Wholesale lending is great for helping serve underserved borrowers. For example, borrowers who are prime and creditworthy but who may not qualify for traditional mortgages, such as the self-employed or those with non-traditional income sources, may benefit from non-QM programs. The wholesale channel has the ability to offer borrowers a variety of choices, with access to many different bank and lending programs.
Change Wholesale is at the forefront of wholesale lending, with the widest variety of products on the market, ranging from traditional lending products to non-traditional products (Alt Doc, Investor/DSCR, Foreign National).
As a CDFI (Community Development Financial Institution) — a designation given by the U.S. Treasury Department to financial institutions that provide credit and financial services to underserved communities and individuals — Change Wholesale can also offer its proprietary Community Mortgage program.
The Community Mortgage is an owner-occupied mortgage that does not require income or employment documentation on the application, which means that prime, creditworthy borrowers who may not meet the stringent requirements of traditional banks can still qualify for a mortgage. This program has the potential to make homeownership more accessible to a wider range of people and communities.
As a CDFI, Change Wholesale is dedicated to expanding access to affordable credit and financial services, promoting community development and supporting economic growth in low-income and underserved communities. Additionally, CDFIs are exempt from certain ability-to-repay requirements where other non-QM lenders are not, allowing Change to make loans available to a broader set of qualified borrowers.
Change Wholesale is focused on developing innovative products and services that meet the needs of these underserved borrowers while ensuring sound underwriting practices. Change also leverages technology and data analytics to streamline the origination process and enhance risk management practices. Change maintains strict compliance with regulations and maintains high levels of transparency and customer service to build trust with its clients, borrowers and investors.
For brokers, Change Wholesale offers marketing support to help promote their business and reach new clients. This includes access to a range of marketing materials, such as flyers, social media content and email templates. With these resources, Change helps brokers to build their brand and generate new business.
Additionally, Change Wholesale offers its brokers an “unfair advantage” in its ability to offer a faster, more flexible loan process and loan programs that are designed to meet the needs of a wider range of borrowers. By providing a more inclusive approach to mortgage lending, Change is helping to make the dream of homeownership a reality for more people.