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Mortgage Broker News | 03 Feb 2014, 06:18 AM Agree 0
The push to efficiencies has slowed file processing down, with brokers having to more carefully plan and execute each deal before they even begin the paperwork.
  • Doing it Right | 06 Feb 2014, 04:25 PM Agree 0
    This article points out a valid step in the right direction. For years, Lenders have been receiving poorly put together applications and wondered if the broker even thought about it before they pressed the submit button. This is wasted time and effort on both ends of the application and lenders are less likely to be forgiving when report cards come around.

    You should not be selling a mortgage if you are unsure how to underwrite a mortgage or the steps involved in the adjudication process. Before submitting an application, agent's should fully review what they are submitting and be aware of any questions they are likely to be faced with after the underwriter reviews it. Does it make sense? Will the lender/underwriter be able to see the "picture" and put the puzzle together with the pieces I am or will be including with the application? Would I fund this mortgage as presented? Is there anything I am assuming that might result in me changing the information initially presented?

    Having these answers in advance of submitting the application will save your reputation with your customers, underwriters, and your BDM's. Do it right the first time.

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