(This is just my factual experience with them, others experiences may differ)
Sent broker application in August 2012, spent weeks/months following up with broker approval department and 2 different reps. Rep I originally submitted package too mysteriously disappeared shortly after I submitted broker package. Completely stopped responding to communication attempts. Then sometime after, I started getting solicitation e-mails from new rep. I asked new Rep to follow up on our approval process. He said they just needed a few more things and thats when the fun began. They “piecemealed” requests for additional information over a period of ~3 months. Then they eventually told us we weren’t approved. I spent 2 weeks trying to find out why from rep. He was very vague but in one e-mail he told me it had something to do with our “DRE report” but couldn’t tell me what the problem was. Can you? (Jacmel Holdings, Inc. DBA IET Capital DRE Report) As far as I know our DRE (& NMLS) report is clean. I’ve never had an issue getting approved with other wholesale lenders. I finally tried escalating up to a sales manager who called me to say he couldn’t tell me why they denied us either, that was their company policy and he was sticking to it. Thanks for the call buddy, that was helpful. Vague, useless & waste of time were my 3 main take away feelings from his “follow-up” call.
I was mad at first but then I concluded that any wholesale lender that is this much of a nightmare up front must be excruciating to actually fund loans with. Good riddance.
If you are a mortgage broker thinking about forming a partnership with Greenlight Wholesale my advice would be don’t waste your time: knock some sense into yourself and keep looking. There are better options out there.
2013 Update, we are working with a new rep David Krause, and he got us approved in a short period of time. So we are giving them a 2nd chance…