FAQ’s Processing

Frequently Asked Questions

FAQ’s Processing
Yes, everything is done on line through the portal
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.
Yes a loan can be submitted TBD and we also accept loans without an appraisal. Please upload the loan like you normally would but make sure the “Pre-Approval” box is checked. Do not “Register” the loan under Forms and Docs. (Registering the loan would trigger compliance alerts). You still need to upload a 1003/1008, income, asset, and all other pertinent documentation. How to submit a tbd.
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.
1003 dated within 24 hours of loan import
Broker Submission / Fee Sheet
Estimated Settlement Statement from escrow

Yes, but will also pull our own credit when the loan is submitted. 

We order the VOE’s unless its specified on the condition sheet that we would require you to order it.
Yes, the 4506 -T must be wet signed but will not hold up your file from moving through the loan process, once received we will order transcripts for you.
No, we don’t require a copy of an AUS finding.
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
Preliminary Title Report
Desk/Field Review (if required)

Insurance Requirements

All property types (with the exception of condo’s**)

Required coverage equal to the lesser of the following:

  • 100% of the insurable value of the improvements, as established by the appraisal or property insurer; or
  • the unpaid principal balance of the mortgage, as long as it at least equals the minimum amount—80% of the insurable value of the improvements.

Condo Requirements

Master Policy

Insurance must cover 100% of the insurable replacement cost of the project improvements, including the individual units in the project. An insurance policy that includes any of the following coverage, either in the policy language or in a specific endorsement to the policy, is acceptable: Guaranteed Replacement Cost – the insurer agrees to replace the insurable property regardless of the cost, Extended Replacement Cost – the insurer agrees to pay more than the property’s insurable replacement cost, or Replacement Cost – the insurer agrees to pay up to 100% of the property’s insurable replacement cost.

HO6 Insurance

If the policy is a “bare walls policy” This policy typically provides no coverage for the unit interior, which includes fixtures, equipment, and replacement of interior improvements and betterments. As a result, the borrower must obtain an individual HO-6 policy that provides coverage sufficient to repair the condo unit to its condition prior to a loss claim event, as determined by the insurer.

Liability Insurance Requirements

The amount of coverage must be at least $1 million for bodily injury and property damage for any single occurrence.

**if property is a site condo without a master policy follow all property type coverage requirements
We underwrite, draw docs and fund the loan for you.
The loan officer must have their NMLS license.