Rob Lawrence, Chief Mortgage Warrior Of mortgagebattlecall.com

As a mortgage broker, one of your main advantages is that you have access to many different lenders and hundreds of loan programs, which you can offer your customers. Having too many lenders to deal with--however--can become one of your biggest problems.

As the person between the borrower and the bank, you're responsible for dealing with the myriad of third parties involved in the transaction. You're dealing with appraisers, title companies, attorneys, underwriting, wholesalers, etc. You've already got a lot on your plate, so adding more "things" or "people" for you to deal with in your office, isn't going to help you get any more loans closed. You want to simply your business and your life.

How many times have you been bombarded with rate sheets, special pricing offers, free donuts, luncheons, etc. from wholesalers? How much time did these people cost you? Did they help you close any of your "difficult" loans? Did anything come of it? Are they bringing anything of value to the relationship? These are questions to consider before letting another lender's rep into your office. They can suck-up all your time, and leave you with nothing to show for it. Don't go down a road to nowhere and let this happen to you.

Here are some of my top tips for dealing with pushy wholesale account representatives:

* Realize that there are some stellar wholesalers out there. They aren't all bad. Some will go the extra mile for you and fight your case to the underwriter on difficult loans. Unfortunately, you won't find this out until you are deep into the loan process, and after your relationship has progressed to a respectable working level. Until it gets to that point, it is impossible to differentiate one wholesaler from another.

* Never deal with an account representative that is new to the lender, or has only been in the mortgage business a short time. You'll end-up having to "train" them, and they won't have much value to bring to the table. They also tend to be the ones who call all the time begging for a loan, because they don't have many clients to service. To get the best rates, and highest level of service, demand someone with at least 2 years of experience, preferably more, with a particular lender.

* Don't allow yourself to be stuffed onto the wholesalers marketing lists. Your fax machine and email with be overflowing with gimmicky sales pitches and mortgage hyperbole.

* Never allow a wholesaler into the office, without first speaking to them IN-DEPTH over the phone about their loan programs. They will try to schedule an appointment to come see you, but why spend an hour or two in a meeting, if their programs and rates aren't competitive?

* Ask for a sample rate sheet upfront, so you can see what their rates are. Better yet, get their program and underwriting guidelines so you can judge how "strict" the underwriters will be. Even if their rates are low, can you still get the deal closed?

* If you are a new broker, and don't have many lenders, try not to go overboard and sign-up with everyone. Believe me, you'll be overwhelmed with phone calls, and only have so many loans to go around. Not every wholesaler you sign-up with get a loan from you. They should know this upfront.

* Wholesalers can be a valuable resource into the rest of the industry. They all know each other and are great for getting the inside scoop on the other local mortgage companies as they make their rounds. They also have a lot of connections with lenders and should know how their programs stack up to others.

* When a wholesaler calls and starts in on his sales pitch... Say, "Why should I do business with you?" "What will you offer me, other than low rates?". A low interest rate is not enough, these days you also need a high degree of service to get the deal closed. I've seen many deals fall through not because the rate wasn't low enough, but because the account representative sat on his hands. Is this guy going to go to bat for you? Ask him.

* Focus on working with a handful of lenders, and send them the majority of your business. You should have 5 to 10 A-Credit lenders, and know their programs inside and out. B-Credit is more complicated, so you'll need between 10 to 15 for shopping purposes. By narrowing your field of lenders, you'll get to know the account reps better and can deepen relationship. They will become more like a partner and an extension of your mortgage office. But, remember to choose wisely because your loan rests in their hands.

These are some of the policies I follow in my office and teach my students. The mortgage business is full of people who are all acting in their own business interests. Remember, the wholesaler's job is to bring in loans from mortgage brokers. They are selling to you, as much as you are selling the loan to the end-borrower. Use them as a valuable and trusted resource, but don't fall into the trap of being distracted by an endless array of programs and rates.

Follow these tips, and your business will be much more focused and on track.