We need your input. We are deploying a survey today that asks 33 questions about how your institution is dealing with the impact of the lending compliance regulations that took effect in January, 2014. We're taking a snapshot in time. The survey, which is anonymous, will only be available for 24 hours. We are asking for the participation of every financial institution that uses BankersOnline. [One survey per institution, please.] Help us capture an accurate picture of where we are with lending compliance right now. We estimate you should be able to complete the survey in about 10 minutes depending on how familiar you are with your bank's products and history. Most questions are multiple choice with the last two asking for a short narrative. We appreciate your feedback.
We have a master loan purchase agreement with several correspondents. We take the application which is underwritten by the correspondents underwriters. We receive a written commitment to purchase at the loan approval and we distribute our funds at closing. We immediately transfer the loan to the correspondent after closing and receive final funding within a few days. Must we count these loans in our 500 or fewer small creditor calculation.