The mortgage industry is continuing to experience volatility with credit tightening, lender problems, and a decrease in available loan programs. During this time, mortgage brokers will be seeking new wholesale lenders who can provide competitive rates, good service, and loans that can meet borrowers' scenarios. If you find yourself in this situation, the following common-sense steps will help make the approval process smoother.
Submit all documents in support of your application at the beginning of the process, just as you would submit a full loan file. This prevents the need for additional phone calls or speculation.
For newer brokers -- ask the lender if they require a certain number of years experience. If you meet the requirement, then include resumes for yourself and othe important staff members that show your experience.
If the lender asks for references from account executives you have worked with, make sure the contact information for the AE's is still good. If you are unable to contact the AE, then the lender won't be able to either.
Ensure that all required signatures have been provided.
Review your application to ensure you submit all information has been requested.
Sole proprietors may be asked to submit 2 years of company financials or tax returns. If the application does not clarify this requirement, ask the lender.
Always review your application before you submit it -- use a checklist if one is provided.
Fill out the application using a printer or typewriter. Handwriting can be difficult to read and result in errors.
Although this period of change can be scary, there is hope out there, and there are still good wholesale lenders who can help you provide loans to your clients. Find those good ones, then use the steps above to simplify the approval process with them. Before you know it, the market will have stabilized and you'll have relationships with some of the best lenders out there.
Author Resource:-
If you're a mortgage broker who would like to partner with a mortgage wholesale lender that is successfully surviving the market, apply with Direct Mortgage Wholesale.
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