’s CPA/accountant or auditor on the firm’s letterhead confirm the following: Name and description of borrower’s business(es), position and title, length borrower held the position, prior two years and current year personal income, the letter must include a contact telephone number, address, email, and will expire in 90 days.
  • For all REO outside the US, provide a signed letter from the borrower’s CPA/accountant or auditor on the firm’s letterhead verifying the housing expense and rental income (if applicable) for each property owned. For all REO in the US, follow Master Guidelines for general requirements

Call Us Today
1-888-738-9016

Call us today to learn how our full line of products can change your pipeline forever. Have questions? Simply fill out this form and one of our experienced Account Executives will reach out to you soon.

Call us today to learn how our full line of products can change your pipeline forever. Have questions? Simply fill out this form and one of our experienced Account Executives will reach out to you soon.

DISCLOSURE

This is intended for Mortgage Broker professionals. All lending products are subject to credit & property approval. Rates, program terms & conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions & limitations apply. Quontic Bank name & logo are registered trademarks. © 2020 Quontic Bank. All rights reserved.

Information is accurate as of the date listed below and may change without notice.

September 24, 2021

1 Reserve Requirements Subject to Loan Amount and Number of Financed Investment Properties.

2 Adjustable-rate mortgage