Question:

Can I get a wholesale mortgage broker application with wholesale mortgage rates?

Answer:

Well, a wholesale mortgage broker application would reveal wholesale rates and mortgage broker's markup on the loan. Brokers are required to disclose on their quotes their markup but many wouldn't exactly do it.

The wholesale mortgage broker loan application includes information about the borrower collected and filed by loan officers processing loans for the mortgage broker.

Wholesale and Retail Lending

Most lenders have wholesale and retail divisions, with different rules about loan processing. The retail departments of lenders consist of loan officers on salary or commission who process the loans. The mortgage costs are retail to cover distribution costs.

Lenders wholesale divisions operate with mortgage brokers - mortgage brokers deal with many lenders and are passed the wholesale rates of the lender. The wholesale mortgage broker application reflects those rates but they are not always passed to the consumer. Rather, large mortgage brokers employ their own staff to process loans and derive retail prices for the borrowers.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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