broker center

We strive to make the broker experience seamless.

We strive to make the broker experience seamless.

Redstone’s team of concierge’s are here to help you achieve your funding goals. Use the resources below to assist you in your everyday process. If something’s missing, let us know below!

Redstone FAQ's

Redstone Process

Work with your CX Guru to get approved, make sure your scenario fits our credit box, and then obtain a proper needs list for submission into our broker portal, Sigma. 

Industry standard is typically 30 days from submission to close. However, Redstone strives to close loans faster for borrowers with an average closing of 14 to 21 days from the date of submission.

By utilizing our in-house built portal Sigma. For credentials, please contact broker support, support@rsmtg.com, or your CX Guru.

Throughout the mortgage process your credit is pulled by both your mortgage broker and the lender you are partnering with. Since these are the same type of credit pull, there will not be multiple negative hits to your credit. 

  • View our licensing map below 
  • Occupied and 2nd homes – States that Redstone is licensed in:CA, AZ, CO, TX, UT, MN, IL, PA, MD, FL
  • Investment Properties – States that do not require a license:AK, AR, CO, CT, DC, DE, HI, IA, IN, KY, LA, MA, MD, ME, MI, MO, MS, MT, NE, NH, NJ, NM, NY, OH, OK, PA, RI, SC, TN, TX, VA, WA, WI, WV, WY
  • Investment Properties – States that do not require a license but the loan must close in an LLC or Corporation:AL, FL, GA, IL, KS
  • Investment Properties – States which require you to be licensed:AZ, CA, MN, UT
  •  Investment Properties – States which Redstone is not licensed at this time to do business in:ID, NC, ND, NV, OR, SD, VT

Loan Qualification

There is a standard underwriting fee of $1,495 and $170-$800 for a condo review (established/new).

We offer 30 Year and 15 Year Fixed. We also offer 5/6, 7/6, and 10/6 ARM. 

No, we must have a subject property upon submission.

  • For Owner-Occupied Properties, a 5% down payment has been made by the borrower from their own funds.
  • 100% Gift Funds are allowed for theGuru/theVice/theSnap/theFlex using StandardDoc or using Alt Doc 24-month Bank Statement loans only, with a maximum LTV of 75%. Borrower(s) must meet both reserve and residual income requirements.
  • For Investment Properties, a minimum of 10% of the down payment must be made by the borrower from their own funds
  • Gift funds cannot be utilized to meet reserve requirements
  • Owner Occupied – Maximum contribution:
    • 6% for LTVs < 80%
    • 4% for LTV >80%
  • Non-Owner Occupied – May not exceed 3%

When working with a DSCR loan, income is determined by the estimated rental income divided by the estimated mortgage payment. In the case where the mortgage payment exceeds the projected rental income, you would have a ratio below one OR “No-Ratio”. This does not stop a loan from being completed, rather there is a negative pricing adjustment to cover the negative cash flow.

Pricing

For fixed rate loans, interest rates stay the same for the entirety of the loan’s term. An interest only loan is a variable rate loan, meaning that the rate adjusts over time in response to changes in the market.

Redstone recommends locking at time of submission, however you may lock in your rate at your discretion, i.e. after conditional approval.

Yes, a lock can be extended up to a maximum of 60 days depending on the loan situation. This will incur an additional charge to the borrower for the extension.

LPC (Lender Paid Compensation) are the points a broker can charge for the loan transaction, this is included into the rate of the loan. BPC (Borrower Paid Compensation) are the points a broker can charge the borrower for completing the loan that comes directly from the borrower in payment at the end of the loan.

The max points for LPC (Lender Paid Compensation) a broker can charge is 2 points. The max points for BPC (Borrower Paid Compensation) a broker can charge is 2.75 points.

Yes, a borrower can pay a max of 2 discount points to get a lower rate than what was locked in for the loan. All buy downs are a 2:1 ratio in cost.

Industry Knowledge

Qualified mortgage (QM) is also known as conventional mortgage which follows Fannie and Freddie guidelines. Whereas Non-QM is non-conventional and does not follow the same set of guidelines. Non-QM allows lenders to provide different qualification options for borrowers who may have a unique situation.

The rates between the two differ because they are based on different treasuries which control the rate and inflation environment. Conventional rates are based off of the 10 year treasury controlled by the Federal Reserve. Non-QM is based on the 2 and 3 year treasuries which are controlled by other factors in the economy.

Closing is when you meet with your escrow agent to sign all paperwork regarding your loan to finalize the loan transaction. Funding is when you receive the wire and final financing for your loan. Depending on the state, this can be within the same day or up to 72 hours.

One of the many advantages of a Non-QM loan is that they do not require PMI, this is one less charge to the borrower.

Partner with Redstone

The Fastest Growing Non-QM & Jumbo Lender

  • Redstone Licensed
  • No License Required to Originate Business Purpose
  • No License Required to Originate Business Purpose if Closed in LLC or Corporation

concierge service = faster turn times

Contact sales

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
House with pool, black and white

how can we help?

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

how can we help?

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.