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.
If you haven’t been a broker for long, then include in your application a detailed resume for yourself and other important employees. Ask the lender how many years of industry experience are required and show that you meet that requirement.
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.
Ensure that all required signatures have been provided.
Double check that all required information is provided.
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.
Typing the information instead of handwriting it that can help alleviate any 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.