Home » Finance » Mortgage

Mortgage Bank Success In Turbulent Times

Aug 1, 2008
The mortgage industry has experienced tumultuous changes causing brokers and lenders to struggle. Some lenders have even disappeared. Since, as a broker, your relationship with lenders is critical to your success, how can you know which mortgage banks will be around tomorrow? Certainly there are many factors that determine success --this article presents four such factors. The lenders that meet this criteria are likely to provide better service to their brokers and remain in business. If you do business with these lenders, you'll be able to spend time finding and closing more loans instead of trying to become approved new lender that just might not be here tomorrow.

These four keys to success are:

1. Variety of Loan Programs.

2. Quickly adapting loan programs to the changing environment.

3. Automated systems that provide economies leading to competitive rates.

4. Technology allowing rapid alignment with secondary market investor requirements, leading to better quality loans.

You'll want to find a lender with a large loan portfolio for two reasons. First, the greater the variety of loans offered, the more likely you'll be able to find a loan that meets your borrower's financial situations. Second, with a variety of loan programs, the lender will be safer if some loan programs are discontinued. You'll also want a lender that can rapidly adapt its loan programs to meet the criteria of secondary market lenders. Some lenders sell their loans to investors in order to replenish their available capital. If the loans they fund do not meet investor requirements, the investor will not buy the loans and the lender may become cash strapped.

Also look for a lender who uses an automated underwriting system (AUS) that allows for easy modification of loan program guidelines. The AUS will use the programmed guidelines to quickly underwrite loans and help ensure that borrowers qualify. Lenders can better assure that they receive saleable loans when they rapidly adapt their loan programs and utilize an AUS. Having consistently saleable loans will contribute to keeping lenders strong and prices competitive.

Another key to success is automating multiple processes and incorporating the underwriting into the lending workflow. Doing so reduces costs and increases efficiencies, which allows the lender to provide better rates. Great rates give brokers a reason to use a lender and thus contribute to the lender's strength.

In your search for the best wholesale lenders, be sure to ask lenders about the features listed above. Working with lenders who exhibit all for keys of success will enable you to earn more money and spend less time searching for new lenders.
About the Author
If you're a broker who would like to partner with a mortgage wholesale lender that is successfully surviving the market, apply with Direct Mortgage Wholesale.
Rating:
Please Rate:
(Average: Not rated)
Views: 250
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources