In order to close more small-balance commercial mortgages, your submissions should be as complete as possible. This allows your underwriters to review your borrower’s financing request quickly, and shows them that you take your position as a mortgage broker seriously. Submitting incomplete deals means your underwriters end up doing a lot of extra work, which bogs down the process of getting your deal closed.
Here’s what you need to do make a great impression on your lender’s underwriting department:
Always include a summary of the deal.
We’ve discussed the importance of summarizing each commercial mortgage deal you submit numerous times, and we really can’t stress the importance of doing so enough. Nonconforming commercial lenders need to understand your borrower’s request fully, including why they need the mortgage and how they plan to use the funds.
Talk to your lender about the documents you need to submit.
One of the best ways to make sure you send everything your lender’s underwriters need to evaluate a small-balance commercial mortgage request is to ask them what they require. Discuss this with them before you submit your first scenario and then ask for feedback to continue improving each additional submission.
Submit completed documents.
It’s not unusual for lenders to receive incomplete 1003s or applications. While they might still be able to gauge their interest in the deal with the initial information the broker provides, an incomplete application makes it very difficult for your lender to underwrite the deal and get conditional terms out quickly.
When you make an underwriter’s job easier, your loans close more quickly. All commercial mortgage brokers need to do is discuss what their lenders require for a submission and make sure that all of the necessary documents are present and completed. Taking the time to make sure each deal is as complete as possible speeds up the underwriting process, which means your borrower gets the funds they need fast and you get your commission that much sooner.