CALL NOW TO JOIN: 866-322-6504

Why California Lending Source?

California Lending Source is a mortgage broker that has been servicing California Borrowers since 2009. We have access to multiple residential and commercial wholesale lenders with rates and products ranging from A+ Paper loans to hard money financing. We are also have an established team of very experienced senior loan officers to help structure hard to place loans and find the right lender for the difficult deal. 

When you decide to join California Lending Source as a Loan Officer, you gain access to all of our lenders and resources to help you close more loans that many traditional lending brokers cannot close.

Some of the benefits of joining California Lending Source include:

  • 24/7 broker support
  • Onlie application and e-signatures   
  • Free personalized lead capture page
  • Free co-branding marketing materials available 
  • Flat fee commission structure
  • E&O Included
  • In-house processing
  • Options for your self-employed borrowers

We have access to the following lenders:

Commissions

California Lending Source has a flat fee commission structure similar to that of Real Estate Source, Inc. Our goal is to make the commission payout as transparent and simple as possible so that you know what your commission will be on every deal. Below is a breakdown of the fees as well as an example of how everything is applied if you were to pay processing out of your commission directly.

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  • $795 Broker Fee 
  • 0.73% for Workman's Comp ($7.30 every $1,000 in net comp)
  • $995 Processing Fee (Can be billed to borrower seperately)

Processing/Procedures

What you can expect from transactions with California Lending Source

Loan Officer Responsibilities:

1. Prior to submittal to processor, all files must have a FULLY filled out point file including:
  • Interest Rate
  • Assets
  • Debts
  • Escrow Contact Info
  • Fees
  • M.I. (If applicable, indicate if lender or borrower paid)
  • Fully Filled Loan Submission Form here: Loan Submission Form

2. A loan summary (Can be in point file under notes) which must include:
  • Lender to submit loan to
  • Type of loan & Name of Loan Product
  • Purpose of loan (purchase, refi, what are they doing with cash out, etc)
  • How borrower(s) will be holding title
  • Desired Terms (down payment, amount of cash out, etc)
  • Compensation/Origination Charges (borrower paid, lender, fee, amount, etc.)

3. Submit to processor (RES/CLS provides a Google account for all LOs. ALL files must be submitted       through the Google Drive associated with your account.)

  
LOAN OFFICER DUTIES INCLUDE:
  • Intake of application from Borrower(s)
  • Collection of all required loan/income documentation. List can be found here: https://www.californialendingsource.com/docs
  • Ensuring the loan fits all lender guidelines prior to submission to processor
  • Prequalification of Borrower(s) prior to sending to processor
  • Ordering and reviewing initial credit report
  • Discussions with the borrower regarding the loan terms, and instill the importance of getting the disclosures signed and needs list/condition items back as soon as possible
  • Rate locks, re-locks and extensions (or as directed by RES/CLS)
  • Provide processor with export PCF Point file, credit report, Borrower’s Authorization with credit card info, Affiliate Business Disclosure
  • Verification of income and income documentation
  • Collection of all documents required to clear conditions
  • Contacting the borrower(s) for any other items requested by Lender, RES/CLS, or processor during the loan process.
  • Co-ordinate with client, escrow & RE Agent(s) for closing schedule & signing
  • Loan Officer will work with the same processor through closing

NOTE: Even if your client desires an alt doc/bank statement loan, it is strongly encouraged that LO obtain all of the documents normally required on a full-doc loan submission OR at minimum have client(s) make documents available upon request.
  

Processor Responsibilities:

  •  Upon submission, processor will open and examine file and send an acknowledgement back to LO along with a list of items that may need to be addressed up front within 24 hrs.
  • Processor will verify application is complete
  • Submit/Upload loan to Lender
  • Processor will work with Escrow & Lender to ensure proper & timely LE & Disclosures are produced & Sent to borrower(s) via email directly from lender.
  • Verify disclosures are accurate and complete  
  • Receive & review conditions sheet after approval & Co-ordinate with LO & Escrow to collect all necessary Docs for Lender
  • Upload  underwriting conditions, funding conditions
  • Co-ordinate closing schedule with the LO, Lender & Escrow

NOTE: LO shall be point of contact for borrower(s) on all transactions. Processor will not contact clients directly. Clients are not to contact the processor(s) directly unless specifically instructed to do so by processor.
    

Requirements to Join

  • CaBRE License must be under the employ of RES inc [How to Join RES, Inc.]
  • Must be licensed by NMLS Through the BRE
  • For experienced LOs only

How To Join

Sign and date all pages of the below document "Policies, Procedures & CLS Contract.
Please be sure to read through the compliance announcements (links provided below) to be sure you are up to date with the latest broker requirements! 

Please submit all signed contracts to [email protected]