Making The Approval Process with Wholesale Lenders Easier

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.

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.

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.

Make sure you provide all the requested signatures

Review your application to ensure you submit all information has been requested.

Verify with the lender what type of financial statements are necessary, if any. Sole proprietors may be asked to submit two years of tax returns or company financials.

Be smart and use a checklist to verify that you have included everything before you submit your broker application.

Do not handwrite the answers to questions on the application. Use a typewriter or printer instead. This will reduce errors.

This can be a scary and tense time, but mortgage brokers are still needed and good wholesale lenders still exist. You can simplify becoming approved with them by following the steps above. By acting now, you'll have more options available to you, and when the market stabilizes, you'll already be associated with some of the best lenders in the marketplace.

About the Author

Direct Mortgage provides wholesale mortgage loans and leads the industry in the development of web-based technology.