For US mortgage brokers, competent lenders like The Loan Store can help elevate their work with programs such as the Buy Before You Sell. Read on to know more
Updated July 11, 2024
Mortgage brokers in the United States thrive with good partnerships with other professionals. It includes partnering with real estate agents, lawyers, and mortgage loan originators. In line with this, The Loan Store is offering their services to help mortgage professionals in the country with their work.
This mortgage lender is bent on expanding their business while also pushing their clients toward success. The Loan Store is also introducing one of its newest products created especially for mortgage loan originations: the Buy Before You Sell program.
For more on The Loan Store and Buy Before You Sell, Mortgage Professional America will talk about all possible keypoints and highlight everything you need to know. We will also discuss how this can benefit mortgage brokers.
Introduction to The Loan Store
The Loan Store is a non-bank mortgage lender based in Tucson, Arizona. They are a wholesale mortgage company determined to help their clients, particularly brokers, with competitive loan products.
The Loan Store also provides top-quality service for their customers by offering nonqualified wholesale loans delivered through their partner brokers. This can also be done via referrals from banks in the US. As for their loan process, The Loan Store can streamline mortgage applications for quick and easy approvals.
Below are some of The Loan Store’s guarantees for their current and prospective clients:
- competitive pricing: high quality pricing even when mortgage rates are fluctuating
- speedy service: clients can expect swift turnaround times
- clear communication: easily get responses and have direct access to their underwriters
How does The Loan Store work?
Since The Loan Store is not a mortgage bank, clients can pay via mail-in checks and Bill Pay. For those who want to pay through a check, The Loan Store provides a mailing address where clients can send their payments. On the other hand, those who prefer Bill Pay will need to contact their personal bank to make an appointment for their payments.
Every bank in the US will have their own unique way of setting up a Bill Pay. As such, The Loan Store advises their clients to ask their personal banks for specific instructions. This should be the case if they are having a hard time setting up a Bill Pay online.
What are the home loans offered by The Loan Store?
The Loan Store provides their clients with several mortgage loan products to choose from. Some of them are:
- fixed-rate mortgages
- adjustable-rate mortgages
- conventional mortgage loans
- conforming loans
- high balance loans
- FHA and VA mortgages
- Flex NQM Loan Programs
- HomeReady and HomePossible programs
To view the complete list of products offered by The Loan Store, visit their website. For a quick recap of mortgage loan products, check out the seven most popular types of mortgage loans for home buyers.
Overview of The Loan Store’s Buy Before You Sell
In 2023, The Loan Store launched a “Buy Before You Sell” product designed for wholesale mortgage loan originators. This came shortly after its acquisition of the wholesale originations channel once owned by Homepoint.
The product arrived amid an increasingly competitive market, with mortgage rates fluctuating during that year.
The rollout was the first major initiative for the fast-growing national wholesale mortgage firm. It's bracing for exponential growth in wholesale originations in the wake of the Homepoint deal.
Buy Before You Sell is available to The Loan Store’s mortgage brokers and non-delegated correspondent partners via a partnership with HomeLight. It is designed to help brokers improve homebuyers’ ability to secure their desired home quickly without the contingency of selling their existing home first.
Since The Loan Store has partnered with HomeLight on the Buy Before You Sell product, the latter’s clients can also use it to get the strongest possible offer for their previous houses. Check out this short clip on how the HomeLight Buy Before You Sell program works:
Buy Before You Sell is a ‘contingency buster’
Brandon Stein (pictured above), president of The Loan Store, described the Buy Before You Sell product as a “contingency buster.” It provides brokers with a tool to aggressively pursue the purchase market by leveraging a home’s equity.
“We are unlocking the equity through this 'Buy Before You Sell' program so [clients] can essentially have a zero-interest line of credit to leverage that equity as a down payment on a new home without having to sell their current home as a term of purchasing the new one,” Stein said.
“Our partners are brokers and non-delegated lenders who can educate themselves on this product so they can do the same with their borrowers,” he added. “It’s another tool in their toolbelts, so to speak, to remain aggressive and stay in front of borrowers and the purchase market.”
The upshot according to Stein: “They [brokers] are offering them a unique way for financing a new home purchase which again is leveraging the equity in the current home to be able to go out and have an aggressive offer to purchase the new home they’re looking to buy.”
Buy Before You Sell ties originators and real estate agents
Stein also provided scenarios under which the Buy Before You Sell product could potentially strengthen mortgage loan originators’ relationships with real estate agents.
“Having this tool in their toolbelts, they can work directly with real estate agents,” Stein said.
According to Stein, mortgage loan originators can “...train their real estate agents, so they understand how this product works. From a real estate agent’s perspective, they may have buyers already teed up who are currently in the market; maybe have made offers on home and been denied because of this sales contingency of their current home.”
He noted that the timing of the Buy Before You Sell launch came ahead of the traditional spring buying season. “We loved the fact this product aligned with all of our counterparties and partners, in that it’s perfectly timed to go into the purchase season,” Stein said. “This allows our borrowers to have the most aggressive possible offer given their current circumstances, whatever those circumstances might be."
With the Buy Before You Sell program, The Loan Store is ready to support mortgage loan originators now and in the future. Here’s a video on what mortgage loan originators should know about The Loan Store:
For a listing of top mortgage professionals in the US, visit our Best in Mortgage page. Be inspired by the best mortgage companies, female leaders, lenders, and rising stars, to name a few.
The Loan Store sees exponential growth
“It’s an expansion,” Stein mentioned when asked of its wholesale channel, which The Loan Store had run for four years. “This has allowed us to grow our broker population by almost ten-fold.”
The Loan Store now finds itself among the big guys of the industry after its transaction with Homepoint, according to Stein. Incidentally, Homepoint was on our list of the 10 biggest wholesale lenders in the US.
“Prior to the transaction, we had about 900 approved mortgage partners nationwide; after the transaction, we’ll have over 9,000. From an LO’s perspective, we’ll have the ability to lend to over 50,000 or 60,000. It’s huge growth, and we’re very excited to take on that partnership,” he said.
How does The Loan Store help mortgage brokers?
Aside from the competitive home loans listed above, The Loan Store provides an online portal where interested mortgage brokers can create accounts and become their partners.
When brokers partner with them, The Loan Store can use their acquisition of Homepoint’s wholesale origination channel as an advantage. Since they have this tool, brokers will be able to access better rates and products like the Buy Before You Sell program.
Other mortgage companies that have recently offered the Buy Before You Sell program are the APEX Mortgage Group and Cornerstone First Mortgage.
Benefits of partnering with The Loan Store
As The Loan Store continues to grow their numbers, it results in more perks for their partner brokers as well. Better products can be easily accessed and relationships with real estate agents can improve further. All in all, this will mean greater advantages for aspiring homeowners.
Property buyers who engage the services of The Loan Store’s partner brokers can experience these benefits and have higher chances of purchasing a home as soon as possible.
What do you think of The Loan Store’s Buy Before You Sell offering? Share your thoughts below.
