Princeton Mortgage Wholesale

"***BROKER OWNERS BEWARE*** Today, we are officially terminating our company's relationship with Princeton Wholesale Mortgage. We've been a broker partner to them for 6 months and immediately after we signed up they took the liberty of soliciting ALL of our MLO's to join their team. As small business owners who have spent Hundreds of Thousands of Dollars investing in our team we find it quite appalling that a "business partner" would call, text and email our team on a WEEKLY basis trying to recruit them from our company. It makes me wonder if this is their last ditch effort for them to avoid going out of business. Maybe they really are that hard up for business to keep their doors open... Otherwise, why would they stoop to this level??? I certainly wouldn't want to be a homeowner with a loan in process when that happens! ***In either case, this company does NOT act with Integrity***"

"1) Competitive interest rates 2) Added a $50 lender's wire fee & a $16.50 appraisal review fee this year - a negative as Princeton was already high on their lender's fees 3) Do not retain servicing - a big negative 4) No retail presence in Florida - a big positive. 5) Strong closing department 6) No funding number required at closing - a huge positive 7) We have a strong account executive in Josh Teti, although he is severely overworked 8) You have to be ready to submit your underwriting conditions and supporting documents to Princeton two and sometimes three times as their underwriters cannot find the conditions (in their defense they are not the only wholesale lenders with this problem) 9) A very weak underwriting department, in which you are not allowed to speak with the underwriters and they rarely return phone calls or emails. This has always been Princeton's Achilles heel since we started working with them. None of my processors has liked doing business with Princeton, due to their underwriting department. I have been the one that chose to keep using them. Princeton has struggled, like most residential lenders have in 2020, to get loans underwritten and "clear to close" in a reasonable time. However, now the underwriting/service gap between a Princeton Mortgage versus United Wholesale Mortgage and Quicken Mortgage has grown even larger. As brokers we are being forced to "pay to play" in this industry. You can get incredible service from a UWM (we just closed a loan in 14 days) and receive absolutely terrible interest rates for your clients or go to a smaller shop like a Princeton Mortgage to obtain better rates for your clients and then go through "death by a thousand cuts" trying to obtain a "clear to close". My clients must be a very unique and strange breed, as they want very competitive loan terms "and" great service. Who would have "thunk it" that a borrower would want both of these things? This odd combination does not exist in the wholesale residential mortgage world at this time. Or at least I have not been able to find it. My best combined experience has been with Parkside Lending, however, they totally backed out of the market in regards to interest rates this year and have in past years at times. Additionally, Parkside will sometimes "zig" when they should have "zagged" by laying off remote underwriters and then having the market improve and be unable to get their loans out the door."

"This is a great company to work with. As a broker we have never had a bad experience with Princeton and highly recommend them to other brokers. They will make you look good in front of your clients."

"There are lots of moving parts to any mortgage transaction and this team goes above and beyond. Always pick up the phone or texts or emails when I call. They too have a sense of urgency when it comes to our clients. They understand "Team" work! Big thanks everytime to Frank G, Jake, Ian Brandon & Matt J! Everybody wins! Clients, brokers and the bank! Lets close more loans together! -MS K2lending.com"

"Wholesale Rock-stars!!!!! It's always a great experience with the team over at PMW. They have pricing of a giant wholesaler with the service of a small company. Always responsive and quick to solve problems. Their underwriters know what they are doing and use common sense. Thanks PMW for knocking all of our files out of the park!"