Getting to ‘File Complete’: Using Checklists to Complete the Package

July 11, 2020

Tips for Mortgage Brokers

One of the most useful tools to help complete a file, is a good old-fashioned checklist.

Checklists are easy to create, easy to use, can be implemented at any stage of a file, and are one of the simplest ways to make sure you get to ‘File Complete’ with the fewest hiccups.

Checklists for Borrowers

Introducing a checklist system can happen right from the initial interview with the borrowers, and before the file has been submitted.  After taking an application, you will have an idea of which documents will be required right away.  You can either create different types of checklists for different types of files, or you can create one checklist and simply highlight the things you need from your clients on each different file.

For example, you may have one checklist for traditional income, and one checklist for Business for Self (BFS) files.  You might also have one checklist for purchase files, and one checklist for refinance files.

There will be overlapping requirements – every borrower will be required to present valid photo ID, for instance.  For the most part, however, you can customize a system that works best for you and for your clientele.

Checklists for Brokers

While it’s a good idea to place a checklist noting all required documents into the hands of the borrowers, it’s also a good idea to keep a copy of that same checklist for yourself!

The necessary items may arrive in one big package, or the borrowers may bring things in as they find them, etc.  If you have a copy of the checklist, you can tick items off as they come in.  You can also add a column to keep track of whether you’ve sent the documents to the lender, and whether they’ve been approved.

Depending on your file load at any given time, you may want to have a system to keep track of which stage your files are sitting.

It’s fairly standard to keep a ‘Closings Calendar’, for any files that have been instructed and have firm closing dates, but it’s not as common to keep a checklist in each file to let you know at a glance at which stage a file is in the process.  You can have a checklist that has columns like: ‘Pre-Submission’; ‘Submitted’; ‘Approved’; ‘Declined’; ‘Complete’; ‘Instructed’; ‘Closed’.

Utilizing a checklist system is a great way to ensure that you get the paperwork needed to complete your file, and a great way to remind yourself and your team if it’s time to follow up with a lender or law office!

About Magenta Capital Corporation

Established in 1994, Magenta Capital Corporation (MCC) is one of Canada’s oldest and largest Mortgage Investment Corporation (MIC) managers.  MCC sources, underwrites and manages a portfolio of primarily residential first mortgages, secured by properties located in Eastern and Southwestern Ontario, two of the strongest, most recession resistant real estate markets in the country. MCC has a 24-year track record of generating superior returns for the shareholders of Magenta Group MICs.  MCC exercises oversight responsibility for the Magenta Group MICs in its capacity as General Partner of three limited partnerships, each of which is wholly owned by one of the MICs.
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