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The Wholesale Channel Advantage
January 17th, 2014 12:55 PM by Robin Bain
You probably already know that retail banks are not the only resource for home loans. Many of the U.S. mortgages are being originated through the wholesale channel via more efficient, more customer oriented, and often more competitive wholesale brokerage firms. Today, after the latest lending industry regulations (SAFE Act, HVCC, MDIA, RESPA 2010, etc.) the wholesale channel once again proves to be a solid choice for knowledgeable consumers seeking fair treatment and competitive loan terms. Here are some of the reasons why.
Licensed and tested originators
Wholesale channel employs only licensed loan originators who have passed vigorous national and state written exams. Loan originators working for retail banks are only “registered” and are not held to the same standards. You will find that wholesale loan originators know more about lending and consumer protection laws than their retail bank colleagues.
By replacing the retail bank’s loan officer, your wholesale originator eliminates good amount of bureaucracy often associated with retail banks, and reduces the cost of your transaction. In fact, the number of people involved in your transaction is cut to two – the originator and the wholesale lender’s underwriter, who knows the originator by name and answers the phone any time the originator calls. The underwriter knows that the wholesale originator has a choice and will work only with best performing wholesale lenders.
Experts with complete set of tools
Loan originators working for wholesale mortgage brokerage firms have complete access to all underwriting guidelines and underwriting engines. They are more in control and are better armed to provide accurate answers to broader spectrum of questions. It is their job to know everything there is to know about mortgage lending, and use this knowledge to put you into the best loan available for your specific case.
Unparallel client dedication
Unlike retail banks which run on heavy advertisement, smaller wholesale mortgage companies run mostly on referrals. One can only earn a referral by meeting and exceeding client's expectations. Time and time again, this is exactly what we do.
Click below to see.
Posted by Robin Bain on January 17th, 2014 12:55 PM
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