What are the renewal requirements?

Our renewal requirements are fairly simple. We maintain a short list of a few items that we need to renew your facility on its anniversary. We will prompt you for these items prior to the renewal date. Most of our customers are surprised at how simple it is.

Can I lower my costs?

Yes. There are a number of ways that a customer can reduce FirstFunding’s fees. We offer innovative volume and loan quality incentives. The more a customer does, the more they can potentially save. The better quality the files, the faster they are purchased by the investor, the more the customer can save. Similarly, FirstFunding developed unique fulfillment service levels that enable the customer to choose what service level (and by extension – the associated cost) he wishes to operate with a given secondary investor.

Can my advance rate change? Why?

FirstFunding does maintain a graduated, but competitive fee schedule for jumbo loans due to the greater capital requirements and the potential for greater capital risk.

What is your floor rate and fees?

FirstFunding’s floor interest rate and fees are clearly stated on printed materials available from a FirstFunding Account Executive. Contact one of our AEs to obtain this information.

What is a Floor Rate?

A floor interest rate or “floor rate” is generally the minimum interest rate for accrual on a credit or funding facility. In the case of warehouse funding, the floor rate will be the minimum rate (annualized) at which interest will accrue on the then outstanding warehouse advances.

How do you determine the size of the line?

FirstFunding generally establishes the warehouse facility with its customers based on their estimate of their production ability with the investors on our list of approved investors. We do not generally limit the size of the warehouse facility to a multiple of the customer’s net worth.