Author: Direct Mortgage
Mortgage Broker Approval-Becoming Approved with Wholesale Lenders
Tuesday, July 29th, 2008 @ 11:00 pm
The mortgage industry is currently experiencing high volatility, causing some lenders to either go out of business or terminate loan programs. In this time of great flux, it is likely that mortgage brokers will be seeking new wholesale lenders who can provide them good service, competitive rates, and the loan programs that will meet their borrowers’ needs. Although lenders’ applications will differ, following a few common-sense steps will help make the approval process easier.
Prepare all the necessary documents and submit them at the same time. This way the reviewer won’t have to review part of your application, set it aside, and pick it up again later. It will also prevent a phone call or email to you asking where the missing documents are.
Newly formed brokers — include a detailed resume for yourself and any key staff. Clarify with the lender the number of years of industry experience they require.
Ensure that the contact information for references is still valid. Don’t think that the lender will be able to reach your references if you can’t.
Review the documents to make sure that you have signed at all the correct places.
Review your broker application before submitting it to verify that you have provided all requested information.
If you are a sole proprietor, you may need to include 2 years tax returns or company financials. Verify with the lender.
If there is a checklist, use it as your guide and double check before sending off the approval package.
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.
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