Wholesale Mortgage Marketing and Third Party Origination (TPO)
Wholesale lenders work with other mortgage professionals to provide borrowers with the options they need
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
What is a wholesale lender?
Wholesale 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.
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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See why Surefire CRM is trusted by mortgage professionals ranging from small broker teams to credit unions to large independent mortgage bankers.
Individual loan officers can harness the power of Surefire to perform like a large enterprise while maintaining the personal touch their clients appreciate. Like an extra employee, Surefire CRM will gather leads, nurture them, help you close more loans and earn more repeat and referral business. Open and solidify referral relationships by truly standing out to real estate agents with professional property sites, co-marketing materials and more.
Larger organizations with multiple team members will benefit from the organizational structure of Surefire as you’ll be able to assign users to branches and centralize your marketing and communication from one system. Plus, you can easily deploy award-winning marketing messaging on behalf of your LO team members without them needing to lift a finger.
Larger enterprise organizations benefit from key integrations to their technology stack, including their LOS, POS, and more. This seamless integration gives them a leg up against the competition. The system structure also makes it easy to manage branding throughout the organizational hierarchy. Plus, improve hiring and retention by offering LOs easy-to-use tools that will want them to stay part of your winning team.