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Vertical Lend has compiled a comprehensive
resource for answering common questions new and potential Vertical Lend
Associates have about our company, our loan policies, web site privacy,
copyright, licenses and disclosures. Please contact Vertical Lend for
further clarification or to address any issues you may have in regards
to our web site or our services.
Frequently Asked Questions
Your clients may ask you the following:
Q. What mortgage amount can we be approved for?
A. That depends on a number of factors, includingincome, total monthly debt, and assets. In order to find out the loan amount you can qualify for, and the best type of mortgage to fit your needs, we'll need to gather some information and submit an Express Application to your Vertical Lend Account Executive.
Q. Why aren't your rates as low as others I've seen advertised?
A. Rates can be very misleading. Some mortgage companies advertise special low-rate deals to get you to call, then try to switch borrowers to other programs. It's most important to understand that the interest rate is not the only factor in determining the best loan value. Many lenders and brokers charge substantial broker and origination fees. These will be listed, along with ALL closing costs, on a Good Faith Estimate. It's important that you get a copy of this to determine your best deal. You should know, however, that when you obtain your loan through Vertical Lend, you will never incur a broker fee.
Q. What other factors can affect my closing costs?
A. Usually, closing costs will run between 1 and 6 percent of the loan amount. Costs vary by state and are affected by the number of points paid to decrease the interest rate. Other items borrowers may be asked to pay at closing include transfer and recordation taxes, mortgage taxes (in NY only), title insurance, a site survey fee, attorney fees, document preparation fees and loan discount fees. If a competitor has quoted you a low rate, you should get a copy of a Good Faith Estimate to see all the closing costs connected with that rate.
Q. What's the difference between a rate and an APR?
A. An APR represents the "effective rate of interest." It combines the interest, points and closing costs and spreads them over the life of the loan.
Q. What about lock-in?
A. If the rate expires before you close the loan, the borrower will receive the rate that is available on that day. That's why you should insist your loan company lock in your rate for no less than 45 days. When you borrow through Vertical Lend, your rate will be locked in for 60 days at no cost.
Q. What are the benefits of dealing with Vertical Lend instead of a bank?
A. Banks have only limited loans to offer. If a borrower doesn't meet the bank's strict credit guidelines, they run the risk of being denied and forfeiting a variety of fees. When your client obtains a mortgage through Vertical Lend, they will have access to over 1,000 different loan programs from over 50 different sources. This means we have a better chance of finding you the most competitive deal and a program that suits a borrower's needs.
Q. What sources do you use for your loans?
A. As a major mortgage company active in many states across the U.S., Vertical Lend is constantly scanning the market for the best deals. Our pool of over 50 sources for loans is evaluated regularly for competitiveness, product flexibility and efficiency in closing.
Q. How long will it take to close a loan?
A. Generally, once you supply Vertical Lend with all the necessary documents, we can get you a commitment and clear to close within a matter of weeks.
Q. Will I have to pay PMI?
A. PMI is an insurance policy you are required to take out if your down payment is less than 20 percent of the cost of the home. However, we have several programs that may allow you to avoid PMI, even if you put less than 20 percent down. Once we gather your information and submit it, a Vertical Lend Account Executive will be able to determine all of your options.
Back To The Top
Your Affiliation with Vertical Lend
By completing the Affiliate Application and signing the Employment Agreement, you become a W-2 employee of Vertical Lend. As an employee, you may be legally compensated for originating loans for your clients - this is NOT a referral fee. When a loan closes, a commission will be paid directly to you. The payments you receive from Vertical Lend are fully compliant with the Real Estate Settlement Procedure Act (RESPA). Note: if you are affiliated with a broker/dealer, you will need to disclose your affiliation with your compliance officer as an outside business activity.
Pledge to Our Associates
Vertical Lend is committed to providing an optimal home financing experience to each and every one of your clients. We take customer service very seriously - you have worked diligently to develop your book of business and by no means would we jeopardize those relationships.
