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| Real Estate Terms -> What are Wholesale Lenders |
Wholesale Lenders
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What are Wholesale Lenders? |
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| A: |
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Many banks and lenders have Loan Officers who are paid a commission to originate home loans. A Wholesale Lender is a bank or lender who does not have Loan Officers, processors, or appraisers. Instead, they contract with Mortgage Brokers who will originate the loan, submit and fund the loan with the Wholesale Lender. The Wholesale Lender offers their programs to Mortgage Brokers at a low, wholesale price. A home buyer can not take advantage of a Wholesale Lender’s loan programs unless they go through a Mortgage Broker. |
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Disclaimer:
Do not rely on these definitions for any purpose other than providing an understanding of the concepts in our web site. More... |
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