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Morgan Stanley Correspondent Conduit Seller Eligibility Requirements Investor Approvals: Seller must be an approved Originator as either a, Seller or Servicer by Fannie Mae (FNMA), Freddie Mac (FHLMC), Ginnie Mae (HUD/VA) or be an approved Federally Chartered/Insured institution. In addition, except as otherwise agreed to in writing by Morgan Stanley, mortgage loans must be originated by a mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act, a savings and loan association, a savings bank, a commercial bank, credit union, insurance company or similar institution which is supervised and examined by a federal or state authority. Experience: The Management Staff of the Seller will be reviewed for demonstrated knowledge, expertise and experience in the mortgage field. Funding: The Seller must have adequate facilities/funding source with which to originate loans. All mortgage loans must be closed in the Seller's name or the Seller's Correspondent's name using the Seller's own source of funds. Selling Standards: The Seller must follow generally accepted mortgage lending practices with respect to its loan origination activities. Quality Control: The Seller must have a quality control program that conforms to the requirements of FNMA/FHLMC as well as those set forth in this Eligibility section of the Seller Guide. Tangible Net Worth: Each Seller must have a minimum net worth of approximately $2M for Servicing Released. Legal Standing: (1) The Seller must be duly organized, validly existing, and in good standing under the laws of the jurisdiction of its organization. (2) The Seller must be qualified to transact business and properly licensed in each jurisdiction where it originates or services mortgage loans. (3) The Seller must be in good standing with all applicable regulatory authorities. Insurance: The Seller must provide proof of Fidelity Bond and Errors and Omissions insurance, which meets the requirements set forth in this Seller Guide. |
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