As a result, each month our Quality Control team evaluates the Vertical Lend program for effectiveness. The team examines the following factors:
Back To The Top
PRIVACY POLICY
Your Privacy is Important
It is Vertical Lend, Inc.'s goal to provide you with the most valuable and professional service in the mortgage business and to keep you as a customer for as long as you have mortgage lending needs. We understand that protecting your privacy is important. It is our obligation to keep all information about you secure and confidential. That is why we have established a Privacy Policy that protects the security of any public and nonpublic personal and financial information you provide to us. Below we have outlined our security practices with regard to protecting all of your personal information.
We, our and us mean Vertical Lend, Inc. You and Your mean the following individuals: Those consumers who have provided us with non public personal information for the purpose of determining whether he or she qualifies for a mortgage loan; and Those customers who have obtained real estate settlement services from us. Non public personal information means personally identifiable financial information about you that we collect in connection with providing a financial product or service to you. This does not include information that is available from public sources, such as government real estate records. Affiliate means a company we own or control, a company that owns or controls us or a company that is owned or controlled by the same company as us. Nonaffiliated third party means a company that is not an affiliate of ours. We collect non public personal information about you from the following sources: Information that we receive from you on applications or other forms; Information about your transactions with us, our affiliates or others; and Information we receive from a consumer reporting agency.
Information We Collect and Disclose
We collect, retain and use only the personal information that is absolutely necessary to process your mortgage loan. We may disclose personal information about you to a carefully selected group of service providers and third parties that assist us in the mortgage loan process. These parties include, but are not limited to, licensed credit reporting agencies, federal and state regulators, and payment coupon booklet vendors. We may also partner with and disclose information to unaffiliated third parties who offer ancillary products and services that we think may be of value to you. Before we disclose your information to them, we require these partners to adhere to strict standards regarding the security and confidentiality of customer information. These business partners include, for example, optional life insurance products. After approved Members receive your information, they may contact you directly via phone, e-mail or other communications. All of our Members operate under federal and/or state laws and regulations and believe, as we do, that the Internet is an exciting and secure place to do business. As our Members may keep and use your information whether or not you qualify for a transaction with them, we recommend that you contact them directly for more information about their specific privacy policies. We will not disclose your income or credit information or your social security number. Finally, we may disclose information about you as required by law. Specifically, we collect and disclose: information we receive from you on your loan application or other forms, such as your name, address and social security number; information about your past mortgage history with us or other lenders (such as your loan balance and payment history); and information we receive from a credit reporting agency, such as your creditworthiness and credit history. While we collect information about your income and assets, we only disclose this data to third parties who must have it for the loan decision-making process, such as investors (like Fannie Mae) and mortgage insurance companies.
Why You Can Feel Secure
We do not disclose any personal information about our former customers to anyone, except as permitted or required by law. Keeping your financial information secure is one of our most important responsibilities. We will permit access to personal information about you only to those employees of Vertical Lend, Inc. who need to know that information in order to process and service your mortgage loan. These employees are committed to keeping your personal information safe and secure. We strive to maintain the accuracy of your information and will respond in a timely manner if you notify us that your information is not correct. We have implemented administrative, technical and physical safeguards to protect your information. These include setting policies and procedures for carefully handling customer data.
Information Security on the World Wide Web
We maintain the highest level of Internet security available to guard against the unauthorized access to and use of your information. We currently utilize Secure Socket Layer (SSL), a transaction encrypting protocol (format) that makes it virtually impossible for your information to be stolen or viewed. When you are asked to enter personal information on our web site, our systems automatically switch to "secure" mode. We use cookies to allow you to access personalized content on our site without having to enter the same information repeatedly. A cookie is a small amount of data, which includes an anonymous unique identifier that is sent to your browser from our site. Once you exit our web site or exit your web browser, the cookie expires. It does not remain on your computer hard drive. A cookie generated by our site contains no personal information about you and does not gather information from your computer about you. We store your data in a company-owned and -maintained servers located in a secure facility with restricted access.
