Wholesale Mortgage Marketing and Third Party Origination (TPO)

Wholesale lenders work with other mortgage professionals to provide borrowers with the options they need

Wholesale Lending

Variety is the key to success in mortgage lending.  However, due to underwriting standards or other guidelines, traditional retail lenders may be unable to handle certain customers in house.  Rather than let the prospective borrower fall by the wayside, there is the option for the lender or broker to offer alternatives.  

Wholesale lenders allow brokers and financial institutions loan programs that they can offer to their borrowers.

This Article Covers: 

  • The key differences between wholesale lenders and other lender types
  • How wholesale lenders rely on technology to close more loans
  • Integrations wholesale lenders need to flourish
Wholesale Mortgage Lender

What is a wholesale lender?

Intelligent Rate Sheet DistributionWholesale lenders (also known as Third-Party Originators) are lenders who work with other financial institutions, mortgage brokers, and mortgage banks in a B2B model as opposed to dealing directly with individual homebuyers in a B2C model.

These lenders will underwrite and/or process and underwrite the loan prior to funding the loan at closing using a broker or other financial institution as the intermediary with the consumer.  

Third-Party Originators generate their market share through unique or more flexible product offerings, guidelines, or pricing. 

For example, if a mortgage broker can’t approve a loan for a home buyer due to the underwriting guidelines of their bank, they have the option to offer a product from a wholesale lender for which they are an approved broker.  

By offering products and rates that traditional lenders cannot, wholesale lenders can do more business at higher margins. 

What challenges do wholesale lenders face?

Like any mortgage originator, competition is the greatest challenge that wholesale lenders face.  The nature of third-party origination requires wholesale  lenders to work with a database of financial institutions and brokers, providing them with accurate and up to date information on the best pricing/rates and programs they offer.  

The other challenge that many wholesale lenders face is sustainable growth.  To establish long-standing relationships with different mortgage professionals, wholesale lenders rely on their teams to manage specific accounts of financial institutions, mortgage brokers and mortgage banks.  But, without proper systems, these account managers can become overwhelmed by the challenge of keeping current clients happy while nurturing relationships with new lenders. 

Wholesale lender marketing is another challenge. When your brand does not reach borrowers, as is the case with wholesale, how to your own customers hear about you? Of course social media marketing is critical. Event marketing is critical. Most wholesale lenders are driven to provide valuable services, such as access to a powerful mortgage CRM like Surefire, to their brokers.

What technologies can improve the wholesale process?

Whether marketing to mortgage professionals or the end consumer, every mortgage lender requires a system that can automate their internal and external communication process.  This is why wholesale lenders choose Surefire CRM by Top of Mind Networks over other mortgage CRMs.  Centralized marketing and content for messages direct from the lender to their database of mortgage professionals allow for a seamless flow of communication for any number of lending scenarios.

This, paired with lead distribution algorithms and open data interfaces to connect with inbound call systems offered by Surefire ensures that you can grow your database of approved lenders on day one, ensuring that inquiries and new leads are given a customer service experience like none other.

Why is Surefire CRM the best system for wholesale lenders?

As the leading mortgage marketing software provider, Surefire CRM keeps wholesale lenders top of mind and allows streamlined communication for customer marketing and engagement with award-winning creative content backed by industry-leading compliance. Surefire also helps lenders:

  • Qualify new broker leads through rule-based assignments, empowering account executives to grow their database
  • Provide multi-media brand integrations that engage and retain customers with customizable journeys
  • Ensure compliance by automating the administrative review of all marketing materials and campaigns
  • Streamline communications by automating activities on behalf of account managers to ensure they never miss an opportunity. 
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