Your questions - answered.

At River Funding, we have so many different products and programs that we get asked a lot of questions. That's great! It is our job to answer your questions and help you realize your full potential as a loan officer. Below is a list of our most Frequently Asked Questions (FAQ's). If you have a question that needs our answer, call or e-mail your account executive or e-mail our .

I've asked to receive your daily rate e-mails and alerts, but I don't see them in my e-mail inbox. Where are they?
Unless you gave us the incorrect e-mail address, your junk e-mail filter is most likely catching our e-mails and treating them as spam. It is easy to fix this permanently. Add our domain (@riverfunding.com) to your safe-sender list. You can ask us to stop sending you e-mails at any time. Your e-mail address is always safe with us - we don't share it with anyone and never will. For more help, contact your computer help desk, visit our help page, or call us.

Can I e-mail an appraisal? If so, where do I send it?
Yes, absolutely! In fact, we prefer e-mail. It is much faster and more convenient. E-mail your appraisals to: .

I just received a final approval. How soon can I close my loan?
We prefer to have at least 48 hours to prepare your documents. Sure, we could whip them out a little faster, but we prefer to do things right the first time and avoid errors if possible. If you have a special circumstance that requires closing documents with less than 48 hours notice, we can make an exception for a nominal 'rush' fee.

I just received a pre-approval and I want to obtain final approval. What should I send you and where do I send it?
Simply look at your pre-qualification sheet. Each loan may be different. You can fax us most files at 608-786-6001, e-mail us your appraisal at , or overnight the package to our office at 1580 Heritage Boulevard, West Salem, WI 54669.   We will need ORIGINAL SIGNED RESPA documents at closing (A faxed copy is fine to begin with).

How does the process work?

1. Call one of our account executives or inside staff personnel to discuss a file or get a question answered.
2. Utilizing one of the pre-qual forms (under forms menu), fill out and fax back with application (1003), transmittal summary (1008), and credit report.
3. We will generate a pre-approval and fax back to the Loan Officer with the information needed to obtain final approval.
4. Loan officer orders appraisal in his/her company name and title insurance (lender should read: River Funding Corporation, ISAOA).
5. To receive a final approval, we will need any income and asset docs required and other information stated on the pre-approval (docs can be faxed and appraisal can be e-mailed). It is not always necessary to have title and homeowner's insurance prior to sending these documents in for final approval.
6. Once the underwriter has given final approval, we will notify you immediately. The Loan Officer then needs to fax us title insurance, homeowner's insurance (in River Funding's name), payoffs, and our closing request form (sent to you automatically upon final approval) filled out. We normally need 48 hours to prepare the closing documents, but exceptions can be made depending on availability.
7. Once closing documents are drafted by River Funding, they will be emailed to the closing agent for preparation.
8. At close, the loan officer will be responsible for ensuring final application (final revised 1003) is signed by customer and any other instructions are taken care of before the loan can be funded.
9. At any time during the loan process, you are able to lock your rate for any most programs. Contact our Secondary Market Department for assistance.
10. The appraiser may already be on our approved appraiser list. If not, the appraiser must obtain our approval prior to funding. This can be accomplished by simply filling out the appraiser application form (under the forms menu) and faxing to us with requested information.

How fast are your turn times?
Pre-approval times are currently averaging three hours. Our final approval process can take as little as 2 HOURS to 48 hours depending on the program. These times will vary depending on how busy we are, of course.

What fees are included in the Fannie Mae 5% rule regarding closing costs? This includes all fees payable to the broker, any discount points paid, River Funding's standard fees, the prepaid interest, the title company's closing fee, wire fee, and courier fee. If the appraiser fee is payable to the appraiser it is not included but if it is payable to the broker it is included. In rare instances, additional fees may apply.

I heard of another lender capping it at 8%. Are my fees always capped at 5%? No, it is not always capped at 5%. It depends on the program. All conforming files are 5% unless the state the property is located in requires by law the total fees be less than 5% (i.e. IL - loans with an interest rate greater than 8% the total fees and YSP must be less than 3%). Also, generally non-conforming files allow the fees to total whatever the state allows whether it may be 3%, 5%, 6%, or 8%.

How do I calculate the amount of allowable fees?
Ok, you asked for it. Better get a piece of scratch paper and your calculator!
Step 1 - The eligible fees (listed above) are added together to get 'Figure A'.
Step 2 - Subtract Figure A from the loan amount to get 'Figure B'. ('Loan Amt' - 'Figure A' = 'Figure B')
Step 3 - Multiply 'Figure B' by 0.048 to get 'Figure C'. (0.048 x 'Figure B' = 'Figure C')
Step 4 - Verify that 'Figure A' is less than 'Figure C'. If not, you must reduce the fees until it is.
Step 5 - Take an aspirin.
If you have questions regarding a specific file, please contact someone in our Post-Closing Department or your Account Executive.

I noticed the appraiser I intend to use is not on River Funding's Approved Appraiser list.  How do they become approved?
The appraiser needs to complete the Appraiser Application form (found under our forms menu) and fax it to us. It is best to have the application complete as soon as you know you will be using a new appraiser.  Please note that no loan will be allowed to fund without the appraiser's application (and approval) in our file.

What are the standard closing fees charged by River Funding?

Effective June 16, 2008:
For 1st Mortgage Products:

• Document Origination Fee: $250
• Flood Certificate Fee: $14
• Underwriting Fee: $535
  We'll reduce to only $435 if you submit a full file to underwriting. A full file includes:
  • DU Findings (if applicable)
  • fully completed 1003
  • credit report
  • income / employment documentation
  • asset documentation
  • appraisal
  • purchase agreement (if purchase)
  • title

Second mortgages (including piggybacks):

• Single Underwriting Fee: $349

What is the 'mortgagee clause' and how does it need to read?
A mortgagee clause is any definition of a loss payee for various types of insurance. Mortgagee clauses are most commonly seen on title commitments/guarantys and homeowners insurance declarations/binders.

River Funding requires that we be listed as the primary loss payee, or mortgagee, on all loans except standalone second mortgages. On second mortgages, we must be listed on the policy in the second loss payee position. Regardless of whether you are listing River Funding as the 1st or 2nd loss payee, or both, the mortgagee clause must read:

River Funding Corporation ISAOA
1580 Heritage Blvd, Suite 200
West Salem, WI 54669

Related Terms:
ISAOA: Its successors and/or Assigns
ATIMA: As their interests may appear

What are the 'WI properties - Broker Compliance' forms all about?
In accordance with WI statutes s.224.79(1), s.224.79(1) all financial entities categorized as mortgage brokers must include in their package of initial disclosures the WI Consumer Disclosure Statement and Mortgage Broker Agreement. These forms improve preclosing disclosure to borrowers, helping them further understand the terms of their loan, and are required for any Wisconsin property.

*Note: As with all initial disclosures, WI forms must be signed at least 3 days before settlement in order to give the borrower ample time to review the terms of their loan. Please assure that all disclosure is made properly or closing may be delayed.

Can you tell me more about the appraiser approval process?
Absolutely! This document should tell you all you need to know. If you have further questions, contact your Account Manager.

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