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 1/10/2022

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

  • Executed Quontic Attestation of No-Forbearance
  • SSA-89 (wet signed only)
  • Executed Borrower Statement of Occupancy and Statement of Business Purpose (if Investor loan)
  • Successful Quontic Qualifier with PASS result (if using an approved Quontic credit vendor)
  • Executed Quontic Credit Authorization form if borrower is NOT using an approved Quontic credit vendor
  • Complete Uniform Residential Loan Application (1003)
  • Executed Broker Fee Agreement with the Company Name and NMLS reflected.
  • Executed Broker’s Credit Authorization Form
  • Most recent one month’s statement for each bank account. Large deposits to be documented per guidelines. Signed access letter for all joint accounts.
  • Completed and signed gift letter with supporting documentation per Guidelines for all gifts
  • For Purchases: Fully executed Purchase Agreement, including all Amendments and Riders, with applicable e-sign consent
  • Fore Refinances: Signed Lease Agreement(s) or Month-to-Month Letter for the subject property
  • For Condos/Coops: Completed CDL Quontic Limited Review Project Questionnaire.
  • 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 (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). If business assets are to be used, letter must include verification that business will not be adversely impacted by Borrower withdrawals.
  • Self-Employed Borrowers (for Lite-Doc loans): 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 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 required.
  • 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.

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.

January 7, 2022

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

2 Adjustable-rate mortgage