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’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 are requiring that same back and forth. You’re busier than ever and things are not moving forward fast enough. It can feel like you’re spinning.
How many times have you been in this situation?
There’s a simple solution to minimize this back and forth on the deal submission process: call your lender BDM before you submit your deal.
By first discussing the file with your lender BDM, you will obtain key information and answers that create the most efficient path to a viable solution for your client. Each lender has a unique posture in the marketplace, with differing requirements for credit, documentation, property types, and lending areas.
Knowing the nuances in advance will reduce the back and forth, enhancing your service levels and positioning yourself as true expert in the mortgage space.
Here are key points you’ll want to discuss with your lender BDM:
1. Communicate the areas where you think there might be hiccups. Being transparent from the outset will allow you to share your ideas and understand what options are available, allowing you to take a consultative approach with your client.
2. Understand any potential gaps the lender might be concerned about. You will learn of any additional information or documents your client may need to provide. It will also prepare you to explain to the client why the additional documentation is required.
3. Outline your client’s goals and establish a clear understanding of the lending guidelines to ensure this deal is the best solution for your client (and not just the best you can do with that particular lender).
4. Ask for feedback and guidance on structuring the file. Lender BDMs are knowledgeable and willing to help. They also want the process to go as smoothly and efficiently as possible.
Adding a quick 5-minute phone call to your lender BDM to your sales process could save you exponentially more time! Your efficiency and knowledge will create a strong working relationship with your clients and lead to referrals. Now, take all that time you’re saving and drum up new business for your pipeline!
In the process of interviewing a client, you’ve discovered some challenges with their application. You recognize that something about the application either doesn’t add up or requires further questions and investigation. But what does that look like? It’s not uncommon for Mortgage Brokers to struggle with asking the hard questions.
In the process of interviewing a client, you’ve discovered some challenges with their application. You recognize that something about the application either doesn’t add up or requires further questions and investigation. But what does that look like?
It’s not uncommon for Mortgage Brokers to struggle with asking the hard questions. Even experienced agents have told me that they feel uncomfortable asking hard questions and delving deep into their clients’ background and personal history. They recognize the need to get more detail but also feel their questions are intrusive or confrontational. They don’t want to offend their client or put them on the spot by asking tough questions that could make them defensive. The reality is that this is the exact information you need to get the best possible deal for your borrower.
As a mortgage professional you should explain that your job requires that you understand the root cause of their challenges, you are completely non-judgmental about their circumstances, and that their information will be held in confidence. Explain that this is how you will ultimately get them the best mortgage suited for their situation and future goals.
What are some typical ‘hard questions’ that you may have to ask your borrower?
Here are questions that can help you position your client to the correct lender the first time:
Once you’ve asked the tough questions, ensure that you document the explanation and then don’t be afraid to ask for verification from the borrower. You should anticipate that the underwriter will ask for this, so be up front in disclosing it, explaining it and verifying it.