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.
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.
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.
Always review your application before you submit it -- use a checklist if one is provided.
Fill out the application using a printer or typewriter. Handwriting can be difficult to read and result in 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 bestlenders in the marketplace.
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.
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.
If you are a sole proprietor, you may need to include 2 years tax returns or company financials. Verify with the lender.
Always review your application before you submit it -- use a checklist if one is provided.
Fill out the application using a printer or typewriter. Handwriting can be difficult to read and result in 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 bestlenders in the marketplace.
