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. You’re spinning your wheels, but you can’t find any traction.
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. Don’t forget that your lender may have specific platforms to help you submit your files and track their status, such as Magenta’s own broker portal. , These tools 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 visit www.magentacapital.ca.