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Managing Multiple Wholesaler Guidelines


Comparing Wholesalers

OneStopLenderApps, LenderLab & WeirdLoans compete online

July 11, 2006

By PAULA PARISOT

 

photo of Paula Parisot
Paula Parisot
Several Web sites help mortgage brokers shop multiple wholesale lenders for nonprime loan programs.

On Mar. 25, La Quinta, Calif.-based ONESTOPLENDERAPPS.COM launched a site that offers over 250 different lender options including wholesale and correspondent lenders, FHA program lenders, subprime, and other specialty lenders and warehouse banks, CEO Donna Beinfeld told MortgageDaily.com in an e-mailed statement.

“A broker needs only answer just a few questions on 3 screens to generate an application package,” Beinfeld said. “They can ‘look’ at who they can do business with before they put in the information.”

After an initial five-question page that evaluates the broker’s situation (i.e. what states are they licensed in, etc.) the computer generates a list of available lenders for the broker to view, she explained.

Beinfeld said over 300 brokers registered in its database so far.

If a broker is not comfortable with the online process, Beinfeld said they could take the information over the phone and fill out the screen for them. “We have a software system that allows them to look at our computer as we put in the information.”

As for security, Beinfeld said when they “digitize the application, we are creating a hole in the form … they can continue typing the (confidential) information without being connected to our site.”

The cost for the service, Beinfeld said, is an annual flat rate of $250 with unlimited submissions. For brokers just looking for a one-time submission, the fee can be lowered, she added.

LenderLab says it also offers unlimited access to their online database for $49 per month and hosts “the mortgage industry’s most aggressive subprime, non-conforming, niche, and commercial loans.”

Wholesalers are invited to advertise their loan program free of charge, the site says.

The Salt Lake City, Utah-based company claims to offer 12,000 loan programs with 400 wholesalers in its searchable database that can be accessed after entering a few key criteria such as loan amount, loan purpose and property type.

WeirdLoan’s spokesperson Andras Malatinszky told MortgageDaily.com that its loan search engine has over 1,200 lenders and about 80,000 – 90,000 registered brokers that utilize the site.

The site claims it is free to use for both brokers and wholesalers and offers a full range of loan programs.

 


Paula Parisot is a MortgageDaily.com feature reporter and a blogger at CloserBlog.com who has also worked in the mortgage industry.

e-mail Paula at: PaulaParisot@MortgageDaily.com

 


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