We will Honor your Choices
If you prefer that we not disclose nonpublic personal information about you to third parties that are not directly involved in the loan approval or servicing process, you may direct us not to make those disclosures available. This process of limiting our ability to share your information is called "opting out."* You may not opt out of disclosures that are permitted by law. For example, you may not prevent us from disclosing information in connection with a legal process or subpoena, or disclosing information to prevent fraud or to comply with a legally permitted inquiry by a governmental agency. Once you submit your loan application, you will be contacted by Vertical Lend, Inc. to discuss your home financing needs. As part of the application process, you will receive an additional Privacy Policy notice that includes the Vertical Lend, Inc. contact information if you decide that you would like to exercise your right to opt out. Again, protecting your privacy is important to us. If you have questions or concerns about our Privacy Policy, please call 866-418-5819 or send an email to optout@verticallend.com
Current Customers
If you are already making payments to us and you would like to exercise your right to opt out, please call 866-418-5819 or send an email to optout@verticallend.com
Back To The Top
Conditions of Use
Privacy:
Please review our Privacy Notice, which also governs your visit to verticallend.com, to understand our practices.
Electronic Communications:
When you visit Vertical Lend (verticallend.com) or send emails to us, you are communicating with us electronically. You consent to receive communications from us electronically. We will communicate with you by email or by posting on this site. You agree that all agreements, notices, disclosures and other communications that we provide to you electronically satisfy any legal requirement that such communications be in writing.
Copyright:
All content included on this site, such as text, graphics, logos, button icons, images, audio clips, video, digital downloads and data compilations, is the property of verticallend.com or its content suppliers and is protected by United States and international copyright laws. The compilation of all content on this site is the exclusive property of Vertical Lend and is protected by U.S. and international copyright laws.
Trademarks:
Vertical Lend, verticallend.com, Vertical Lend man and the Vertical Lend Logo are proprietary trademarks of Vertical Lend, Inc. All other trademarks not owned by Vertical Lend or its subsidiaries that appear on this site are the property of their respective owners, who may or may not be affiliated with, connected to, or sponsored by Vertical Lend or its subsidiaries.
Back To The Top
Licenses and Disclosures
Back To The Top
Frequently Asked Questions
Your clients may ask you the following:
Q. What mortgage amount can we be approved for?
A. That depends on a number of factors, includingincome, total monthly debt, and assets. In order to find out the loan amount you can qualify for, and the best type of mortgage to fit your needs, we'll need to gather some information and submit an Express Application to your Vertical Lend Account Executive.
Q. Why aren't your rates as low as others I've seen advertised?
A. Rates can be very misleading. Some mortgage companies advertise special low-rate deals to get you to call, then try to switch borrowers to other programs. It's most important to understand that the interest rate is not the only factor in determining the best loan value. Many lenders and brokers charge substantial broker and origination fees. These will be listed, along with ALL closing costs, on a Good Faith Estimate. It's important that you get a copy of this to determine your best deal. You should know, however, that when you obtain your loan through Vertical Lend, you will never incur a broker fee.
Q. What other factors can affect my closing costs?
A. Usually, closing costs will run between 1 and 6 percent of the loan amount. Costs vary by state and are affected by the number of points paid to decrease the interest rate. Other items borrowers may be asked to pay at closing include transfer and recordation taxes, mortgage taxes (in NY only), title insurance, a site survey fee, attorney fees, document preparation fees and loan discount fees. If a competitor has quoted you a low rate, you should get a copy of a Good Faith Estimate to see all the closing costs connected with that rate.
Q. What's the difference between a rate and an APR?
A. An APR represents the "effective rate of interest." It combines the interest, points and closing costs and spreads them over the life of the loan.
Q. What about lock-in?
A. If the rate expires before you close the loan, the borrower will receive the rate that is available on that day. That's why you should insist your loan company lock in your rate for no less than 45 days. When you borrow through Vertical Lend, your rate will be locked in for 60 days at no cost.
