Question:
Wholesale Lender Definition
Answer:A wholesale lender is a lender who has the funds for extending loans and employs mortgage brokers to find their loans. A large lending institution may have a retail and a wholesale lending division.
Wholesale lenders specialize in different type of loans. The following are examples of different wholesale lenders categories:
- Subprime
- Reverse mortgage
- Alt-A
- Manufactured homes
- Commercial
- Investment properties
- Multi unit
- Raw land, etc.
Wholesale lenders offer the best mortgage rates but a borrower usually works with a retail lender, correspondent lender or a mortgage broker. Thus, they have to pay the loan provider's fee which would be avoided if wholesale lender was directly contacted.
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Common misspellings: mortage and morgage