The purpose of the wholesale rep has changed since about 1998. They used to be customer service personnel of wholesale lenders, assisting their employer's clients with issues they needed help with. Typically they were lunch buyers, donut suppliers, and basically nice friendly people who handed out rate sheets. Their Number One job was to protect their employer's portfolios from questionable mortgage brokers and screwy loans.
Since then, they have unfortunately turned into Big Commissions Mortgage Broker advocates, who often conspire with mortgage brokers to make square peg loans fit into wholesale lender round hole programs where they don't belong. Crazy wholesaler lending standards and greedy wholesale reps have significantly contributed to the mess the industry is in today.
