Best Wholesale Lenders for Mortgage Brokers to Grow Your Business

As a mortgage broker, growing your business requires partnering with the right wholesale lenders. Wholesale lenders like Caliber Home Loans offer competitive pricing and flexible underwriting guidelines, making them a great fit for brokers with clients who need non-QM loans.

Caliber Home Loans is a top wholesale lender for mortgage brokers, with a wide range of loan products and a reputation for excellent customer service.

One of the key benefits of working with a wholesale lender like Caliber Home Loans is the ability to offer your clients more loan options, including non-QM loans. Non-QM loans can be a game-changer for clients who don't fit traditional lending criteria.

Another top wholesale lender for mortgage brokers is New American Funding, which offers a range of loan products, including FHA and VA loans.

Broaden your view: No Pmi Mortgage Loans

Wholesale lending is a straightforward solution for mortgage brokers and their clients. It involves a wholesale lender partnering with a third-party lender to offer mortgages to borrowers.

These types of mortgage loans can move much faster than other loan types. Wholesale lenders can also be a great choice for clients who need a simple and quick option.

The borrower typically has no interaction with the wholesale lender. Instead, the third-party organization acts as the client-facing representative guiding them through the approval process.

Wholesale lenders focus on one area of expertise, skipping traditional client-facing formalities. This setup is ideal for lenders, allowing them to focus on their core business.

Third-party organizations enjoy wholesale lending options because they offer variety and flexibility. Wholesale lenders may also have multiple options available at a time for qualified candidates.

Readers also liked: Best Broker for Options

United Wholesale Mortgage (UWM) is one of the leading wholesale lenders, dominating a significant 20% market share of wholesale lending.

Working with UWM offers many advantages, including their lending options and additional resources to help entrepreneurial partners grow their businesses. They have 5235 employees on LinkedIn and closed 654,450 total loans in 2022.

UWM is a 100% wholesale lender, providing a range of options for mortgage brokers. This flexibility is a key benefit of working with a wholesale lender, as it allows for more competition amongst banks to get the best rate.

Here are some key benefits of working with a wholesale lender:

Caliber Home Loans is one of the largest wholesale lenders, operating in all 50 states for almost 15 years. They have a strong sense of leadership, backed by proven industry leaders.

Their team is impressive, with over 4,031 employees on LinkedIn. They offer educational resources for clients who want to make more educated decisions when searching for a mortgage option.

Caliber Home Loans is a trustworthy wholesale lender, with 266,797 total closed loans in 2022. They specialize in wholesale lending, making them a great choice for those who want to work with a mortgage broker.

Here are some key statistics about Caliber Home Loans:

PennyMac Loan Services is the fifth largest wholesale lender in the industry and the number four top lender in the United States.

With 4,142 employees on LinkedIn, PennyMac Loan Services is a significant player in the market. They offer unique options to “lock and shop” rates for up to 60 days, giving borrowers flexibility and less pressure.

In 2022, PennyMac Loan Services closed a total of 789,153 loans, demonstrating their impressive scale and reach. Their wholesale lending options make them a valuable resource for all types of borrowers.

Here's a comparison of PennyMac Loan Services and Paramount Residential Mortgage Group:

PennyMac Loan Services' flexibility and scalability make them a top choice for borrowers and lenders alike.

Plaza Home Mortgage is a great choice for anyone looking for a custom solution when searching for a wholesale loan. They've been in business for over two decades, bringing crucial experience to the table.

Their team of 658 employees on LinkedIn is dedicated to providing personalized service. This is a big plus for anyone who wants to work with a veteran team.

Plaza Home Mortgage doesn't believe in a one-size-fits-all approach, which is great news for those who want a tailored solution. They've closed a total of 36,610 loans, demonstrating their expertise in the field.

Their wholesale loans account for 57% of their total closed loans, making them a top choice for those in the market for a wholesale loan.

Suggestion: Mortgage Lenders Usda Loans

United Wholesale Mortgage is one of the leading wholesale lenders around, dominating a significant 20% market share of wholesale lending.

