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. You can know more about mortgage lenders through sites like summer home loans.
Follow the steps below, and you'll have a quicker, simpler approval:
-Submit all documents in support of your application at the beginning of the process, just as you would submit a full loan file. This prevents the need for additional phone calls or speculation.
-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
-Double check that all required information is provided
-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.
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.