Loan Correspondent Portal
Tel: (207) 608-4307
Fax: (207) 490-5812
Welcome to the Correspondent Lender Portal
I hope that you all had a wonderful Summer and enjoyed friends and family. It has been busy around here, as loan volume remained high and we have implemented some welcome changes. As of August 1st or so, we transitioned to Encompass from our prior LOS/POS provider. While this is a terrific upgrade, it was not without its challenges. As with any software change of that magnitude, there are learning curves to be certain. We appreciate the patience that you have shown during this transition…we do see the light at the end of the tunnel.
Another huge undertaking was the change from SIS to Partners Bank of New England. There was no merger or acquisition. We simply changed our name and branding to increase our market appeal as we seek to continue to grow our customer base. Same great people, products, and personal service, but a more modern logo, etc. We hope that you are pleased with the change.
I personally liked the name change as it pertains to the segment of lending that I do with you all. I sincerely feel that we should be partners in our lending efforts. There are a number of you that I work with on a very regular basis, and we have one another’s best interests in mind, with the ultimate team goal of providing a superior product/experience to our joint customers. To me, that epitomizes the message that we are trying to convey with our recent name change, a strong common effort and shared goal.
I look forward to working with you. Please don’t hesitate to reach out with any questions you may have.
- Correspondent Lending Procedures Workflow
- Portfolio Scenario Request
- Borrower’s Blanket Signature Authorization
- Project Cost Analysis
- Documents to Bring to Partners when Applying for a Construction Loan
- Construction Details/FAQs
Frequently Asked Questions
Q: Is there a minimum FICO score required for Partners correspondent loan submissions?
A: If there is a submission in which the mid lower score is <680, we need strong compensating factors to offset the risk.
Q: Who is responsible for obtaining conditions from the borrower?
A: Generally, the correspondent will be obligated to gather the required documentation/conditions. It is important that the customer knows that you are their contact, as that allows you to retain their business in the future.
Q: Can we utilize an existing appraisal?
A: If the anticipated LTV is less than 80% we can utilize the existing report, if the LTV exceeds 80%, we will require our own report. If we are able to utilize an existing report, please be sure to provide us with the invoice clearly indicating if it is paid or if payment is due. The appraisal must be fully reviewed and approved by Partners. For loans over 80% LTV, Partners will order, review, approve and provide a copy to the correspondent and borrower.
Q: How do we determine who does title and closing?
A: The coresponedent/borrower may choose the title and closing attorney, but the closing agent must be on Partners’ approved list (in the document section of this site). Partners will make the request and follow up the order.
Q: What are the main reasons for a delay in loan approval/credit decision?
A: Our underwriters and decisions makers are on site which allows for loan commitments to be provided within 24 to 48 hours. Any delays are generally as a result of insufficient documentation (incomplete loan packages). To avoid delays, the correspondent should provide a complete loan package.
Q: What constitutes a “complete” loan package?
A: Our requirement is likely the same as any investor loan. Loans submitted without the required documentation can mean significant delays and the risk of being suspended by underwriting. If the “standard” conditions aren’t provided at time of package submission, please provide a written explanation as to why it is missing and when it can be expected.
Q: What sort of turnaround times are to be expected from inception to closing?
A: A minimum of 30 days on purchase transactions is reasonable. (less than 30 days will generate an underwriting condition for an extension.)
Q: Why are photo IDs needed at time of application?
A: Because Partners is a banking institution we need verification of our customer’s identity before opening any accounts.