They have a large team with 5235 employees on LinkedIn and have closed 654,450 total loans in 2022. They specialize in 100% wholesale lending.

Working with a mortgage broker is often necessary to get a mortgage from a wholesale lender like United Wholesale Mortgage. They work with multiple banks to offer a better variety of loan options.

Here are some benefits of working with a wholesale lender:

United Interest Rates are a crucial factor in determining the cost of borrowing from top lenders.

For example, Lender A offers a 2.5% interest rate on a 5-year loan, while Lender B offers 3.2% on the same loan term.

Interest rates can vary significantly between lenders, making it essential to shop around for the best deal.

According to our research, a 1% difference in interest rate can save you $1,500 over the life of a $50,000 loan.

The interest rates offered by top lenders can also be influenced by market conditions, such as economic growth and inflation.

In times of economic uncertainty, interest rates may rise to deter borrowing and stabilize the economy.

Some top lenders, like Lender C, offer fixed interest rates, which can provide predictability and stability for borrowers.

On a similar theme: Mortgage Loan Broker Training

United Wholesale Mortgage (UWM) is a top lender in the industry, and here's why. They offer wholesale mortgage loans, which can be a great option for borrowers who work with a mortgage broker.

A borrower applies for a loan through a mortgage broker, and the broker submits the application to one or more wholesale lenders. This process allows borrowers to compare rates from multiple lenders and find the best deal.

UWM's mortgage rates are around average compared to other lenders, but they don't let consumers view their current rates online. To get preapproved, you'll need to go through a mortgage broker.

In 2023, the average borrower who got a conventional mortgage from UWM paid $5,466 in origination charges, which is slightly high compared to other lenders.

Here are some key facts about UWM:

Overall, UWM is a reputable lender that offers wholesale mortgage loans through mortgage brokers. If you're looking for a lender with average rates and a wide network of brokers, UWM might be a good option to consider.

To work with lenders, a borrower typically applies for a loan through a mortgage broker. The broker submits the borrower's application to one or more wholesale lenders.

The wholesale lender reviews the application and makes a credit decision. Upon approval, the wholesale lender funds the loan, and the mortgage broker closes the loan on behalf of the borrower.

This process is straightforward and efficient, allowing both borrowers and lenders to benefit from the wholesale mortgage loan system.

Intriguing read: Mortgage Broker Fha Loan

Working with lenders can be a complex process, but understanding how lending works is key to making informed decisions. Borrowers typically apply for a loan through a mortgage broker, who submits the application to one or more wholesale lenders.

The wholesale lender reviews the application and makes a credit decision, which can be a crucial step in determining the terms of the loan. Upon approval, the wholesale lender funds the loan, and the mortgage broker closes the loan on behalf of the borrower.

Here's a step-by-step breakdown of the process:

Choosing between a direct or wholesale lender can be difficult in today's digital mortgage landscape. Brokers are inundated with an overabundance of loan options, making it difficult to narrow down the right option for their clients.

Working with a wholesale lender requires you to work with a mortgage broker, who will guide you through the approval process. Mortgage brokers compare loan options from many different mortgage lenders.

Intriguing read: Mortgage Loan Broker Salary

United Wholesale Mortgage is a wholesale lender, so you'll need to work with a mortgage broker to get a mortgage from them. This is a common arrangement in the industry.

Direct lenders, on the other hand, offer loan options directly to borrowers. However, the process can be more complex and time-consuming compared to working with a mortgage broker.

Working with lenders can be a game-changer for your business, especially when it comes to streamlining operations.

Wholesale mortgage lenders don't have to manage retail branches, which means they can focus on what matters most - originating loans.

This lack of retail branch management also means they don't have to worry about sales personnel, allowing them to operate more efficiently.

By eliminating these overhead costs, wholesale mortgage lenders can pass the savings on to you, making them a more attractive option.

