Third Party Lending Frequently Asked Questions
If you are interested in learning more about becoming a Third Party Lending partner with BofI Federal Bank, we invite you to read the answers to the following frequently asked questions. If you have further questions, please don't hesitate to give us a call at (888) 417-2479.
Who is my Account Executive with BofI Federal Bank?
BofI Federal Bank Account Executives are generally assigned by geographic region. You may call us at (888) 417-2479 or email us at firstname.lastname@example.org and we will identify the account executive that covers your account territory.
Do I perform a FNMA DO prior to submitting my loan?
No for portfolio loans; yes for agency loans.
What are the lender fees?
Lender fees are as follows:
- Portfolio $1695
- Agency $650
- Correspondents $1,395
- Foreign National Due Diligence $250
- Trust Review fee $300
Please see TPO Rate Sheet for additional items. Additional items include Appraisal Desk Review, Field Review, and Redraw Loan Documents.
How do I upload a loan?
Click on the "Upload a Loan" tab and upload your loan file. Loan file must be a Fannie Mae 3.2, Mismo AUS v2 file, or an IHM file.
How do I request a rate lock?
Please see our Rate Lock Procedure document for details on submitting a rate lock request.
Does BofI Federal Bank re-pull a credit report on my borrower?
Yes; however, if the credit report had originally been pulled by First American Credco and is less than 30 days old, then BofI Federal Bank will use the same credit report if it can be reissued by First American Credco to BofI Federal Bank.
What are minimum requirements to submit a loan?
- 1003 Form
- 1008 Form
- TPO Submission Fee Sheet
- Personal Tax Returns - 2 Years
- W2/1099s - 2 Years
- Paystubs - Last 30 Days
- Business Federal Tax Returns
- K1s - 2 Years
- Recent Bank Statements - 2 Months
- Source of Down Payment
- Purchase Contract
- Non-resident aliens will require ID
Does BofI Federal Bank pull a 4506T prior to funding a transaction?
Yes. A loan may be cancelled and/or terminated if the information varies from the original tax return. BofI Federal Bank may also pull a 4506-T after closing the loan to meet established company quality control standards.
When must my loan fund based on my lock term?
Your loan must fund by the last day of your interest rate lock commitment. If it has not funded by this date, the loan will be subject to relocking, and the costs associated with the additional extended lock days requested.
How do I order an appraisal?
Brokers will need to order an appraisal from one of BofI Federal Bank's approved vendor's appraisal management companies.
Does BofI Federal Bank perform fraud guard checks on submitted loan files?
Yes, BofI Federal Bank uses various industry fraud checks to insure the integrity of every file. Any fraud found on loan files is taken very seriously. BofI Federal Bank may document the fraud issues and report them to the appropriate industry authorities and data tracking mechanisms and/or the FBI’s fraud division.
Does BofI Federal Bank require an HVCC compliant appraisal?
Yes — BofI Federal Bank requires the appraisal to be ordered through one of our HVCC-compliant vendor's approved appraisal management companies.
How do I verify if my loan is a High Priced Mortgage Loan?
See link to HPML-authorized site FFIEC Rate spread calculator.
What is BofI Federal Bank's security policy?
Security is a very high priority for BofI Federal Bank. For more information please read About Our Security.
BofI Federal Bank may share your data as noted in our Privacy Statement. Please see our Privacy Statement for more details.
Who sends the appraisal to the borrower?
BofI Federal Bank will forward a copy of the appraisal to the borrower.
Will I receive a notification when my appraisal is complete?
Yes, you will receive an email notification from the approved appraisal management company.
What is the address for the Closing Protection Letter?
Bofi Federal Bank, its Successors and/or Assigns
PO Box 919008
San Diego, CA 92191-9872
What is the Mortgagee clause?
BofI Federal Bank, its Successors and/or Assigns
P.O. Box 919008
San Diego, CA 92191-9872
What if I have other questions?
Please email email@example.com with all of your questions or call us at (888) 417-2479.