Top 12 Wholesale Lenders Every Mortgage Broker Must Know

Are you a new mortgage broker overwhelmed by the endless lender options, wondering which wholesale lenders will truly elevate your business? You're in the right place! In this article, we'll uncover the top 12 wholesale lenders that every mortgage broker should know about. These lenders will not only enhance your service offerings but also help you build a successful mortgage brokerage. Let's dive in!

Why Choosing the Right Wholesale Lenders is Crucial

The Importance of Lender Variety

As a mortgage broker, the success of your business hinges on the variety of lending options you can offer your clients. Each client has unique needs, and a single lender might not have the right solution for every situation. By partnering with multiple wholesale lenders, you ensure that you can cater to a broader spectrum of clients, from first-time homebuyers to seasoned investors.

The Risks of Relying on a Single Lender

Relying on a single lender can limit your ability to provide competitive options to your clients. If that lender's rates are no longer favorable, or if they change their guidelines, your business could suffer. Diversifying your lender roster mitigates this risk and keeps your business agile and resilient.

The Top 12 Wholesale Lenders for Mortgage Brokers

United Wholesale Mortgage (UWM)

Overview: UWM is a powerhouse in the wholesale lending market and is particularly favored by new brokers. They are renowned for their streamlined processes and educational opportunities for brokers.

Key Features: UWM offers competitive rates and a robust new construction loan. They also have a unique Partner Points system that rewards brokers for their business.

Remen Wholesale

Overview: Remen Wholesale shines in providing standard mortgage products along with strong niche offerings.

Niche Offerings: Remen is particularly known for its non-QM (non-qualified mortgage) and renovation loans, making it a go-to lender for clients with unique financial needs.

Equity Prime Mortgage (EPM)

Overview: EPM is essential for brokers working with clients who have challenging credit profiles or require specialized loan programs.

Ideal Client Profiles: EPM excels in helping clients with lower credit scores, offering down payment programs, and handling complex loan scenarios.

Kavi (DSCR Lender)

Overview: Kavi is an excellent choice for brokers serving investor clients, offering tailored loan products that meet the unique needs of real estate investors.

Investor-Focused Solutions: Kavi specializes in DSCR (Debt Service Coverage Ratio) loans and Fix and Flip financing, providing flexible solutions for property investors.

FNBA (Foreign National and ITIN Clients)

Overview: FNBA is a top choice for brokers working with foreign nationals or ITIN (Individual Taxpayer Identification Number) clients.

Specialized Solutions: FNBA offers tailored loan products for foreign nationals, including options for first-time homebuyers without credit scores.

Windsor Mortgage

Overview: Windsor Mortgage is known for its unique products tailored for clients who need flexibility in timing their home purchases and sales.

Bridge Loans and Unique Products: Windsor excels in offering bridge loans and recasting options, helping clients navigate complex buying scenarios.

Mortgage Boutique

Overview: Mortgage Boutique specializes in serving markets with lower home prices, offering flexibility and excellent service.

Focus on Lower Loan Amounts: This lender is perfect for brokers working in areas where home prices are typically below $200,000, ensuring both the broker and client receive top-notch service.

The Loan Store

Overview: The Loan Store has built a reputation for exceptional account executive support, making them a favorite among brokers.

Exceptional Account Executive Support: Their motto, "We work when you work," reflects their commitment to being available whenever you need them, including weekends and evenings.

PennyMac

Overview: PennyMac is known for having some of the best rates in the market, though their underwriting process may take a bit longer.

Competitive Rates with Extended Underwriting: While PennyMac offers great rates, brokers should be prepared for a slightly longer underwriting process.

Flagstar and SunTrust

Overview: These lenders are pioneers in embracing technology to simplify the loan process.

Tech-Savvy Solutions: Flagstar and SunTrust utilize AI Bots for income calculation and tax return reviews, significantly streamlining the mortgage process.

Spring EQ (HELOC Specialist)

Overview: Spring EQ focuses exclusively on home equity lines of credit (HELOCs), making them a top choice for brokers offering these products.

Focus on Home Equity Lines: Spring EQ offers a wide range of HELOC options, including specialized products for real estate investors.

LoanStream

Overview: LoanStream is a versatile lender known for catering to both ITIN clients and real estate investors.

Ideal for ITIN and Investor Clients: They offer a unique combination of DSCR and ITIN loans, making them an invaluable addition to any broker's lender roster.

Building a Robust Wholesale Lender Roster

Why You Need Multiple Lenders

Having multiple lenders in your portfolio is not just about offering a variety of products; it's about being prepared for any client scenario. Whether it's finding the best rates, securing niche products, or handling complex client situations, having the right lenders at your disposal can make all the difference.

How to Maintain Strong Relationships

Maintaining strong relationships with your lenders is key to your success. Regularly communicating with account executives, staying updated on new products, and actively using each lender's services will help you build a robust network of reliable partners.

Conclusion

In the ever-evolving mortgage industry, having a diverse roster of wholesale lenders is crucial to your success as a mortgage broker. The 12 lenders we've discussed offer a range of products and services that can help you meet the needs of your clients and grow your business. Remember, the key to being a strong broker is not just signing up with these lenders but actively using them and building solid relationships. By doing so, you'll be well-equipped to provide your clients with the best options and service.

Frequently Asked Questions

Q1: Why is it important to have multiple wholesale lenders?

Having multiple wholesale lenders allows you to offer a wider range of products and services to your clients, ensuring you can meet their unique needs and remain competitive.

Q2: How do I choose the right wholesale lender for my business?

Choose lenders that offer the products your clients need, have competitive rates, and provide strong support through account executives.

Q3: What are the benefits of working with niche wholesale lenders?

Niche lenders can offer specialized loan products that standard lenders may not provide, helping you serve clients with unique financial situations.

Q4: How do I maintain relationships with multiple wholesale lenders?

Maintain regular communication, stay informed about their products, and actively use their services to build and maintain strong relationships.

Q5: What should I look for in an account executive?

Look for an account executive who is responsive, knowledgeable, and willing to go the extra mile to help you navigate complex loan scenarios.

Want To Know More? Watch Our Video on Wholesale Lenders