Twenty-four lenders. Six desks do most of the work.

A broker does not have a rate. A broker has a panel. These are the wholesale desks we place files with most often, what each one is genuinely good at, and the internal overlays that decide which one gets your file.

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Panel size: 24 wholesale lenders
Quotes per file: 3 to 5, same morning
Credit pulls: One, for all of them

Loan documents being reviewed across a desk — **The point**Their rate sheets rarely differ by more than an eighth. Their guidelines differ by whole categories of borrower.

The six desks, and what each one is for

Lender names are shown as archetypes rather than brands, because the point is the underwriting behavior, not the logo. Credit floors and turn times are sample figures.

Agency correspondent

Deepest mortgage insurance relationships on the panel, which is where a conventional loan with less than 20% down is actually won or lost.

Credit floor: 620 mid-FICO
Turn time: Initial underwriting in 24 to 48 hours (sample)

Overlays to know

Follows agency automated findings with almost no added conditions
Will not accept a manual underwrite
Condo project review is strict on investor concentration

Best placed here

Conventional purchase under 20% down
Buyers with a 700+ mid-FICO
Appraisal waiver candidates

Not this desk when: The file needs a human to read a story. This desk follows the engine.

Government specialist

Publishes the lowest credit overlays on our panel and keeps VA and USDA underwriters in-house rather than outsourcing them.

Credit floor: 580 mid-FICO on FHA
Turn time: Initial underwriting in 48 to 72 hours (sample)

Overlays to know

FHA down to 580 with documented compensating factors
Manual underwrites accepted on FHA and VA
Requires two months of reserves below a 620 mid-FICO

Best placed here

FHA at lower credit tiers
VA files with entitlement complications
USDA, where few lenders keep a desk

Not this desk when: You need a jumbo or anything non-QM. They do not offer it.

Regional portfolio bank

Because nothing is sold, an underwriter can exercise judgement. This is where a file with an unusual but explainable story gets approved.

Credit floor: 660 mid-FICO
Turn time: Initial underwriting in 5 to 7 business days (sample)

Overlays to know

Relationship pricing for borrowers who move deposits over
Wants a full two-year employment narrative, not just paystubs
Slower on appraisal review

Best placed here

Unique or rural properties with thin comparables
Borrowers with complex but documented income
Small acreage

Not this desk when: The contract has a 21-day close. This desk is thorough rather than fast.

Non-QM investor

Accepts a CPA-prepared expense statement rather than forcing a fixed 50% expense factor, which can change qualifying income by thousands a month.

Credit floor: 660 mid-FICO, best pricing at 720
Turn time: Initial underwriting in 3 to 5 business days (sample)

Overlays to know

Large deposits above 50% of the monthly average must be sourced
Prepayment penalty standard on investment property
Minimum two years in business, with narrow exceptions

Best placed here

Self-employed borrowers with heavy write-offs
Investors buying in an LLC
Contract and commission income under two years

Not this desk when: You qualify on tax returns. Agency financing will always be cheaper.

Jumbo investor

Counts retirement and brokerage assets toward reserves at a lighter haircut than the rest of the panel, and will go to 10% down with strong credit.

Credit floor: 700 mid-FICO
Turn time: Initial underwriting in 3 to 4 business days (sample)

Overlays to know

Six to twelve months of post-closing reserves
Second appraisal above a published loan amount threshold
Gift funds limited on the down payment portion

Best placed here

High Desert, Tanoan and Santa Fe purchases
Borrowers with strong liquidity
Interest-only and 10/6 ARM structures

Not this desk when: Reserves are thin. Nothing else compensates for that on a jumbo file.

Renovation desk

Runs draw inspections in five to ten business days, which is the number your contractor actually cares about.

Credit floor: 640 mid-FICO
Turn time: Initial underwriting in 4 to 6 business days (sample)

Overlays to know

Contractor must submit license, insurance and two references
Contingency reserve of 10% to 20% of the repair budget
Consultant required on any structural scope

Best placed here

North Valley and Nob Hill older stock
Buyers who want to finance the roof and the wiring
Conventional renovation with luxury items

Not this desk when: The work is cosmetic and small. A personal loan after closing is simpler.

