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Wholesale Lenders Want Your Business By Anthony Garritano SOUTHFIELD, MI-As the market becomes more competitive wholesale lenders are increasingly reaching out to brokers. How? By adopting the latest transactional website technology to make it easier for brokers to do business with them. So loan origination vendors that offer a broker portal will win and so will brokers themselves. The most recent example of this trend was when Right Stop Mortgage here turned to its LOS vendor to use the vendor's wholesale broker portal as a competitive advantage. "Mortgage Builder is tailored for mortgage banking. We can communicate, store and process all mortgage related transactions and documents without requiring our brokers to call us for follow up," said Bob Rubin, manager of Right Stop Mortgage. "My previous company's mortgage processing and management system did not provide enough flexibility to accommodate the direction our new business is headed. Our brokers can now upload a 1003, check on the status of loan cases and receive interactive online help without relying on costly, time-consuming phone calls to our staff." "We've had the portal available for years," added Keven Smith, president of Mortgage Builder, also here. "We keep enhancing it. Our core business is the LOS. Anything we do has to complement the LOS. However, this is becoming something on its own. The broker can come in fill out a 1003, check rates, lock rates, etc. For a nominal cost our wholesalers are competing with the Countrywides. "And certainly brokers are looking for service, but this frees up a lot of time. Brokers can just go to the portal for everything. We just integrated Desktop Underwriter and we're just finishing Loan Prospector. When you add in document management functionality and the ability to upload closing docs, it's become a big deal." Mortgage Builder's Wholesale Broker website is a privately branded, direct-to-broker website for the wholesale lender. Brokers can view their pipeline, loan status, underwriting conditions, current loan programs and rate sheets. Brokers can upload files from their existing LOS to the Web site, which integrates into Mortgage Builder. A requested rate lock will automatically generate an e-mail to the lender's secondary marketing department. Rate lock confirmations are automatically sent to the broker. Brokers can request closing documents from their privately branded website. Mortgage Builder processes the closing documents within minutes. "We haven't pushed this portal much," noted Mr. Smith. "It has a lot of value though. Its one thing to provide an LOS, but not every LOS has a fully integrated broker portal. It's competitive out there. This makes it easier to sell to brokers. "The broker can upload a document to the wholesaler electronically. The broker can upload a 1003, the borrower's license or ID, etc. Now all the data is in one spot for the lender. This is about having control of the data from beginning to end without having to link up separate systems. Everything is linked."

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