Organization, preparation and storytelling can ease the mortgage process (Continued)

4. Explain oddities

Underwriters want to approve loans, but they want to keep their jobs even more. Give them an opportunity to do both by explaining oddities.

For example, if your applicants want to buy a small primary residence within a few miles of a current primary home they intend to keep, explain the situation in way that makes sense to an underwriter.

In this example, without seeing a valid explanation and supporting documentation, the underwriter will be inclined to consider the new property an investment.

Present your client’s situation clearly and honestly. For example, if they’re downsizing because their kids have left for college but they envision their grandchildren growing up in their current house, consider including a notarized affidavit from the applicants explaining why they want to buy a smaller primary residence so close to their current house.

Support the explanation with other documentation. For example, college-acceptance letters and birth certifications could help in the above situation. A copy of the deed or other proof of the client’s tenure in their current house also could help.

5. Tell a Story

You might know intimate details about your clients’ lives, but underwriters working on their files don’t.

With each file you submit, include a letter to the underwriter. Place it on top. This letter should explain the file’s details, unique situations, pros, cons and red flags.

Make it simple, but tell the story. Anyone who opens the file should be able to understand the loan within minutes.

By approaching all your applications in an organized, thorough and detail-oriented manner, you will find yourself originating more loans, receiving more referrals and spending less time dealing with trouble spots. As your reputation for excellence spreads, don’t be surprised when underwriters start fighting for your files.

Rich Leffler, mortgage-education consultant and instructor, is an award-winning industry expert and speaker. He excels in customer service, research, mortgage origination, training and consulting. He operates Professional Mortgage Consulting, through which he creates and instructs mortgage courses while helping mortgage businesses train their employees and grow. He lectures regularly on compliance issues, mortgage sales and customer-service strategies that win, and is available for in-house training speaking engagements and seminars.

Contact rieffler@pmcexpert.com or (410) 486-2430