Q. What are the benefits of dealing with Vertical Lend instead of a bank?
A. Banks have only limited loans to offer. If a borrower doesn't meet the bank's strict credit guidelines, they run the risk of being denied and forfeiting a variety of fees. When your client obtains a mortgage through Vertical Lend, they will have access to over 1,000 different loan programs from over 50 different sources. This means we have a better chance of finding you the most competitive deal and a program that suits a borrower's needs.
Q. What sources do you use for your loans?
A. As a major mortgage company active in many states across the U.S., Vertical Lend is constantly scanning the market for the best deals. Our pool of over 50 sources for loans is evaluated regularly for competitiveness, product flexibility and efficiency in closing.
Q. How long will it take to close a loan?
A. Generally, once you supply Vertical Lend with all the necessary documents, we can get you a commitment and clear to close within a matter of weeks.
Q. Will I have to pay PMI?
A. PMI is an insurance policy you are required to take out if your down payment is less than 20 percent of the cost of the home. However, we have several programs that may allow you to avoid PMI, even if you put less than 20 percent down. Once we gather your information and submit it, a Vertical Lend Account Executive will be able to determine all of your options.
Back To The Top
Your Affiliation with Vertical Lend
By completing the Affiliate Application and signing the Employment Agreement, you become a W-2 employee of Vertical Lend. As an employee, you may be legally compensated for originating loans for your clients - this is NOT a referral fee. When a loan closes, a commission will be paid directly to you. The payments you receive from Vertical Lend are fully compliant with the Real Estate Settlement Procedure Act (RESPA). Note: if you are affiliated with a broker/dealer, you will need to disclose your affiliation with your compliance officer as an outside business activity.
Pledge to Our Associates
Vertical Lend is committed to providing an optimal home financing experience to each and every one of your clients. We take customer service very seriously - you have worked diligently to develop your book of business and by no means would we jeopardize those relationships.
As a result, each month our Quality Control team evaluates the Vertical Lend program for effectiveness. The team examines the following factors:
- Competitiveness of our products
- Customer service ratings
- Loan processing times
- Breadth of our products
Back To The Top
PRIVACY POLICY
Your Privacy is Important
It is Vertical Lend, Inc.'s goal to provide you with the most valuable and professional service in the mortgage business and to keep you as a customer for as long as you have mortgage lending needs. We understand that protecting your privacy is important. It is our obligation to keep all information about you secure and confidential. That is why we have established a Privacy Policy that protects the security of any public and nonpublic personal and financial information you provide to us. Below we have outlined our security practices with regard to protecting all of your personal information.
We, our and us mean Vertical Lend, Inc. You and Your mean the following individuals: Those consumers who have provided us with non public personal information for the purpose of determining whether he or she qualifies for a mortgage loan; and Those customers who have obtained real estate settlement services from us. Non public personal information means personally identifiable financial information about you that we collect in connection with providing a financial product or service to you. This does not include information that is available from public sources, such as government real estate records. Affiliate means a company we own or control, a company that owns or controls us or a company that is owned or controlled by the same company as us. Nonaffiliated third party means a company that is not an affiliate of ours. We collect non public personal information about you from the following sources: Information that we receive from you on applications or other forms; Information about your transactions with us, our affiliates or others; and Information we receive from a consumer reporting agency.
Information We Collect and Disclose
We collect, retain and use only the personal information that is absolutely necessary to process your mortgage loan. We may disclose personal information about you to a carefully selected group of service providers and third parties that assist us in the mortgage loan process. These parties include, but are not limited to, licensed credit reporting agencies, federal and state regulators, and payment coupon booklet vendors. We may also partner with and disclose information to unaffiliated third parties who offer ancillary products and services that we think may be of value to you. Before we disclose your information to them, we require these partners to adhere to strict standards regarding the security and confidentiality of customer information. These business partners include, for example, optional life insurance products. After approved Members receive your information, they may contact you directly via phone, e-mail or other communications. All of our Members operate under federal and/or state laws and regulations and believe, as we do, that the Internet is an exciting and secure place to do business. As our Members may keep and use your information whether or not you qualify for a transaction with them, we recommend that you contact them directly for more information about their specific privacy policies. We will not disclose your income or credit information or your social security number. Finally, we may disclose information about you as required by law. Specifically, we collect and disclose: information we receive from you on your loan application or other forms, such as your name, address and social security number; information about your past mortgage history with us or other lenders (such as your loan balance and payment history); and information we receive from a credit reporting agency, such as your creditworthiness and credit history. While we collect information about your income and assets, we only disclose this data to third parties who must have it for the loan decision-making process, such as investors (like Fannie Mae) and mortgage insurance companies.