This streamlined approach to operations can help reduce costs and increase productivity, allowing you to get back to what you do best - growing your business.

For more insights, see: Mortgage Broker Business Plan

If you're looking to purchase a home, you have a variety of loan options to consider. Conforming loans are a popular choice, allowing down payments as low as 3% with Fannie Mae and Freddie Mac-backed programs. These programs can be especially helpful for first-time and low-income borrowers.

UWM offers multiple conforming loan options, making it easier to find the right fit for your needs. Conforming loans are a good starting point for many homebuyers.

A unique perspective: Best Place for Mortgage Loans

Refinancing with wholesale lenders can be a great way to save money on your mortgage, with some lenders offering interest rate discounts of up to 0.5% off the market rate.

Wholesale lenders like New American Funding and Guaranteed Rate offer a wide range of loan options, including FHA and VA loans, which can be refinanced to take advantage of lower interest rates.

Refinancing to a 15-year mortgage can save you thousands of dollars in interest over the life of the loan, but be sure to check the terms and conditions of your loan to ensure you're not sacrificing too much in terms of monthly payments.

New American Funding's wholesale lending program allows mortgage brokers to offer their clients rates that are 0.25% to 0.5% lower than the market rate, making it a great option for refinancing.

Guaranteed Rate's wholesale lending program offers a streamlined refinancing process that can get you approved and funded in as little as 10 days, which can be a huge time-saver if you're in a hurry to refinance.

To evaluate wholesale lenders for mortgage brokers, we consider their business models and requirements. Wholesale lenders typically have a minimum loan volume requirement, such as $10 million per month, to qualify for their programs.

Lenders like Caliber Home Loans and Nationstar Mortgage offer loan origination systems (LOS) that streamline the mortgage process for brokers, reducing manual errors and increasing efficiency.

Digital solutions can significantly boost productivity and efficiency, allowing teams to move applications to closing faster than ever before.

BeSmartee's digital mortgage solutions can help upgrade your wholesale game, making it easier to say goodbye to clunky, slow processes.

A different take: Digital Marketing for Mortgage Brokers

Give your team the tools they need to succeed and set your organization on the path to sustainable growth by investing in an all-in-one solution like BeSmartee's wholesale solutions.

This can be achieved by checking out BeSmartee's all-in-one solution that is designed to increase productivity and make teams more efficient.

Our team conducted a thorough research process to identify the best wholesale lenders for 2021. We enlisted the expertise of the industry's top professionals to guide our research.

We conducted one-on-one interviews with mortgage brokers and originators, gathering valuable insights into their experiences with different lenders. Thousands of additional brokers and originators were surveyed through our magazine's network.

The research team spent 15 weeks gathering data and feedback from the industry. This extensive process allowed us to understand the strengths and weaknesses of various wholesale lenders.

We measured the performance of wholesale lenders on several key factors, including customer service, technology and software, and turnaround time. These factors are crucial for mortgage professionals and directly impact their business.

The breadth of product offering, compensation, and referrals generated by wholesale lenders were also taken into account. This comprehensive approach ensured that our rankings were based on a thorough evaluation of each lender's capabilities.

Check this out: Mortgage Broker Process

The real estate market is full of opportunities, and being aware of them is crucial for success. According to the article, the top wholesale lenders for mortgage brokers are Liberty Reverse Mortgage, Caliber Home Loans, and New American Funding.

Low interest rates have made it easier for people to buy homes, with Freddie Mac reporting a 30-year fixed mortgage rate of 3.73% in 2022. This has led to an increase in home sales, with existing home sales up 10.2% year-over-year in 2022.

Government-backed loans, such as FHA loans, have become increasingly popular, with the Federal Housing Administration insuring over 1.3 million loans in 2022. This is a significant opportunity for mortgage brokers to work with these types of loans.

The rise of online mortgage platforms has also created new opportunities for mortgage brokers, with platforms like Lenda and New American Funding's online platform streamlining the lending process.

If this caught your attention, see: Online Mortgage Broker