Why Use a Mortgage Broker

A quick primer on the mortgage industry

Mortgages are sold to the public in two ways:

• Through banks and credit unions who employ their own loan officers. These loan officers can only sell the mortgage loan programs of the institution, which are usually limited. This arrangement is called “retail” in mortgage lending.

• Through other banks and financial institutions that do not have their own loan officers. These are called “wholesale.” The loan programs of these institutions can only be accessed through independent mortgage brokers.

Retail lenders usually offer a limited number of loan programs with strict specifications: they will usually only accept “employed” borrowers (as distinct from “self-employed” borrowers) with perfect tax returns, perfect or near-perfect credit scores (approx. 720 or above) and who fall within certain other exact parameters. About 30% of borrowers satisfy these requirements. The other 70% do not.

This other 70% needs to get a mortgage from a wholesale lender, using a mortgage broker as an intermediary. In the United States, wholesale lenders number in the hundreds if not over a thousand, and they offer many thousands of different mortgage loan programs—each with different requirements and terms. A small percentage of these lenders offer mortgage programs that specifically cater to self-employed borrowers.

Specialized loan programs with detailed, personal service

In order to broker the programs of a specific lender, a mortgage broker needs to be registered with that lender and pass their specific requirements. At Prosperity Lending, we specialize in mortgages for business owners and self-employed professionals, and we have relationships with 15 specific lenders who offer top loan programs that are suited to the needs of self-employed borrowers.

Our clients have unique situations, and our lenders offer programs that are continually updated. Additionally, we are always on the lookout for new lenders and programs that can benefit our clients. It is our job to advise you on the options available to you in your specific situation. Thanks to our diligence in the preparatory work—both in matching loan programs and borrowers, and in “packaging” the loan application so that it is easy for lenders to understand—we have a 97 percent approval rate in loan applications submitted to lenders.

Why choose Prosperity Lending

• Excellent rates for self-employed professionals, business owners & HNW individuals

• Track record of getting loans done for borrowers who were previously denied elsewhere (96% approval rate on loan applications submitted to lenders)

• Sophisticated, custom-tailored loan programs with no tax returns needed (up to $22M)

• Established relationships with specialized lenders who will be happy with your business

• Detailed in-house preflighting before loan submission, without harming your credit score

• Effective guidance to improve your credit score as part of the loan process, so you can get the lowest interest rate possible and enjoy better credit for the future

• Free brainstorming consultations—even when you are not yet ready to buy

  See the full list of reasons to choose Prosperity Lending