You’ve met with your client. You’ve done a thorough job of asking open-ended questions, probing for explanations, and understanding any unique challenges of their situation. You write up the deal, select your lender and press submit.
And then you wait…and your client waits…
Finally, your lender comes back to you with questions and you’ve got to go back to your client for more information. Your client is starting to get impatient; they want the house and they’re anxious to get the process moving.
What’s more, you’ve got multiple deals on the go that require that same back and forth. You’re busier than ever and things are not moving forward fast enough. You’re spinning your wheels, but you can’t find any traction.
Have you and your client been in this situation before? Is it maybe more familiar than you’d like?
3 Tips from an Underwriter to Getting That Deal Done Faster
Time is money: every second counts, especially when those seconds are wasted playing the email game. The good news is that all it takes are a few simple strategies to turn a tedious tug-of-war into a quick and successful deal for all parties involved.
- Ensure your application and submission notes are comprehensive. Less is more might be good advice about salting your pasta, but when it comes to your application, it pays to be as detailed as possible. Stay ahead of the game by including crucial info, such as the fee you would like the lender to collect, and what product meets the client’s needs.
- Make sure your client’s solicitor is fully informed about the transaction and prepared to meet the desired closing date. Communicating clearly from the outset will allow you to address potential hiccups well in advance. Avoid time-consuming misunderstandings by confirming that all parties understand their obligations. Clear communication with all parties is key.
- Notify your client of the essential documents needed for the funding phase well in advance. Have a little sympathy: it can be an intimidating prospect to comb through a dusty storage room, messy hard drive, or overstuffed inbox for the right PDFs and papers. The sooner they know to start looking, the better. These might include:
- Payout statements for mortgages;
- Recent statements for any disbursements;
- Condo status certificates;
- Confirmation of recent inspection/pumping for septics.
Sealing the Deal
Bonus Tip for Submission: Services such as Filogix, Lendesk, and Velocity can help you package and submit your deal by accelerating the busy work. Furthermore, at Magenta, you can use our Broker Portal to monitor the status of your deals quickly and easily. Our Residential Brokers page also offers advice on specific documentation requirements for different products, contact information for our Broker representatives, and more tips like these for fast submissions.
These tactics can streamline the process further and take the guesswork out of submission. Now, take all that time you’re saving and drum up new business for your pipeline!
About Magenta Capital Corporation
Magenta is one of Canada’s leading residential, private MICs. Since 1994, we’ve specialized in flexible mortgage solutions for Ontarians who fall just outside of bank lending criteria, while delivering on strong, consistent returns for shareholders across Canada. Our goal is to empower our customers, partners and employees to build a better tomorrow.
For more information, call us at 888-267-1744 or contact our broker representatives at brokers@magentacapital.ca