I have always wondered why lenders such as Kiavi, Easy Street Capital, Visio, CV3, etc.. fail to provide any credit guidelines to brokers. Now I tend to work with more broker-only wholesale shops that do have guidelines for brokers and do not have a retail side. What's worst is that they have horrible policies if a borrower shops you with the same lender. It's always a game of, who can get more skinny to win the deal. How do they survive? It's like submitting a file and praying for the best. Something ALWAYS comes up.

Honestly I feel like these lenders should either focus on retail only or brokered transactions only. They will do so much better in the long run. You would not believe how many times I have structured a deal with these in-between lenders and the borrower go around me and cut out the broker fee with a retail loan officer. There is no loyalty in this business. You can do so many good things for a client, and they will still find a way to squeeze out another fee cut. It's completely absurd.

Erik, Please tell me more about broker-only wholesale shops. This is the first time I have heard about these. Please list some here publicly or send me a private message? Thanks!

There are many, I'll list some here: 1. Velocity Mortgage Capital 2. Loan Stream 3. Cake Mortgage 4. Forward Lending 5. UWM 6. A&D Mortgage 6. Broker's First Funding 7. Acra Lending 8. HomeXpress Mortgage

Thanks so much. It fries my brain that lenders like Kiavi can go both ways (broker and direct) and disincentivize brokers from bringing them TONS more clients. "Oh, no big deal, just add another point on top!" Here's an even better one from Conventus (almost verbatim from a real conversation with them): "Hey, we love brokers. But because we now have to work with yet another person on the deal, we are going to charge double the points you charge. No problem. One for you and one for us. 1.5 for you and 1.5 for us. Easy!" [. . . I complain . . . ] "Huh? What's your problem? Oh, we are still so much lower than the standard 12 & 2 the borrowers could get locally. So go put on your salesman hat. This is a great deal. Go sell some loans for us!" I am eager to find lenders willing to treat Fix N Flip brokers the way Retail loan brokers are treated - as part of the team.

NOPE. I have many instances where I brokered a loan to Kiavi and Easy Street specifically and the borrower shopped retail. It's a whoever wins the client gets the deal... Usually involves shaving off your points until you make nothing. It's a horrible process these lenders have and they should change it.

Does the lender not push the borrower back to you when this happens? I know a lot of them protect the broker relationship because once they get a reputation for playing games, they'll never get any more loans.

Why do some lenders refuse to provide guidelines to brokers?

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Why do some lenders refuse to provide guidelines to brokers?

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