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Different Lenders – Different Guidelines; Broker Arena Stronger than EVER, and VERY NECESSARY

We had a delayed approval for a very tough transaction (seasonal employment; flip property) this week, and the Realtor called me in a panic. She was told by a bank that Brokers are getting their “Broker Approvals” pulled by lenders all the time, and she thought that was the cause of our delay. We were both shocked and bemused.

First of all, we ARE a direct lender too; we only pursue the Broker Route when it behooves our clients, and our Realtors. Right now the Broker Arena is THRIVING and necessary, as we add additional lenders to our stable every week. We need multiple lenders b/c guidelines vary so much! Below are a few examples.

Must Close in 14 Days: Franklin American
90% LTV Conventional Condo w/ MI: Plaza Mortgage
Best High Balance FHA Pricing: Citi Mortgage
FLIP Properties for FHA: Met Life
55% Debt Ratios: Essex Mortgage
Best High Balance Conventional: JMAC Mortgage
No Sourcing of Gift Funds: Met Life
No HOA Cert with Ltd DU Approval: FPF Wholesale
Best Conforming FHA Pricing: Provident Bank
Buyer has more than 5 Mortgages: First California
Fannie Mae Homepath: Reunion and PRMG

The above are only a few examples of the many variances we take full advantage of every day. If anyone relies on a single bank/lender, they are losing deals. The Broker Community is not only thriving, it is absolutely necessary for the best rates and the ability to close the most deals.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167