Did you know that the market for rental homes in the United States is massive? It is a $70 billion annual market and growing. For residential mortgage brokers looking for creative ways to keep their pipelines filled, adding rental loans to your arsenal of loan products could be a golden opportunity. Here are four compelling reasons, in addition to market size, to broker rental loans:
Many investors own multiple properties and offer counter-cyclical business opportunities. They are money-motivated, financially savvy individuals relying on brokers to find the best loan opportunities.
Rental loans are outside of Dodd Frank, and often do not require an NMLS license. (We don’t at Visio- except in CA). Not only is this less paperwork and hassle, but it also could mean multiple state opportunities.
At Visio Lending, our average closing time is 21 business days, which means you get paid fast. Additionally, Visio brokers can earn up to 5 pts per closed loan, and Visio always pays the first point.
Since Visio Lending has designated Account Executives and in-house processing, brokers can keep their workloads down. Also, we have less documentation requirements, such as no 4506 requirements or income verification for a hassle-free process.
The best part- you probably already have these clients in your database. We also have ample resources to help you find investor clients on our Broker and Partner Resources Page. Interested in brokering rental loans to Visio? Check out our Broker Program and earn up to 5 points per closed loan!