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Making The Approval Process with Wholesale Lenders Easier

Jul 30, 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.

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.

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