Why You Can Feel Secure
We do not disclose any personal information about our former customers to anyone, except as permitted or required by law. Keeping your financial information secure is one of our most important responsibilities. We will permit access to personal information about you only to those employees of Vertical Lend, Inc. who need to know that information in order to process and service your mortgage loan. These employees are committed to keeping your personal information safe and secure. We strive to maintain the accuracy of your information and will respond in a timely manner if you notify us that your information is not correct. We have implemented administrative, technical and physical safeguards to protect your information. These include setting policies and procedures for carefully handling customer data.
Information Security on the World Wide Web
We maintain the highest level of Internet security available to guard against the unauthorized access to and use of your information. We currently utilize Secure Socket Layer (SSL), a transaction encrypting protocol (format) that makes it virtually impossible for your information to be stolen or viewed. When you are asked to enter personal information on our web site, our systems automatically switch to "secure" mode. We use cookies to allow you to access personalized content on our site without having to enter the same information repeatedly. A cookie is a small amount of data, which includes an anonymous unique identifier that is sent to your browser from our site. Once you exit our web site or exit your web browser, the cookie expires. It does not remain on your computer hard drive. A cookie generated by our site contains no personal information about you and does not gather information from your computer about you. We store your data in a company-owned and -maintained servers located in a secure facility with restricted access.
We will Honor your Choices
If you prefer that we not disclose nonpublic personal information about you to third parties that are not directly involved in the loan approval or servicing process, you may direct us not to make those disclosures available. This process of limiting our ability to share your information is called "opting out."* You may not opt out of disclosures that are permitted by law. For example, you may not prevent us from disclosing information in connection with a legal process or subpoena, or disclosing information to prevent fraud or to comply with a legally permitted inquiry by a governmental agency. Once you submit your loan application, you will be contacted by Vertical Lend, Inc. to discuss your home financing needs. As part of the application process, you will receive an additional Privacy Policy notice that includes the Vertical Lend, Inc. contact information if you decide that you would like to exercise your right to opt out. Again, protecting your privacy is important to us. If you have questions or concerns about our Privacy Policy, please call 866-418-5819 or send an email to optout@verticallend.com
Current Customers
If you are already making payments to us and you would like to exercise your right to opt out, please call 866-418-5819 or send an email to optout@verticallend.com
Back To The Top
Conditions of Use
Privacy:
Please review our Privacy Notice, which also governs your visit to verticallend.com, to understand our practices.
Electronic Communications:
When you visit Vertical Lend (verticallend.com) or send emails to us, you are communicating with us electronically. You consent to receive communications from us electronically. We will communicate with you by email or by posting on this site. You agree that all agreements, notices, disclosures and other communications that we provide to you electronically satisfy any legal requirement that such communications be in writing.
Copyright:
All content included on this site, such as text, graphics, logos, button icons, images, audio clips, video, digital downloads and data compilations, is the property of verticallend.com or its content suppliers and is protected by United States and international copyright laws. The compilation of all content on this site is the exclusive property of Vertical Lend and is protected by U.S. and international copyright laws.
Trademarks:
Vertical Lend, verticallend.com, Vertical Lend man and the Vertical Lend Logo are proprietary trademarks of Vertical Lend, Inc. All other trademarks not owned by Vertical Lend or its subsidiaries that appear on this site are the property of their respective owners, who may or may not be affiliated with, connected to, or sponsored by Vertical Lend or its subsidiaries.
