Having the right mortgage loan products makes all the difference

Local knowledge and unique lending solutions give originators a competitive edge

Having the right mortgage loan products makes all the difference

Caliber Home Loans made news recently for the launch of their Elite Access Jumbo financing program, but there are a number of other products in the Caliber Portfolio Lending Suite, or CPL. These include:

  • Premier Access loans, which are designed to assist borrowers who are buying or refinancing a high-value property, but may not qualify for other Jumbo products.
  • Homeowners Access and Fresh Start loans, which are designed to assist borrowers who can prove their ability to repay a mortgage, but may not qualify for traditional mortgage financing.
  • Investment programs, which are designed to offer easier qualifying to borrowers who plan to purchase several rental/investment properties.

“They’re exclusive financing options that give us a competitive advantage against our competition, but ultimately puts the broker in a very unique position from a referral standpoint to be able to go out and do more business,” said John Gibson, Caliber’s Senior VP, Wholesale-National Sales. “We continue to not only add products, but to enhance guidelines and make the process more efficient so that the transactions go through smoother. And now, the Elite Access, which is that newest product in there, which is the newest addition, helps us and helps our clients compete against the banks from a jumbo perspective.”

Elite Access is the latest enhancement of the suite, and is known as a “loan saver,” an alternative solution for business partners to use when they come across borrowers who don’t necessarily meet traditional agency guidelines, even though they’re loan-worthy.

“The Caliber Portfolio Lending Suite allows our business partners to really offer the full spectrum of not just your traditional agency products, but to be able to have creative lending solutions for people that have the ability to repay and have the ability to own a home,” Gibson said.

Although Caliber is well-versed in refis, they have always been creatively focused on the purchase market, building their processes, procedures, and operation sites around the purchase book of business. Refis ebb and flow, Gibson said, and if you do what’s right by your business partners and what’s right by the homeowner then you can get repeat business coming through the door, so being purchase-centric allows their partners cater to new business.

Caliber differs from some other mortgage companies in that it’s not a centralized organization; from operations to sales, the team is spread across the country and takes advantage of regional knowledge.

“We have seven op sites spread out throughout the country, so our expertise is in the marketplace where our brokers are for the fulfillment of the loans and I think that’s extremely important in today’s marketplace,” Gibson said. “We have one of the most seasoned sales forces in the country and it’s a distributed sales team, so again, our salespeople are in the local marketplaces with their brokers, have been in those marketplaces for a very long time (in most cases, most of their entire career). That market knowledge and expert transfers to the efficiency of what they provide to the client.”

Caliber also encourages efficiency in its own process by retaining the servicing for 96% of their loans. Using proprietary criteria to identify the circumstances under which borrowers may be in the market for purchasing or refinancing a loan, Caliber is also able to alert their partners and keep them in touch with their borrowers.

“We’re not a start-up company, we’re not somebody that’s entering into wholesale, we’ve been doing this for a long time, we have a proven track record of closing loans, especially when you’re talking about purchase,” Gibson said.

And when it comes to choosing a partner, what more could you want?

 

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