The lender-broker partnership strategy is one of the most important there is for mortgage professionals.
But without alignment, these relationships can be strained.
For example, a mortgage broker might not close the number of deals expected by the lender. Conversely, the broker might become frustrated if the mortgage lender is too difficult to deal with.
Often, however, communication issues can be mitigated by finding stronger alignment. When both the broker and lender are on the same page, there is more fluidity through the mortgage application and closing process.
Establishing alignment starts with communication. Ask the right questions to the other side.
For instance, you might ask:
- What internal best practices do they deploy when underwriting deals? If there is something that they are doing that you are not, adopting their procedure enables you to ensure that the internal processes themselves doesn’t disrupt closings.
- What tools are they using? If you use the same Automated Valuation Model (AVM) or property valuation tool that they do, then you will reduce discrepancies in information.
- What partners do they work with?
- And so on.
Improving alignment leads to higher closure rates and stronger lender-broker relationships. A good partnership strategy includes alignment from the very beginning.
If an existing relationship could use more alignment, it’s not too late, however.
- Going over internal procedures and identifying weak spots.
- Reviewing who is responsible for what and expectations from both sides.
- Using the same technology. For instance, Purview can be a great tool for both mortgage brokers and mortgage lenders to access property data from because it is accurate, up to date, and comprehensive. It’s information you can trust.
This type of alignment can help any mortgage partnership strategy. It’s worth making the effort to ensure that your thought processes and internal procedures are in sync to save time, save money, and ultimately close more deals.
At Purview, we have AVMs that both mortgage lenders and mortgage brokers can access. Our property valuations are quick, accurate, and up-to-date.
Learn more about how Purview can support your lender-broker alignment and increase your mortgage underwriting due diligence by calling 1-855-787-8439 or visit www.purview.ca.