Mortgage Broker Approval-Becoming Approved with Wholesale Lenders
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.
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.
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.
If you are a sole proprietor, you may need to include 2 years tax returns or company financials. Verify with the lender.
Be smart and use a checklist to verify that you have included everything before you submit your broker application.
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.
Not all reverse mortgage lenders are equal. Selecting the appropriate type of reverse mortgage lender could mean saving hundreds of dollars during the lifespan of the mortgage. Also, the proper type of lender may guide you and educate you throughout...
Mortgage Cycling – Modern Day Mortgage Broker TacticsThere\'s a different kind of mortgage broker on the block, and they\'re giving conventional mortgage brokers a run for their money. With today\'s current economy, consumers have to be as budget conscious as ever, and it\'s showing in every consumer...
Real Estate Investing: Always Your Mortgage BrokerA lot of people don\'t think about the later part of buying a house which is paying the mortgage interest. Buyers, in their excitement of purchasing a house, often forget to think about other possible options they have that can...
Georgia FHA Mortgages: Mortgage Approval FactorsAt the time you apply for a mortgage, your chosen lender will consider many factors. These factors influence the types of loans you are eligible for and also what your interest rate, monthly payments and loan terms will be....
The Best Way To Apply For Home Equity Loan ApprovalA home equity loan can help you finance improvements to your home. Since you\'ve been paying your mortgage over the years this type of loan can give you access to the equity you\'ve built up....