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Mortgage Broker Approval-Becoming Approved with Wholesale Lenders

Author: DirectMortgage Total views: 2 Word Count: 316

The mortgage industry is continuing to experience volatility with credit tightening, lender problems, and a decrease in available loan programs. During this time, mortgage brokers will be seeking new wholesale lenders who can provide competitive rates, good service, and loans that can meet borrowers' scenarios. If you find yourself in this situation, the following common-sense steps will help make the approval process smoother.

Prepare all the necessary documents and submit them at the same time. This way the reviewer won't have to review part of your application, set it aside, and pick it up again later. It will also prevent a phone call or email to you asking where the missing documents are.

If you haven't been a broker for long, then include in your application a detailed resume for yourself and other important employees. Ask the lender how many years of industry experience are required and show that you meet that requirement.

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 broker application before submitting it to verify that you have provided all requested information.

Sole proprietors may be asked to submit 2 years of company financials or tax returns. If the application does not clarify this requirement, ask the lender.

Always review your application before you submit it -- use a checklist if one is provided.

Typing the information instead of handwriting it that can help alleviate any errors.

Although making a living can be tough right now, keep up hope. People are still buying homes and good wholesale lenders are still out there. You can find them, and when you do, these steps will make becoming approved with them a bit easier.

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About the Author

Among mortgage wholesale lenders, Direct Mortgage is a leader in online technology for the mortgage industry.

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