“Consistency of submissions is key: The more notes you have and the more details you have, the more likely your deal will make it to the top of the line,” Sabeena Bubber, a broker with Verico
Xeva Mortgage, told MortgageBrokerNews.ca. “If your files are clean and your documents are in there, your file is more likely to hit the top of the pile than someone who provides sloppy notes and doesn’t have all the supporting documents.”
Bubber, who is a Top 75 funding mortgage broker, got her start in the industry as an underwriter. She spent seven years on the lender side; and that experience has helped her package the best possible deals as a broker.
One of the biggest reasons brokers encounter roadblocks is because he or she doesn’t take the time to understand the client’s story – and share it with lenders, according to Bubber.
“[Underwriters] look at the income, credit, and everything but understanding the story behind the application is important,” she said. “Even if it looks like a slam dunk there has to be a story – they want to get to know the client. Brokers should get to know their clients so underwriters can get to know them as well.”
That story includes explanations for job changes – was the client promoted or did he have trouble keeping a job? --, gaps in credit history, and reasons for high credit balances.
“As a broker, when I’m submitting a deal I use a template to show what we’re doing – purchase, refi, first-time homebuyers, all that kind of stuff; what kind of product I’m looking for, what type of rate, holes in the income, gaps in the income, maternity leave, paternity leave,” Bubber said.
All of that is part of the client’s story. And that story becomes even more important when the client is self-employed, according to Bubber.
And providing that information ensures the underwriter knows everything about the client.
“The biggest thing is don’t think we don’t see what you’re trying to hide,” Bubber said. “If you’re thinking you can focus on one area of the app and we aren’t going to see maxed credit – better to address those items than to hope we don’t notice.”
A former underwriter and current high funding broker shares her secrets to getting your files to the top of the lender pile – and getting the deal done.