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How Wholesale Mortgage Options Can Improve Your Business

Mortgage origination is a tough business. A number of different and regular scenarios leave mortgage loan officers uncompensated for their time ranging from denied applications due to small credit anomalies to mortgage interest rates just slightly above your competitor. Mortgage loans can fall through due to a number of factors, leaving both the prospective home buyer and the mortgage originator at a loss. Mortgage brokers and lenders are often left feeling defeated when a home loan application is denied, wishing there were some way to help their clients qualify for homeownership.

Alternative lending programs provide options for these mortgage loan applicants. The process is a more innovative and modern one, considering the creditworthiness of each residential mortgage applicant to determine mortgage loan eligibility. Top wholesale mortgage lenders allow mortgage loan brokers to evaluate borrowers by their ability to repay the mortgage loan over time. When mortgage applicants are self-employed or have had recent credit events, evaluating each residential mortgage borrower holistically can make a difference in whether or not the applicant is approved.

Because using wholesale mortgage programs can help residential mortgage applicants obtain mortgage solutions despite non-prime qualification, alternative mortgage lending programs can have a powerful impact upon improving your business. Unfortunately few mortgage applicants and prospective homeowners know enough about the home loan application process and mortgage loan options. Keeping up to date with and learning the details about wholesale non-prime mortgage loan programs is an essential part of providing options for your clients, helping them find mortgage fallout solutions that work best for them. As a mortgage loan originator, learning the details regarding wholesale non-prime mortgage loans is a worthwhile investment.

The process of buying a home and obtaining a residential mortgage loan is not a one size fits all process. Wholesale mortgage loan financing options depend largely on the volume of the loan, whether the residential mortgage loan applicant will put down a small mortgage down payment or a large mortgage down payment, the credit of the home loan borrower in question, the combined income of mortgage borrower or borrowers, history of paying off installment loans, and information about bankruptcies, foreclosures, and short-sales. Even after qualifying for a wholesale mortgage loan, the goals of the residential mortgage borrower need to be considered – whether they are interested in a traditional mortgage loan structure, an adjustable interest rate schedule, or an interest only alternative mortgage loan. If no satisfactory mortgage solutions or conventional mortgage loans through institutional mortgage lenders are possible, private alternative mortgage loan options become a necessary part of any mortgage broker’s arsenal.

Top wholesale mortgage providers providing alternative lending programs, such as Angel Oak Mortgage Solutions, give mortgage originators the option to expand their business by providing non-qualified mortgage financing solutions to non-prime mortgage borrowers. Borrowers who have had past credit events are evaluated based on their ability to repay loans rather than strictly credit score and record. Because of this, even non-prime mortgage applicants can qualify for the mortgage loans they deserve. Wholesale non-prime mortgage loans through Angel Oak Mortgage Solutions even allow non-qualified home buyers to obtain a non-Agency mortgage loan just one day out of a foreclosure, short-sale, bankruptcy, or deed-in-lieu of foreclosure. Top non-Agency wholesale lenders address the needs of non-conforming mortgage applicants determined capable and ready to pay back the loan. Angel Oak Mortgage Solutions believes non-qualified mortgage borrowers should not be penalized in the long term for single credit events.

The many non-QM home buyers who do not qualify for conventional mortgage loans and may never find out that alternative non-prime mortgage lending options exist represent a large opportunity for mortgage wholesale lenders providing alternative lending programs and mortgage originators helping non-qualified mortgage buyers looking for mortgage fallout solutions alike. The more non-traditional mortgage financing options a mortgage originator can provide for alt-A home buyers in obtaining a mortgage loan, the more business they will ultimately bring in.

Angel Oak Mortgage Solutions offers a number of non-prime wholesale mortgage solutions for low credit borrowers.