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Mortgage Broker News | 26 Aug 2013, 12:00 AM Agree 0
Lenders too frequently favour a “black and white” approach to qualifying clients, complain a growing number of frustrated brokers.
  • Lior, Mortgage Edge | 26 Aug 2013, 09:01 AM Agree 0
    I disagree with the assessment that deals are becoming more difficult to do. As Jeff said, it is all about presenting the lender with the full picture from the very beginning and knowing your alternative options.

    Deals can still be done and sometimes you have to explain to your prospects or clients that alternative lenders may be the only viable option even if they threaten to walk away because of slightly higher pricing.

    The reality is lending rules changed and consumers need to be made aware of that from the beginning of the transaction. You can spend time chasing 5 triple-A lenders, all of whom will turn you down because the underwriting criteria says this deal no longer qualifies, or you can develop a strong relationship with 2 alternative lenders, explain to your client why you're taking this route and the viability of getting the deal done through traditional lenders, and get the job done.
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