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. 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. 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. 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.
Taking the time to cover these 3 steps for every deal should mean the pathway to a successful closing is smooth. Try it!