- What’s at Stake: Brokers who mistreat operations teams risk losing access to major wholesale lending partners.
- Expert Quote: “Sometimes too many options can become a bad thing.” — Damon Germanides, Insignia Mortgage
- Supporting Data: 45% of NEXA’s business funneled to a single wholesale partner.
Strong relationships are integral to the mortgage business, especially between brokers and their wholesale partners.
Although brokers are often treated as the client, they still stand to gain from building rapport and trust with lenders.
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“A loan officer’s relationship with their wholesale companies affects the ability to serve their consumers,” said Mike Kortas, founder and executive partner at NEXA Lending. “If they have a great relationship, they can serve their consumers better. If they have a bad relationship with that wholesale investor, they can’t serve their consumers as well.”
Here are five tips industry experts have for brokers looking to build and maintain valuable partnerships.
Only work with a few lenders
Although a broker’s value proposition is in part their ability to offer options from multiple wholesale lenders, there’s benefit in ensuring your business isn’t spread too thin among too many, some say. NEXA primarily does business with United Wholesale Mortgage, which has resulted in increased commitment and focus from the lender.
About 45% of NEXA’s business is funneled to UWM, and in return, the lender dedicated more than 20 account executives solely to the brokerage. They are in contact with every loan officer weekly, Kortas said.
“That matters for the consumer’s benefit too,” he added. “Even if the rate is better, it’s still better for the consumer to go to the lender that has the better system or has the better communication because your transaction can get done quickly. You’re not going to run into all these headaches and nuances and things that frustrate people at closing, especially on purchase transactions. You want your loan officers going to the path of least resistance.”
Damon Germanides, co-founder of Insignia Mortgage and a top-10 mortgage broker in 2025 by total volume, according to Scotsman Guide, has found similar benefits to dealing with fewer lenders.Â
Insignia works with about 15 financial institutions from portfolio banks to home equity lenders, picking about two per category and feeding them most of its business. This way, when a broker needs an exception, rush order, or an appraisal to be rereviewed, lenders are more willing to deliver because of the strong relationship. Working with only select lenders also builds a familiarity that makes challenges easier to overcome, Germanides said.
“The optionality as a broker is a major advantage,” he said. “But sometimes too many options can become a bad thing. … [Having a few options] lets you focus more on building some flow and not being so spread thin on the processes for each lender.”
But Thuan Nguyen, CEO of Loan Factory and the No. 2-ranked broker in the United States last year by Scotsman Guide, warned that brokers should still keep their options open to ensure their clients receive the best rates and service.
Understand the process
A lot of brokers are good at finding loans but don’t put in the effort to ensure it’s a great one. Many don’t even know the guidelines of where they’re sending loans, relying on underwriters to tell them if it’s good, which delays processing and increases stress for borrowers, brokers and lenders, Germanides said.
“My recommendation: slow down, read it,” he added. “Lots of folks don’t do that. We still see it today, forwarding something that has no relevance to what the underwriter is asking for, saying, ‘clear condition, fund.'”
These mistakes often stem from the pressure brokers face and wanting to complete a loan as quickly as possible, but speed doesn’t matter if there are mistakes. Understanding the process helps brokers find solutions to issues and confidently communicate with the client or realtor why a loan is delayed as well, Germanides said.
Consistent quality applications also build trust between lenders and brokers, which results in quicker processing, more business and an improved reputation among lenders and borrowers, said Tammy Richards, chief strategy officer at NEXA.
Maintain clear communication
Brokers often serve as a connector between lenders and borrowers, making their communication with both vital.
Richards preaches clear communication and staying in contact with lenders throughout the loan process and beyond. The more personal a relationship, the easier it is to build trust, she said.
Nguyen checks in with lenders everyday during the loan process, as it can be unpredictable. Communication with the underwriter, along with account executives, is especially important to avoid miscommunication and fund the loan faster, he said.
“I see some lenders, they have last-minute conditions,” Nguyen said. “Those are the scary parts that can kill the deal and hurt the relationship.”
This communication also needs to occur between brokers and their clients to ensure the borrower is aware of pricing, product, policy or processing updates, Nguyen said. If it isn’t, borrowers could find themselves with a moving truck outside of a house they don’t have a funded loan for, which could significantly hurt a broker’s reputation.Â
Own up to mistakes
Brokers should not make mistakes, Nguyen said, but if they do, accountability is key.
“Integrity is so important,” he said. “We should not have too many excuses. If we make a mistake, we should admit it so that next time we won’t make the mistake again.”
Accountability and correction can help brokers who made a mistake get back in lenders’ good graces and earn another chance, said Katie Sweeney, executive vice president of strategy and broker advocacy at Rocket.
“It depends on how you respond to those kinds of strains,” she added. “Brokers who come to the table a little harsher than is necessary, that’s when trust breaks down and erodes really fast. There have certainly been situations that I’ve seen over the course of my career that the broker only got one chance, and that one chance was handled so poorly and was mismanaged so badly that there was no second opportunity to win that relationship back.”
Treat lenders well
The overarching piece of advice industry experts give is simple: treat lenders well.
Brendan McKay, president of the Broker Action Coalition, said he has heard of brokers who abuse operations teams and treat them horribly, stemming from the uneven power dynamic and direct pressure of a homebuyer when an application is slowed.
While the reputation of a broker does not spread as fast as a lender’s, it can still cost them business, and McKay recommends lenders be more selective in who they work with.
“They should be more aggressive in cutting brokers off,” he said. “Usually, those same brokers that are behaving terribly are also the ones that are submitting poorly constructed files that drag their operations into a slog.”
Some of the biggest lenders are willing to do this. Kim Nicholes, chief third-party originator production officer at PennyMac, said the lender has very low tolerance for this and will end the relationship if poor behavior is a persistent theme. Sweeny also said Rocket is willing to draw a line in the sand to show its team members the company has their back.
“We remind them all the time, don’t burn a bridge, don’t say a dumb thing because you’re mad and upset,” Kortas said. “Have control of your emotions.”
