Are you doing all that you can to package your deal for success? Making your deal ‘lender-friendly’ is the easiest and quickest way to get approval.
Here’s three tips for packaging your deals, and what your lender wants to see:
- Documents up front. Firstly, sending most of the needed documents right after you hit submit is one of the best things you can do to make your deal a success. This is especially true if you’re submitting a purchase.
- Clear broker notes. Secondly, by telling the underwriter exactly what you’re sending and requesting exactly what you need on a submission, you’re more likely to get the answer you want. What’s more, you’ll probably get a faster turnaround time too! Want a rate special? Ask for it! Have unusual income? Acknowledge it in the notes!
- Accurate details. Finally, ensuring that there are no typos in the borrower names or property address is crucial to putting together a successful package. For instance, a typo in a postal code can mean your deal is rejected for being outside a lender’s preferred lending area. The details definitely matter, so take the time to get them right!
Lender Top Tip: Use the borrower’s ID to enter their details into your system. This will minimize any spelling or numeric errors.
Take the time to cover these 3 steps. That way, the pathway to a successful closing can always be smooth. Try it! Want more insider tips? Join our broker newsletter here.
Disclaimer
This article serves purely informational purposes, and the writers have made efforts to verify the accuracy of the information and analysis. Readers should consult with a certified expert before making any financial decisions.