Evaluating Your Portfolio in an Uncertain Market – An eBook for Lenders of All Sizes
Mortgage Professional Success: Providing the Best Service = Knowing Everything
What does providing the best service mean, and to whom? Would you agree that you provide services to both your clients and the lenders who fund your deals?
When an applicant comes to you for a mortgage vs going directly to their bank, is it because they want the best mortgage rate? Sometimes that is the case. We would argue that even more often it is because they are looking for a mortgage professional to navigate the process for them, someone who is able to offer them more.
Alternately, when lenders choose to work with brokers, is it solely for the purpose of having a source to bring them volume business? Yes. But it is also because mortgage agents and brokers help to significantly ease the underwriting burden on deals, leading to lower operating costs.
Providing the best service in both regards is knowing absolutely everything about your deal. How good is a low rate mortgage if the mortgage fails to close because of incorrectly disclosed and/or omitted information?
In the case of refinance mortgages especially, it is very common for mortgage agents and brokers to receive inaccurate information such as who is on title to the home, registered mortgages and their amounts and even their property’s value.
Thanks to technology, performing additional due diligence at the application stage isn’t costly or inconvenient. So, what should you look for in a tool to perform due diligence? Here are a few key items:
- Convenience – any tool should be available online and capable of generating reports instantly.
- Accuracy – it is always best to select a tool that derives its data directly from the provincial land registry – the land registry is typically the most accurate source for property related data.
- Provides the most in a single place – you know the most common areas where incorrect disclosure of information occurs. Ensure that your tool, at the very least, can validate homeownership information, registered mortgages and property value.
A little bit of extra due diligence goes a long way to providing the best service and forging long term, solid relationships with both lenders and current/future clients. Once a deal gets as far as an appraisal being ordered, your lender has already expended considerable time and resources on underwriting and if your client has had to pay for the appraisal they too have incurred expense. This is, of course, in addition to the fact that your time is valuable as well. Make the most of it.
Purview has the tools that make due diligence easy. Create and nurture solid, long lasting relationships that produce growth year after year.
Find out more by visiting http://purview.ca/.
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