Best Wholesale Mortgage Lenders For Non-QM and Traditional Loans
This guide covers the best wholesale mortgage lenders for non-QM and qualified loans. What makes a wholesale investor the best wholesale mortgage lender? What makes wholesale mortgage lenders the best of the best? No two wholesale mortgage lenders are the same.
If push comes to shove, many mortgage professionals would rather choose an A-tier wholesale account executive and a C-tier wholesale lender than a C-tier wholesale rep and an A-tier wholesale lender.
The people who work together to make the deal happen make a wholesale lender the best wholesale mortgage lender. Some wholesale mortgage account executive will not give out their cell numbers or work after hours. The best wholesale reps are the knowledgable, hard-working wholesale reps who work late hours, seven days a week, and go to bat for their mortgage loan originators to close the deal on time.
Wholesale Mortgage Lenders of Traditional Loans
There are two main types of wholesale mortgage lenders: Non-QM and Traditional wholesale mortgage lenders. Wholesale mortgage lenders of traditional loans specialize in agency government and conventional loans. Lenders of government and conventional loans need to follow agency mortgage guidelines:
Traditional wholesale mortgage lenders are direct or correspondent lenders of FHA, VA, USDA, and conventional loans. Each wholesale lender have their own pricing on mortgage rates.
Not all conforming wholesale lenders have the same lending requirements. Most traditional wholesale lenders have lender overlays on government and conventional loans. The best wholesale mortgage lenders of traditional loans are lenders with no overlays and great pricing on rates.
What Are Lender Overlays
A wholesale mortgage lender may have lender overlays requiring their mortgage loan applicant to have a minimum credit score of 640. HUD guidelines do not require a mortgage loan borrower to pay off unsatisfied open collection accounts. However, a wholesale mortgage lender may require that open collection accounts be paid off as their lender overlays.
Wholesale Mortgage Lenders of Non-QM Loans
Non-QM wholesale lenders specialize in non-qualified and non-prime mortgage loans. There are many different types of non-QM or non-qualified mortgage loans. Non-QM loans are often called non-prime loans. No two wholesale mortgage lenders of non-QM loans have the same lending guidelines. Non-QM wholesale mortgage lenders are portfolio lenders without set agency guidelines on non-QM loans. Wholesale lenders of non-QM loans can make exceptions.
What Are Non-QM Loans
Lenders consider various types of mortgages to be “Non-QM” or non-qualified. The scenarios below are considered non-QM, and if any of these pertain to you, it may be possible for you to obtain a mortgage. The following types of mortgages are classified as non-QM loans:
- Bank statement loans
- DSCR mortgages
- DACA mortgage loans
- ITIN Loans
- Non-QM Loans One Day Out of Bankruptcy and Foreclosure
- 1099 Income Only Mortgages
- Fix and Flip Mortgage Loans
- Asset-Depletion Mortgage Loans
- No-Doc Loans
The Team at Wholesale Mortgage Lenders
From the disclosure desk team to the processing and underwriting team, the staff of the closing department, and other support and operations teams, they all work together to make the dream of homeownership a reality. The best wholesale mortgage lenders have a mission to help borrowers of mortgage brokers.
It is the people that make a company. Great professionals go above and beyond to make a great mortgage company. Mortgage brokers count on wholesale mortgage lenders.
It is a true dream team of mortgage brokers to have great wholesale mortgage lenders who want great competitive rates, great products, and great competitive mortgage rates. Special thanks to our great, hard-working mortgage professionals who work at our top wholesale mortgage lenders.
Are All Wholesale Mortgage Lenders The Same?
Wholesale mortgage lenders compete with other wholesale lenders to earn business from mortgage brokers. For example, why does the team at Non-QM Mortgage Brokers submit most of our files to one wholesale lender versus a different one? One wholesale mortgage lender may not come close to a different wholesale lender to have the service and knowledge.
Mortgage brokers will use wholesale mortgage lenders where the rep is available seven days a week, on evenings, weekends, and holidays via cell, text, and email.
Some reps of wholesale mortgage lenders and account managers are a Godsend. These silent heroes go above and beyond others. The team at Non-QM Mortgage Brokers has been extremely grateful to a select few reps and account managers of wholesale mortgage lenders assigned to us exclusively to our team.
What Makes The Best Wholesale Mortgage Lenders
The most successful wholesale mortgage lenders have employees who are very close to each other. These silent heroes greatly respect one another and work as a team of a well-oiled machine. The thing that differentiates a regular wholesale lender from the best wholesale mortgage lenders is the team of professionals.
A great team is when the disclosure desk professionals, account executive, processing and accounting team, the closing department, and the management team work together as a unit.
A great team at the wholesale mortgage lender has real concerns for borrowers. It does not matter whether it is late evenings, weekends, or holidays; every department member at successful wholesale mortgage lenders returns calls, and our loan officers will get emails regarding the borrower’s file. This is why every file submitted to a top-notch wholesale lender will not just close but will close on time.
Mortgage Brokers Prefer Service Over Pricing From Wholesale Mortgage Lenders
Loyalty exists between mortgage brokers and wholesale mortgage lenders. Most mortgage brokers will choose a loyal wholesale rep with a slightly higher rate and are available seven days a week with great service over a wholesale lender with a lower rate and lower level of service.
Whatever better offer mortgage brokers may have from the competition wholesale lender, such as slightly better pricing or other incentives, the wholesale lender with better service will always win the business many times over. Mortgage brokers represent their homebuyers as their clients. Wholesale mortgage lenders’ clients are mortgage brokers.
Wholesale Mortgage Lenders With The Best Service
Service always wins. Wholesale mortgage lenders with great service are the lender of choice. Mortgage brokers cannot afford to lose the faith and trust of realtor partners and borrowers by not being able to meet the closing dates.
Wholesale mortgage lenders with great professionals working for them will always have loyal mortgage brokers be loyal to them.
This is because mortgage brokers will never worry about the borrowers’ file closing on time. The staff will do everything possible to meet every closing date by working late or on weekends to make it work. Why risk getting a bad review because a wholesale lender disregards the borrower?
