Service Levels
Delegated

Clients close, fund, and submit their loans for purchase to Weststar.

Fee structure: $250

Delegated Exemption

Correspondent Delegated Exemption is a service level that is granted to our best customers who demonstrate proficiency in assessing the risk on our product lines and capital capacity to manage the outcomes of their own risk assessments. We understand that even with this proficiency there are occasions when our clients would prefer to defer that risk assessment (and its resulting liability) on portions of files they intend to deliver to us. To accommodate the occasional need to preview those portions of certain loans we have added an option to our Delegated Review tier: Delegation Exemption(s). Each requested exemption will carry an additional fee of $125 and be limited to a maximum of two exemptions per file. Delegation Exemptions will modify Seller representation and warrant liability specific to that portion of the file which has been fully reviewed, conditioned and approved prior to closing by Weststar.

What are the benefits of a Delegation Exemption? The exemption has been put in place to provide our clients with an enhanced comfort level that there will be no issues at the time of purchase resulting from a particular portion of the file. Additionally, a granted exemption allows our clients on an as needed basis to defer to our product and risk expertise while keeping costs low and mitigating Seller liability to the transaction. We believe that this combination provides excellent flexibility and a needed efficiency to the loan review and approval process for our valued customers.

Delegation Exemptions should be requested at file image submission with the Delegated Exemption Request and are intended to be reviewed prior to loan closing. (See Delegated Exemption Request)

Exemptions are available for:

  • Credit
  • Income
  • Collateral
  • Assets 

Fee Structure: 1 Exemption: $375, 2 Exemptions: $500

Delegated Review

Our Delegated Review service level provides correspondents the option, on a single loan basis, to submit an entire loan package for pre-closing review. This service level should be utilized when a single loan file requires more than the two exemptions available through Delegated Exemption.

While WMC does not currently engage in Principal/Authorized Agent relationships, this does provide correspondents with the option of having a file (in its entirety) reviewed by WMC prior to close to ensure salability.

  • Correspondent processes and underwrites the files.
  • WMC will review the file prior to closing. The review is conducted by an underwriter. The WMC underwriter will provide a second underwrite.
  • The loan closes in the correspondent’s name.
  • Correspondent insures the loan.
  • Available to all correspondents. 

 Fee Structure: $850

 

 

Contact Information
Toll Free: (800) 640-0635
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Turn Times

Initial Submission
3 business days

Resubmission
2 business days

Weststar Mortgage Corporation
2155 Louisiana Blvd NE Ste 8000, Albuquerque, NM  87110
Toll Free:  (800) 640-0635
ssalazar@westloan.com
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