How we choose, in that order

01
Who will say yes
First pass is guidelines, not pricing. A cheap lender that declines your file is worth nothing, and a decline leaves a hard inquiry behind.
02
What the overlays cost you
Two months of reserves, a higher credit floor or a refusal to underwrite manually can each be the difference between an approval and a restart.
03
Turn time against your contract
A 21-day close and a portfolio underwriter who takes a week are not compatible. We match the desk to the dates before you agree them.
04
Mortgage insurance and second appraisals
On conventional loans under 20% down the insurer relationship can move the monthly payment more than the note rate does. On jumbo, the second appraisal threshold decides the timeline.
05
What happens if it goes wrong
We have moved a file to a different panel lender mid-process rather than pay a punitive lock extension. That option only exists with a broker.
06
What it costs you to compare
Nothing. One credit pull covers every panel quote inside the shopping window, and mortgage inquiries in that window score as one.

Broker, bank, or the lender advertising on the radio

All three can write you a mortgage. They differ on who chooses the rulebook, who you speak to in week three, and what happens when your file does not fit neatly.

How an independent brokerage compares with a bank and a direct-to-consumer lender
The question	Independent broker	Retail bank	Direct-to-consumer lender
How many sets of guidelines can your file be measured against?	Every lender on the panel, currently 24 wholesale relationships	One. Theirs.	One, plus whatever their capital markets desk allows that week
Who decides which loan program you are offered?	You do, after seeing the same scenario priced by three to five lenders	The loan officer, from the products that bank sells	An algorithm, from the products that lender sells
What happens when the file has an unusual story?	It moves to a lender whose overlays fit the story	It is declined, or it waits for an exception request	It is declined by the engine, usually without a reason you can act on
Who pays the originator?	Disclosed on the Loan Estimate as either lender-paid or borrower-paid compensation	Built into the rate, not itemized	Built into the rate, not itemized
Who do you call in week three when underwriting asks for something?	The same person who took your application	A processing center, often in another state	A portal message queue
Can the file move lenders if pricing or service goes wrong?	Yes, and we have done it mid-process when a lock expired badly	No. Start again elsewhere.	No
Who orders and manages the appraisal?	An appraisal management company through the chosen lender, with us chasing it	The bank's panel, on the bank's timeline	The lender's panel, tracked through a portal
What does it cost you to compare?	Nothing. One credit pull covers all panel quotes within the shopping window	A separate application at each bank	A separate application at each lender

See the panel we actually place files with

A bank can only offer you its own products and measure you against its own guidelines. We are an independent brokerage with 24 wholesale lender relationships, so the same file can be measured against 24 sets of guidelines. When one lender's overlay blocks your file, we move it rather than decline you.

Either the lender pays us out of the pricing on your loan, or you pay us directly at closing. Which arrangement applies is disclosed in dollars on your Loan Estimate, and federal rules prevent us from taking both on the same loan. We will tell you which structure we are using before you choose a lender.

No. Mortgage inquiries inside a shopping window are treated as one inquiry by the scoring models. We also use a single credit pull for every panel quote, so you are not pulled repeatedly.

Yes, and we do it regularly with builder preferred lenders in Rio Rancho. We put their estimate next to ours over a four-year hold and let the totals speak.

Twenty-four lenders. Six desks do most of the work.

The six desks, and what each one is for

Agency correspondent

Government specialist

Regional portfolio bank

Non-QM investor

Jumbo investor

Renovation desk

How we choose, in that order

Who will say yes

What the overlays cost you

Turn time against your contract

Mortgage insurance and second appraisals

What happens if it goes wrong

What it costs you to compare

Broker, bank, or the lender advertising on the radio

About the panel

What is the actual difference between a broker and a bank?

How do you get paid?

Does shopping lenders hurt my credit score?

Will you tell me if another lender is better?