Back To The Top
Licenses and Disclosures
- Alabama - HUD Exempt
- Alaska - Vertical Lend: Business License, 310078
- Arizona - Mortgage Banker, BKBR 0109248; Mortgage Banker, BKBR 0110100
- Arkansas - Not licensed yet
- California - Finance Lender and Broker, No: 607 2450; Mortgage Warehouse, Ltd.: Finance Lender and Broker, No: 603 7100 Finance Lender and Broker, No: 603 A583; Finance Lender and Broker, No: 603 7100
- Colorado - HUD Exempt; No Broker License
- Connecticut - First Mortgage Correspondent Lender Broker #8061; Second Mortgage Lender Broker #8062, Connecticut Dept. of Banking
- Delaware - Not licensed yet
- DC - Dual Authority MLB 5827
- Florida - Correspondent Mortgage Lender #CL 0501972, Office of Financial Regulation
- Georgia - Georgia Residential Mortgage Licensee, #15692, Georgia Dept. of Banking and Finance
- Hawaii - HUD Exempt
- Idaho - Not licensed yet
- Illinois - Illinois Residential Mortgage Licensee #MB0005969, Illinois Dept. of Financial and Professional Regulation Division of Banks and Real Estate
- Indiana - HUD Exempt for First Mortgages
- Iowa - Not licensed yet
- Kansas - Not licensed yet
- Kentucky - HUD exempt
- Louisiana - Residential Mortgage License No. RML 2379-0
- Maine - Supervised Lender (company), SLM8097; Supervised Lender (branch), SLB8098
- Maryland - Mortgage Lender, 3134201
- Massachusetts - Licensed Mortgage Broker #MB1884, Office of the Commissioner of Banks
- Michigan - Licensed Mortgage Broker and Lender #FL0914 (1st Mortgages), Michigan Office of Financial and Insurance Services
- Minnesota - Not licensed yet
- Mississippi - Mortgage Company License, No. 638/2005
- Missouri - HUD Exempt
- Montana - No license required as Lender for First Mortgages
- Nebraska - Not licensed yet
- Nevada - Wholesale Lending Exemption
- New Hampshire - Not licensed yet
- New Jersey - Licensed Lender #LO35162, licensed by the NJ Dept. of Banking and Insurance
- New Mexico - Vertical Lend: Mortgage Broker No. 02510
- New York - Registered Mortgage Banker
(LMC#102246) with the New York State Banking Department
doing business as Mortgage Warehouse - North Carolina - Licensed Mortgage Lender #L-108669, NC Commissioner of Banks
- North Dakota - Not licensed yet
- Ohio - Licensed Mortgage Broker #MB3088, Dept. of Commerce Division of Financial Institutions
- Oklahoma - Licensed Mortgage Broker #MB000582, Office of the Administrator of the Department of Consumer Credit
- Oregon - Not licensed yet
- Pennsylvania - First Mortgage Banker License #14266, Secondary Mortgage Banker License #14267, Pennsylvania Dept. of Banking
- Rhode Island - Not licensed yet
- South Carolina - HUD Exempt (FHA Insured)
- South Dakota - Not licensed yet
- Tennessee - No. 0000003032
- Texas - Mortgage Broker No. 57628; Mortgage Banker No. 55375
- Utah - Not licensed yet
- Vermont - Not licensed yet
- Virginia - Licensed by the VA State Corporation Commission, Bureau of Financial Institutions - MB #1639
- Washington - Not licensed yet
- West Virginia - Not Licensed Yet
- Wisconsin - Not licensed yet
- Wyoming - HUD Exempt
- U.S. Housing and Urban Development - Title II Non-Supervised Lender, #11752-0000-2 T-2
Back To The Top
Contact Vertical
Lend
3 Huntington Quadrangle, Third Floor, Melville, NY 11747
Phone: 1-877-692-7762 Email: info@verticallend.com
3 Huntington Quadrangle, Third Floor, Melville, NY 11747
Phone: 1-877-692-7762 Email: info@verticallend.com
© Copyright Vertical Lend/2003; all rights reserved. State Licensing Chart