First Funding Blog

How does the mortgage banker get paid?

As part of your Warehouse Funding Facility setup, FirstFunding will establish a depository account (Mortgage Originator Remainder Account) into which your fees and other income funds will be deposited, after the sale of the loan to the secondary market mortgage investor, and after repayment of the Warehouse Funding Facility advance. You will be permitted to withdraw from this account via check withdrawal on a daily basis if you so choose. The revenues and expenses associated with a given loan transaction are always detailed for the originator in the reconciliation report which is prepared by FirstFunding on each loan when it is sold in the secondary market.