Making The Approval Process with Wholesale Lenders Easier
July 29, 2008
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.
Just as it’s best to submit a full loan file, you should submit every required document for your application at the same time. This will make things easier for the reviewer and help prevent your own procrastination.
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.
Verify AE information for references before you submit them. If you can’t reach the AE, then the lender probably won’t be able to either.
Make sure you provide all the requested signatures
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.
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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