Answer to Beth

Beth said...
I have just applied for my broker's license in PA and am getting set up. I was a processor for a one-man shop for two years and then a loan officer for one year. I took off the past two years because I had babies #3 and 4. I know I will be a great broker for my customers. I absolutely love the business and love learning about the business.

My question is this:

What's the best way to go about getting signed up with lenders? I understand that the "best" way is to have a relationship with Account Executives by having done lots of loans with them. But that's not the ONLY way, right?

Beth,

Getting lenders is actually easy. I don't understand why newcomers think it is going to be so hard.

Remember, you are the customer of the lender. Lenders need you. So they advertise heavily and spend large sums of money to get you to send them loans. Plus they are all over. A large number of websites nowadays have lists of lenders that you can contact. Read any mortgage magazines. Get back issues of newsletters from you local Mortgage Broker Association. Type in the word wholesale lender in your favorite search engine. Or, if your office is in a building where there are other mortgage companies, the lender reps will bumble into your office as well.

Once you find one, ask for a broker application. They will be happy to send one to you. Fill it out, and send it in. Some lenders have requirements like experience. So if you don't have that, put them aside and work with the hundreds that have no requirements. When it comes to lender, it's a mortgage broker's market.