The Application
Now that you have the application you also need to make sure you have their documents as well. Too many originators are application junkies but applications don’t close.
Full loan files close. You need the documents along with the application up front and here is why.
- The first reason is you need to know what they can actually qualify for. Common sense right but this is a much bigger topic. With guidelines being pretty black and white these days almost doesn’t count. You need to quote and go over accurate scenarios because guess what a mobile app and quote and give ballparks so if that’s all you’re doing, then you’re no better than a computer and the computer will always be cheaper.
- You need to have everything in front of you so as a mortgage planner you can review in detail and when you’re working up scenarios for them you can use your expertise and possibly even come up with options they didn’t think of. If all you do is let them tell you I want a 30 year fixed rate of xxx and that’s what you quote them, then you have no value.
- You need to be able to categorize your follow-ups and you also need to make it easier when they actually do get into contract. If you don’t have a full file this early or before they offer their experience of offering and getting a contract accepted will be a fire drill. If you have a full file and their contract is accepted it makes everything downstream that much easier and gives clients a seamless experience.