Note: The content below about broker to broker is under review and still being developed.
How warehouse lenders can help your company:
The fees brokers can earn are limited. This method of funding increases profitability by utilizing available Warehouse Lendersto fund your current production into the secondary market. Correspondent and wholesale lenders typically pay more for closed loans as well as charging you less fees.
Establishing warehouse lines of credit for your company with consumers, builders, brokers and real estate agents to close and fund loans in your own name. This method of funding helps keep both your customers and agents content by paying for the entire transaction at the closing. The MBS Group with warehouse lending specializes in providing warehouse lines of credit to existing and emerging mortgage bankers nationwide. A warehouse line of credit is a revolving line of credit. Money is borrowed on the line and added to your bottom line with a warehouse line of credit. Learn more about the warehouse lines of credit provied by MBS. We have the cash flow and credibility needed to make the leap. We fund within 24 hours of request and in most cases, funds can be sent the same day of receipt of your information.
Your company gets to earn the interest of the note rate during the warehouse lenders period, which makes up for most or all of the interest that you are paying for the facility.
Since you are closing the loan in your own name, your company is exempted from RESPA to disclose the SRP's, unlike table funded transactions. No more need for the Disclosure of Service Release Premiums for a warehouse line of credit on the HUD-1 Settlement statement as required by RESPA.
Growth is limited without the use of a warehouse lender. Enables your company to grow at a faster pace.
This eliminates the worry of promised wires from your table funding lenders, which rarely arrive on time. Your company gets to control the entire settlement and funding date of the loan closing.
Approval requirements required for Warehouse Lenders.
Do you have a question, comment, or suggestion for MBS about warehouse lenders or anything else? Please input your name, e-mail address, contact number, and any comments. A specialist from Mortgage Banking Solutions will contact you within 12-72 hours. All fields are optional. You can also email or contact us by phone
