Wholesale Mortgage
Brokers have access to far more lenders and financial products than consumers. Since you are the go-between the two entities, brokers can walk in both areas and complete deals more easily. In a sense, your job is to address the needs of your clients while keeping in mind the standards of the lenders.
As a broker, you have access to retail and wholesale mortgage providers. Each has its pros and cons. Retail lenders deal with the consumer directly. The retail lender may use their own funds to finance a mortgage. This entity may also act as an agent for the lender. Brokers can work with clients who desire a retail lender. You are there to offer guidance during the application process.
Wholesale mortgage lenders, on the other hand, do not deal directly with consumers. The only way to access these funds is through a broker, credit entity, or other professional entity.
A whole mortgage lender puts a layer of representatives between them and the applicant. The additional layer is a third-party. Large banks find that this process streamlines the application and provides the most efficiency. Brokers make their money from wholesale mortgage lenders by charging a fee.
Interest rates are lower and the lending restrictions are looser through wholesale mortgage lenders. Most of the time, products offered by the whole entity can only be offered through a third-party broker, which gives you a leg up and financial exclusivity.
Wholesale Mortgage Conclusion
Brokers can offer several different products from various lenders to their clients. These products will come from whole mortgage lenders and in smaller instances from
retail lenders. In either case, Mortgage Street works with brokers and the clients that you represent. We have established our process for the last several decades to deliver results. Contact us for more information.