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SAN JOSE, CA-Wholesaler ComUnity Lending here has designed an origination process in which the company places an employee in each of a number of selected brokers' offices to underwrite, draw and fund loans.
Darryl Fry, president and chief executive at ComUnity Lending, said the new program addresses a frustration many brokers have with the traditional wholesale lending process.
"Every broker is familiar with the traditional wholesale lending process in which the account executive solicits the customer for business, a clerical assistant receives the loan file and hands it off to an underwriter that establishes conditions, who passes it off to another person to clear those conditions, and so forth," he said.
"A high proportion of brokers feel that the burden is on them to penetrate the wholesale lender's structure...