Pamper Your Lender and Lawyer With A Tightly Packaged Deal

One of the most important relationships is that of a mortgage broker/agent and its lenders. It is not a surprise that without lenders there is no way to fund deals. Where availability to dedicated underwriters is concerned, relationship building is far easier. You can email your underwriter, phone them, get to know them and they have a chance to get to know you!

This relationship building can be far more difficult when it comes to dealing with larger financial institutions where the application, approval and funding processes are largely electronic. Sure, you can give feedback and even call your BDM if you have a dispute over the outcome of an app or if there is more information that wasn’t considered – but this does not necessarily establish with the underwriting department within the FI that you are worth your salt and to really work your deals.

Aside from a borrower not qualifying – would you agree that most agents and brokers have deals declined for poor underwriting, missing information or other information that is present that the lender discovers but was not picked up by the broker or agent?

Deal packaging and due diligence is by far the fastest and most effective way to build strong lender relationships.

How can you do this?

1.       Conduct a strong client interview and request as much supporting documentation up front as you can.

2.       Make sure your applications are complete – the fields are there for a reason.

3.       Validate information in the application – this one has sub-points:

·         Unsure about type of employment? Check into the company or independently verify employment with your client’s employer.

·         Check the documents you have against one another for inconsistencies and ensure that the information is consistent with what is on the application.

·         Basic due diligence should include validating who is on title to the property and current encumbrances.

·         Leverage AVMs as the most accessible and affordable tool in time and out of pocket expense to validate value – no doubt your lender will look at one and if you aren’t seeing what your lender is, that presents a problem.

·         Provide explanations – when submitting your deal, explain any discrepancies and potential issues your underwriter may have and address them from the start.

You don’t have to know your underwriters to have an excellent relationship with them. All you have to do is show them through the quality of your work that you are tried tested and true!

Don’t let missing or incorrect information tarnish your relationship or lead to a darkened reputation. Use the tools available through Purview For Mortgage Brokers to build a foundation for trust and responsibility. Call today: 1.855.787.8439.