How to Get Wholesale Mortgage Rates in California [2026]

What Are Wholesale Mortgage Rates?

Wholesale mortgage rates are institutional pricing offered by lenders to licensed mortgage brokers. These rates exist in a separate channel from retail banking:

• Institutional pricing: Rates designed for volume originators, not retail consumers
• Lower overhead: No branch network costs, minimal marketing expenses
• Competitive market: Wholesale lenders compete for broker business
• Pass-through pricing: Brokers pass wholesale rates to consumers

Why Wholesale Rates Are Different

How to Access Wholesale Rates in California

Follow these steps to access wholesale mortgage pricing:

Step 1: Find a Licensed Mortgage Broker

Wholesale rates are only available through licensed mortgage brokers. Here's how to find one:

Verify Licensing

• Check NMLS: Visit nmlsconsumeraccess.org and search the broker's NMLS number
• Verify DRE license: California brokers need Department of Real Estate licensing
• Check status: Confirm license is active and in good standing
• Review history: Look for any disciplinary actions

Evaluate the Broker

• Lender count: Ask how many wholesale lenders they work with (200+ is ideal)
• Experience: Years in business, loan types they specialize in
• Reviews: Check Google, Yelp, and industry review sites
• References: Request references from past clients
• Communication: Assess responsiveness and clarity

Questions to Ask

1. How many wholesale lenders do you have relationships with?
2. Do you work with bank statement and non-QM lenders?
3. What's your experience with jumbo loans in California?
4. How quickly can you typically close?
5. How are you compensated, and what are the fees?

Step 2: Provide Your Information

Once you've chosen a broker, you'll provide basic information for rate shopping:

• Income documentation: Pay stubs, W-2s, tax returns, or bank statements
• Credit authorization: Permission to pull credit report
• Property information: Address, purchase price, loan amount needed
• Assets: Bank statements showing reserves

Step 3: Broker Shops Multiple Lenders

This is where the wholesale advantage becomes clear:

• Submits to multiple lenders: Your profile goes to lenders likely to offer best terms
• Compares pricing: Reviews rate sheets from multiple sources
• Evaluates programs: Considers which programs fit best
• Negotiates: May negotiate lender credits or better terms

Step 4: Review and Choose Your Best Option

Your broker presents options, and you choose based on:

• Interest rate: The rate you'll pay on the loan
• Closing costs: Fees associated with the loan
• APR: Total cost including rate and fees
• Program features: Fixed vs. adjustable, prepayment terms
• Lender reputation: Speed, service, reliability

Step 5: Lock Your Rate and Close

• Rate lock: Lock your rate for 30-60 days (or longer)
• Underwriting: Lender reviews full documentation
• Appraisal: Property value confirmed
• Clear to close: Final approval from underwriting
• Closing: Sign documents, fund the loan

Why You Can't Get Wholesale Rates Directly

Some borrowers wonder if they can cut out the broker and access wholesale pricing directly. Here's why that's not possible:

Licensing Requirements

• Wholesale lenders only work with licensed originators
• Brokers must maintain state and federal licensing
• Ongoing education and compliance requirements
• Established lender relationships take years to build

Volume Requirements

• Wholesale lenders require minimum loan volume
• Individual consumers can't meet volume thresholds
• Pricing tiers reward higher volume

Compliance Infrastructure

• Brokers have systems for secure document handling
• Compliance with federal and state regulations
• Quality control and audit requirements

California-Specific Considerations

High Home Prices Require Jumbo Expertise

California's high home prices mean many loans exceed the conforming limit of $1,149,825:

• Wholesale brokers access 50+ jumbo lenders
• Banks typically offer one jumbo product
• Shopping is especially valuable for jumbo loans

Self-Employment Rates

California has high self-employment rates, requiring specialized programs:

• Bank statement loans for business owners
• Asset depletion for high net worth borrowers
• 1099 programs for contractors
• Wholesale brokers access these specialty programs

Competitive Markets Require Speed

In competitive California markets:

• Fast pre-approval letters win offers
• Quick closing ability matters
• Brokers know which lenders close fastest
• Multiple backup lenders available if issues arise

Regional Market Knowledge

California's diverse markets require local expertise:

• Southern California: High jumbo demand, strong investor market
• Bay Area: Tech income (RSUs), ultra-high prices
• Central Valley: More conforming loans, agricultural income

Finding the Right California Wholesale Broker

What to Look For

• 200+ lender relationships: More options mean better fit
• Jumbo expertise: Critical for California home prices
• Non-QM programs: Bank statement, DSCR, asset depletion
• Local market knowledge: Understanding of your specific area
• Communication skills: Clear, responsive, proactive

Red Flags to Avoid

• Won't disclose how many lenders they work with
• Pressures you to lock immediately
• Unclear about fees or compensation
• Can't provide NMLS number
• Promises that seem too good to be true
• Poor communication or slow responses

The Wholesale Rate Process: Timeline

Note: Timelines vary based on loan complexity, documentation readiness, and market conditions.

Frequently Asked Questions

What are wholesale mortgage rates?

Wholesale mortgage rates are institutional pricing offered by lenders to licensed mortgage brokers. These rates don't include the overhead costs built into retail bank rates (branches, advertising, corporate structure), making them typically more competitive than what consumers can access directly.

Can I get wholesale rates directly without a broker?

No. Wholesale lenders only work with licensed mortgage brokers who have established relationships, meet volume requirements, and maintain proper licensing and compliance. Consumers cannot access wholesale pricing directly—a licensed broker is required.

How do I find a wholesale mortgage broker in California?

Verify the broker's NMLS license at nmlsconsumeraccess.org and confirm their California DRE license. Ask how many lenders they work with (200+ is ideal), what loan types they specialize in, and request references. Check online reviews and their professional reputation.

Are wholesale rates always lower than bank rates?

While wholesale rates are typically more competitive due to lower overhead costs and lender competition, individual results vary based on credit profile, loan type, and market conditions. The advantage of wholesale is the ability to shop across 200+ lenders to find the best option for your specific situation.

How long does it take to get a wholesale mortgage?

Wholesale mortgages often close in 21-30 days, sometimes faster. Because brokers have direct relationships with underwriters and can choose lenders known for speed, they can often close faster than large banks with multiple approval layers.

Ready to Access Wholesale Rates?

Accessing wholesale mortgage rates in California starts with finding a licensed broker who has relationships with 200+ lenders. Mo Abdel at Lumin Lending provides wholesale broker services throughout California and Washington, with expertise in jumbo, bank statement, and specialty loan programs.