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Need to Discuss Channel Options?

Contact Toni Pierce at 815-676-0988 (Direct) 

or 815-761-2442 (cell)

Flanagan State Bank Available Channels

for our Brokers, Banks, Credit Unions and Mortgage Bankers

FSB offers several ways to conduct business with our team. Please see the different options below and choose the one that works best for your business.

2020 Renewal Certification Packet for existing Brokers & Correspondent Accounts

2020 Renewal Certification Packet for App5 

Broker/Wholesale Channel

  • For Licensed Brokers and Banks that are not HUD to do FHA loans
  • FSB Contract accommodates the need for Corr customers to broker FHA loans
  • Offers a max of 2.75 Lender Paid Compensation
  • $914 underwriting fee
  • Easy sign up process
  • Access to Mortgage Support Team
  • Doc Prep for Initial Disclosures available 



This section will break down into a few choice ways to operate with FSB


  • Standard Corr Set up
  • FSB will do the underwriting
  • FSB will prepare Closing documents
  • Disclosure prep is optional for initial disclosures
  • Client will send loan to FSB for purchase

Senior Correspondent

  • FSB will do the underwriting
  • Client will prepare own closing disclosures
  • Client will send loan to FSB for purchase


Delegated Correspondent

  • Client completes the underwriting of the loan
  • Client prepares own closing disclosures
  • Client to send loan to FSB for purchase 




This program is designed for Banks, Credit Unions and Mortgage Bankers that are new to Correspondent. It is designed to assist them in navigating the secondary market

  • FSB will do the underwriting
  • FSB will prepare the closing disclosures
  • Assisted Corr Team will prequal the files
  • AC Team will prepare disclosures
  • AC Team will upload all documents and insure they are correctly labeled
  • AC Team will submit to underwriting and guide the loan through the process
  • AC Team will notify the client during the process as the file progresses and advise them on what is needed
  • Client may correspond USDA, Conventional and VA but must broker FHA. VA may be brokered, as well.
  • The AC Team provides insight and guidance on all programs and potential scenarios



This channel is for Banks or Credit Unions only. This is an alternative to the Assisted Corr Channel if the bank or credit union would like to still earn a fee but not be as involved with the loan process.

  • FSB will assign one of our Loan Officers to the client
  • The FSB LO will work with the App5 LO to provide the program information, assistance with submitting the file and disclosures as needed
  • The loan will close in Flanagan's name
  • The FSB LO will handle all processing of the file and working with the borrower(s) and App5 LO to complete the loan process
  • All programs are available to an App5 client (USDA, FHA, VA and Conventional) without the need to sign up with any of the agencies.
  • Welcome to App+5 Info Packet


Documents Per Channel

Brokered Loans - See Forms & Tools Page for required documents! Correspondent channels, please reference below.


Correspondent Stacking Order

Allonge-word format, ready to customize

Bailee Letter-word format, ready to customize

CD Request Form-if FSB prepares closing docs

Closing Request Form

Tips for Fast Closings

Corr Processing Manual

Delegated Correspondent

Assisted Correspondent


Overnight Original Documents from Closing to:

Flanagan State Bank

Att: Correspondent Department

333 Chicago Road, PO Box 302

Paw Paw, IL 61353

Closing Package for Correspondent Customers is sent to the Correspondent. Closing package is to be uploaded to our file within 

Mortgagebot and the original Note, Allonge and Bailee Letter (if used) are to be overnighted to FSB at the above address.