Quontic’s Expedited Loan Closing Program
Jump start your business and close loans with ease with Fast Track, the highlight of Quontic’s Wholesale Division! 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 turbo charged with Fast Track!
The information on this page is provided for the benefit of mortgage professionals and not intended for consumers or the general public.
Close loans faster than ever
INITIAL UNDERWRITING | CONDITIONS | CLEAR TO CLOSE | |
|---|---|---|---|
FAST TRACK TURN TIMES | 24 HOURS | 24 HOURS | 24 HOURS |
AVERAGE TURN TIMES | 48 HOURS | 48 HOURS | 48 HOURS |
FAST TRACK TURN TIMES | AVERAGE TURN TIMES | |
|---|---|---|
INITIAL UNDERWRITING | 24 HOURS | 48 HOURS |
CONDITIONS | 24 HOURS | 48 HOURS |
CLEAR TO CLOSE | 24 HOURS | 48 HOURS |
*Turn times as of 08/24/2022.
Note: If you have submitted an ITIN borrower for CTC, please allow an extra 72-96 hours for review.
How Fast Track works
Step 1
Use the checklists below for complete documentation requirements.
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
- Complete Uniform Residential Loan Application (1003)
- Executed Broker Fee Agreement with the Company Name and NMLS reflected.
- Successful Quontic Qualifier with PASS result
- Executed Quontic Attestation of No-Forbearance
- SSA-89 (wet signed only)
- Executed Borrower Statement of Occupancy and Statement of Business Purpose (if Investor loan)
- Executed Broker’s Credit Authorization Form
- Executed Quontic Credit Authorization Form (if not using approved Quontic credit vendor; see Submission Form for approved credit vendors)
- Most recent one month’s statement for each bank account. Large deposits to be documented per guidelines. Signed access letter for all joint accounts.
- For all gifts, provide completed and signed gift letter along with supporting documentation per Guidelines.
- For purchases: Fully executed purchase agreement, including all amendments and riders, with applicable e-sign consent
- For refinances: Signed lease agreement(s) or month-to-month letter for the subject property
- For condos/coops: Completed CDL Quontic Limited Review Project Questionnaire.
- If using rental income from other REO to qualify, CPA/Accountant/Tax Preparer/Enrolled Agent to provide signed and dated letter on accounting firm’s letterhead confirming all properties owned by the borrower and the monthly/annual gross rental income from each of those properties. CPA/Accountant/Tax Preparer/Enrolled Agent must have a valid PTIN (preparer tax identification number).
- Provide two forms of government-issued ID along with proof of legal US residency (if applicable).
- Completed and signed Consumer Explanation Letter attached to credit report.
- If using alternative tradelines to meet minimum credit requirements, provide copy of most recent statement(s) evidencing borrower is owner of the account and credit supplement verifying timely payments for at least 12 months. 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 their current primary residence and the subject transaction is for the purchase of a primary residence, a signed satisfactory Motivation Letter is required. If the borrower is relocating, the letter must indicate how the income source will continue / be unaffected by move.
- If Investor Loan Under an Entity (Corp / LLC), provide all formation documents outlined in the Guidelines. Note: ALL individuals who own 25% or more of the entity must be on the loan application as a guarantor.
- Entire first page of Borrowers’ most recently filed 1040.
NOTE: Quontic is a mission-driven Community Development Financial Institution (CDFI) which receives government benefits for providing financing to low-income households. The 1040 is being collected for CDFI purposes ONLY and will NOT be used for loan qualifying/underwriting purposes.
Income checklist by borrower type
- Self-employed borrowers: CPA/Accountant/Tax Preparer/Enrolled Agent’s letter confirming borrower’s position/title, ownership percentage, and business inception date. If business assets are used to qualify, letter must include verification that business will not be adversely impacted by Borrower withdrawals.
- Self-employed borrowers: A signed and dated CPA/Accountant/Tax Preparer/Enrolled Agent-prepared 12-month Profit & Loss Statement (P&L) for a period ending within 90 days of closing.
- Self-employed borrowers: Accountant Letter and P&L must be dated and signed on accounting firm’s letterhead and must include signer’s contact information. CPA/Accountant/Tax Preparer/Enrolled Agent must have a valid PTIN (preparer tax identification number).
- For Self-Employed: In addition to the accountant’s letter and 12-month P&L required for US Citizen, Permanent Resident, EAD, Visa borrowers, provide 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.
- For Wage-Earner: Top portions of the 1040s for the last 2 years. (If 2021 have not yet been filed, need proof of extension of 2021 and tops of the 2019 and 2020 tax returns. No exceptions will be made if the aforementioned cannot be provided)
- Copy of the ITIN card or letter from the IRS verifying tax ID number.
- Wage-Earner FN Borrowers (For DTI qualifying): 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 DTI qualifying): 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.
- Completed DSCR Worksheet evidencing minimum 1.00x DSCR
Questions?
Contact Us today if you have any questions about Fast Track or any of our other programs.
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. © 2022 Quontic Bank. All rights reserved.
Information is accurate as of the date listed below and may change without notice.
November 10, 2022