- Mark Madsen
- May 15, 2014
No. It is a process that involves considerable review of information from multiple sources and consideration of the acceptability/eligibility of a given loan as warehouse advance collateral. Once the decision to advance funds has been made, the information must generally be distilled down to a wire initiation request which is the mechanism for creating a wire in the Federal Reserve system. It is VERY IMPORTANT to note that once a wire is initiated, no warehouse lender, not even FirstFunding can control how fast funds are recognized by the recipient (usually the settlement agent) in the Federal Reserve system. FirstFunding recognizes the time sensitivity of getting funds to closing and generally all of the above-described tasks occur in a matter of minutes once the formal request (complete with all necessary supporting documentation) is received. It is possible that a question will arise when a request for funds is being processed. It is also possible that transactional volume ebbs and flows will impact the speed of funding request processing. Such circumstances can impact the process of sending warehouse funds to closing, but they are infrequent and FirstFunding generally employs staffing and systems that anticipate normal ebbs and flows and time zone sensitivities.