WarehouseOne, Inc does not provide loans to individuals. They are a wholesale lender. A wholesale lender uses mortgage brokers to obtain customers. The mortgage broker does the advertising, gets the customers, sets up the financing and then goes to a wholesale lender. The wholesale lender offers a lower rate to the broker, the broker adds on his commission, and in the end the rate is usually about the same as the customer would get using a mortgage banker. Sometimes the rate is lower, sometimes higher, depending on how much commission the broker takes. The advantage to the customer is that the broker uses an assortment of loan wholesaler and can obtain loans for those who would have trouble getting one at a traditional bank. Borrowers cannot get access to the wholesale divisions of mortgage bankers without going through a broker. Thus WarehouseOne is for mortgage brokers and bankers who wish to fund a loan through them for one of their clients, not the individual borrower.
WarehouseOne is located in West Trenton, New Jersey. They may be accessed through a contact form on their internet presence. They also offer an application form for those brokers who wish to become mortgage bankers. WarehouseOne offers a training program called SureStep Banker for these applicants, because many brokers do not have experience with underwriting, preparing documents, settling/closing loans and the post-closing functions including mortgage loan recording, the transfer of servicing, trailing documents, HMDA reporting and trust accounting.
WarehouseOne provides warehouse facilities for mortgage originators. The mortgage broker does not have millions of dollars laying around waiting to fund mortgages. The broker uses warehouse facilities to fund loans which are then sold out of the warehouse to investors. The proceeds from the sale of the loans reduce the loan the broker has at the warehouse. WarehouseOne provides warehouse loans in amounts from $500,000 to $15,000,000 and above. Their warehouse provides facilities for conforming and non conforming first and second residential mortgage loans.
WarehouseOne allows the broker to close the loan in his own name and makes funds available within 24 house by either check or wire transfer. They have a list of approved investors to whom the broker may sell his loans. Until the loan is sold the broker earns interest on it (the interest the borrower is paying) which may be lower than the interest paid to Warehouse One and can result in additional profit for the broker.
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