Validating Home Ownership Information = Strengthening Lender Broker Relationships

We’ve often written about the benefits of lenders and brokers working towards strengthened relationships. The lender/broker relationship is critical because the lender relies on the broker as the mortgage application originator and the broker relies on the lender as the funding source.

The challenge is that, over time, these relationships can get strained. When many deals that get submitted either don’t get approved or don’t close because undisclosed information comes up later in the application process, lenders can become frustrated because of the time they spent underwriting your deal.

Validating home ownership information is one way that brokers can strengthen lender/broker relationships. Especially in cases of refinances, it is not uncommon for another party to come up on title. Sometimes it is a spouse or another family member. In some instances the lender will want a credit application from the other person on title and in all cases will require that they sign onto the deal since they are on title.

Validating home ownership information before you submit your deal to a lender is a sure fire way to catch instances of other people on title, to gather more information, to ensure that they are prepared to consent and even guarantee the mortgage and also that they even qualify.

The video below shows how you can validate home ownership information using Purview For Mortgage Brokers.

Creating strong relationships with your lender is just another way to make you more effective and to garner ore closed deals. For more about how Purview For Mortgage Brokers can help you strengthen these relationships please call 1.855.787.8439.