EPM’s Chief Wholesale Officer, Kerry Cole, Explains the Wholesale Lending Process

As a mortgage broker, it’s crucial to find a lending partner that truly cares about you and your clients’ needs. By choosing to work with EPM, you can ensure that you will receive a high level of service that you can trust. We understand that we can only reach success when our broker partners do. That’s why we strive hard to support brokers at every stage. 

With countless options, rates, and services out there, choosing the correct route for you and your clients can feel like a minefield. That’s where wholesale lending comes into the equation. By selecting esteemed business EPM as your partner of choice, you gain access to a variety of third-party options that you may otherwise miss out on. 

Here at EPM, we have certified underwriters within the team to make the application process swift, a highly-trained management team, and a wealth of industry experience. Our company is the savvy choice for both brokers and their clients. Ahead of deciding to partner with us, you may be wondering about the ins and outs of the process. 

Within this quick guide, we will take a look at the five-step wholesale lending process and what that means for partners. Understanding each phase of this application will mean that you’re prepared and can find the right product for your clients and their financial needs. 

The Five-Step Process

Should this be the first time you’ve worked with EPM, the system may seem mystifying. Luckily, it’s more straightforward than you might imagine. Kerry Cole, the Chief Wholesale Officer at EPM recently weighed in on the matter. In an informative video, she shared the five-step process. Let’s take a look at a breakdown of each of these steps for brokers.

Step one: Initial Disclosures 

The initial step in the wholesale lending process is an absolute cinch. As Kerry Cole explains that when you decide to do business with EPM, the first thing you need to do is upload the full 3.2 file to the company’s wholesale web portal. 

At that point, the in-house setup team will take the file and do an initial scrub on it. During this process, the team will also work on completing the initial disclosures for your client, i.e. the borrower. Finally, the team swiftly sends the disclosures back to you. 

Step two: First review 

Next up, the file is sent over to the EPM account manager team. It’s their job to ensure that everything is in order for the underwriting team. That means that they have to review the file in-depth and look for documentation before sending the file onward.

The account manager team are experts when it comes to dealing with these files and being thorough. At this point, the team will ensure that all of the proper documentation is in order to make the process as smooth as possible when it comes to step three. 

Step three: Underwriting 

After the account manager team has completed their processes, they send the file over to the EPM in-house underwriting team. Having these experts in the same company means that mortgage applications can be dealt with quickly. The underwriter will review the documentation that is in the file, validate the data, and issue a conditional approval. 

The underwriter may also let the EPM team know if there are any other conditions on the application’s approval. These will be attached to the file, which means that all of the professionals understand what the criteria is ahead of time. Put simply, that means that completing the file and boosting the chances of its approval is straightforward. 

Step four: Final review 

Once all the conditions have been satisfied, the file gets sent back to the underwriter for a final review. Naturally, the underwriter completes their final checks to ensure that all of the requirements have been met and everything is in order. Once they have determined that they have all they need, the underwriter gives the all-clear for closing. 

Step five: Closing

Closing is the final step of the wholesale lending process. Kerry Cole explains that when EPM has the all-clear for closing, the file is sent to a dedicated closing department. This team works with the buyer’s settlement agent to balance everything and send the final closing documents. When all of the above is done, your client can pick up the keys to their new home and start the next chapter of their life. 

The Takeaway! 

Searching for the right lending partner for both you and your clients? Taking the leap and partnering with us at EPM will open up a broad variety of premium lending options. Moreover, working with EPM is a completely hassle-free process. Now that you understand how our wholesale lending services work, you can rest assured that it is a smart business move. Why not reach out to a member of our team and find out more? 

About EPM 

Operating in more than 49 states, EPM is a national lender boasting a wide variety of mortgage products and options. The business has a management team with more than 50 years’ collective experience, which means that brokers and their clients get the highest level of service. With certified underwriters on staff, EPM can ensure that the mortgage application process is smooth and your clients get answers quickly. Additionally, the operations and sales team can take you through the entire process from start to finish.

Article Editor

Pamela is a television journalist, humor writer and novelist. Her first novel, Allegedly, was released in 2015 by St. Martin’s Press. The book is available on Amazon and Barnes & Noble. She and her husband, Daniel, have a 3-year-old son, Carter.

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