Wholesale Rep Tips

[Greg]

I am a Banker and I can Broker. Sometimes I dread taking loans and brokering them. Being a banker I lose control. My processor is outside of my office and underwrites my DU/LP approved loans. I talk to underwriters about how to close a deal before submitting. I close deals within 16 days on average in house and that number is skewed by intensive FHA/VA deals in which I have 3rd party delays.

So when I cannot have all those perks because a bk is less than 2 years old I have to broker.

I have 3 go to wholesalers I can count on. I discuss my demands in the loan process with them prior to even sending them a loan. I see if they can meet those demands and we work out a solution to start doing business.

I like a timeframe for when I expect to hear something. When that is exceeded I call. If they call me that is a bonus. That shows they are on top of my deal and working for me. Whether it is a quick email or a voice mail.
I like when reps visit the office but the truth is they do not have too. I think this takes too much time out of their day to be working on closing deals. Yes you have to come in and meet me. I like to know who you are and what type of person you are.

Honestly their are very few who email updates or program changes. I think this is a huge mistake. You need to maximize your email marketing.
For example a rep sends me and every lo in his database updates to programs. When I see that it reminds me of them and I get to learn more about what I can actually close with them.

I think it is important to almost demand a solid concrete commitment from your brokers. If you do not you may be wasting your valuable time. Hold them to what they say and find out who they really are. A talker or a producer. I cannot remember the last time someone actually inquired on how many loans I close on average. Imagine investing a day into an LO who closes 1-2 deals a month and does not care about you!

I actually keep in touch with some myself weekly to see how they are doing and to hear what changes are ahead. Build relationships!

I am running out of time this morning but I want to keep sharing as much as I can to help Account Reps excel as well.

Honesty is key. If you are not sure do not guess. Under-Promise and Over-Deliver and you will keep long term contacts!

[Greg]

I received negative rep points for this post so I was wondering what was not so good?

I am considering deleting the thread because I think I may have said something to upset someone and do not want that bad karma.

I thought it would be relevant to see a Banker point of view. Bankers rarely broker but I do it frequently because not everyone is prime of course. There are loan officers closing 20-50 deals in banking per month so it is an avenue that could score a wholesale rep a ton of business. Brokers typically cannot get an assistant paid for by their broker like a lot of bankers do. Just a point of view I thought would help.

[jleach1972]

Don't delete it; I appreciate the info... different point of view is gooood

[Loan Wolf]

Greg I also am a banker so I am in exactly the same boat. My company does not like brokering out but that is how sometimes I can get the best deal

[Greg]

Conduit or nothing lol.

We can broker but yeah they track that in-house %.

[sub500]

It's good to know what our Brokers and LO's want and need. Thank you Dwayne

[HisHouseMortgage]

Great Post Greg, Don't change a thing

[lenderama]

Back in April, I wrote a similar post on my blog from an AE's point of view. ( I was an AE for National City and Washtenaw for many years)

http://blog.mariah.com/2005/04/are-y...or-bad-lo.html

Just something to chew on.

[CLOSER]

I see nothing wrong with this thread, Greg. If anything your post benefits anyone that reads it. It is always good to hear how the other side thinks, regarding the "banker side", versus what I am always subject to hearing, the "broker side".

[Greg]

Remember Home123 is a Banker/Broker.

But, the banker side is not the same in most cases as the broker side.

I like that blog article too.