FAQ’s


Frequently Asked Questions

To submit a loan, do we need to go through your web portal?
Yes, everything is done on line through the portal

How do we obtain login credentials?
Our Admin Department gives out credentials to all new loan officers and processors when the first loan is submitted. If a processors work with multiple loan officers, let us know so they are able to access/view all of their loans.

Does 5th Street Capital disclose the LE (Loan Estimate) for us?
5th Street Capital will disclose the LE electronically to your borrower once we receive the requirements for disclosing from your office. Fees and a full submission package, as defined by 5th Street Capital, must be provided within 24 hours of loan application, all in accordance with applicable laws, rules, and regulations.

What documents need to be uploaded for 5th Street to disclose?
Broker Submission / Fee Sheet
Estimated Settlement Statement from escrow
Prequal email
1003 (dated within 24 hours of submission)
*At the same time you may also upload income and asset documentation so your loan can be submitted to underwriting

Do you require a credit report?
Yes, but will also pull our own credit when the loan is submitted

Does your company do the verifications, such as the VOE?
We order the VOE’s unless its specified on the condition sheet that we would require you to order it

Are there specific forms that we need to download to provide to the borrowers for the initial disclosures or do we just use our disclosures?
No, you can use your own and we don’t ask for or require your disclosures.

Do any initial disclosures need to be wet signed?
Yes, the 4506 -T must be wet signed but will not hold up your file from moving through out loan process, once received we will order transcripts for you

If we run AUS we will need to assign it over to 5th Street Capital?
No, we don’t require a copy of an AUS finding

What documents need to be provided by you?
CPL – needs to be in 5th Street Capital’s name
Hazard Insurance – needs to reflect 5th Street Capital as the loss payee
Appraisal – if performed for another lender we require an appraisal transfer letter
VOR
Preliminary Title Report
Desk/Field Review (if required)

Are we required to use 5th Street Capital’s forms available on the resource center?
You can use your forms

Who underwrites and funds the loan?
We underwrite, draw docs and fund the loan for you

What is the licensing requirements for the LO’s?
The loan officer must have their NMLS license
What is 5th street capital’s compensation structure?
We offer one (1%) point lender paid compensation OR up to two (2%) points on borrower paid compensation

Can Lender paid compensation and Borrower paid compensation be combined on the same loan?
No, lender paid compensation and borrower paid compensation cannot be combined on one loan. You must choose lender paid or borrower paid compensation at submission of each loan.

If we wanted to make more than 1% in compensation is our only choice borrower paid compensation?
Yes

What are the max fees we can charge on borrower paid compensation?
The total in fees you can charge the borrower is 2%, which can include origination, processing or any other fee for which you performed a service. Please note that the max total fees must stay below 3% including our lender fee of $1425.00.

Can we use a contract processor on lender paid compensation and have them paid them through closing?
Yes, if the processor is a bona fide third party processor (they must have their own NMLS) they can provide an invoice and be paid at closing.