Correspondent Lending FAQs

The correspondent delegated channel is for loan submissions that have been underwritten and closed by your offices; the correspondent non-delegated channel is for unclosed loans to be underwritten by AFR. You have the option for AFR to draw the documents or for your offices to draw the documents in the non-delegated channel.

For non-delegated loans, the CPS is your primary contact for closed loans after a CTC has been issued. They will review the closing package and clear any post-closing items required prior to purchase. For delegated loans, the CPS will issue to your prior to purchase items to clear. They will be your primary point of contact up to the purchase of your loan.

The rate set date is determined by the date of your lock to the borrower. This is not to be confused with locking the loan with AFR—this lock is between AFR and the Correspondent client.

The rate-lock-in agreement, the final compliance report, the rate lock confirmation from your offices (not your lock to AFR), or the fully completed points and fees test including the rate set date.

You would provide your MERS number to the underwriting account manager prior to closing. This will allow for the MERS number to appear on the closing documents.

The instructions can be found on the forms section of our website under Correspondent Loan Submission, titled “Correspondent Funding Procedures Worksheet”.

Our Document Upload tool is available within the loan view on AFR Loan Center.

• Certificate of Title must be retired/surrendered.
• Alta 7 Manufactured Home Endorsement is required.
• Affidavit of Affixation/Intent – If not previously recorded, the document must be recorded with the Security Instrument.  Please ensure any Lender signature fields are completed and submitted to the Settlement Agent prior to recording.

The client submission form has the option to select if there are any affiliate business arrangements, if the option selected “no”, we will not require the disclosure.