Tips On How To Get Your Mortgage Approved Faster

Jan 25, 2021 | Mortgage

As a mortgage broker, your top priority is to get your clients’ mortgage applications approved. After all, their satisfaction is key to your success, strong reputation in the industry and profitability. One way to ensure that your clients are happy with the service they receive is to speed their mortgage approval. So, how can you achieve this for your clients? Here, we take a closer look at some top tips to streamline the process for your clients’ benefit.

The Importance Of A Streamlined Loan Approval For Mortgage Brokers 

Here at EPM, we know that you want to get your clients’ loan applications approved quickly. Rapid approval ensures that they can enjoy an efficient, simple and smooth property purchase experience. In today’s fast-paced real estate marketplace, streamlined mortgage approval is paramount. Therefore, finding ways to speed the process of applying for a home loan and getting the application accepted is key. The following three pieces of advice will point you in the right direction.

Taking A Complete Application

The first thing that you can do to streamline the process is to ensure that each clients’ application is complete. Incomplete loan applications are one of the top reasons why a decision isn’t given sooner on an application.

As a broker, it’s important to ensure that all applications have been thoroughly completed to avoid delays in processing. If any details are missing, the loan will be rejected. So, it is your responsibility to make certain that all vital information has been included in the application. Make certain that all forms have been fully completed before submitting each client’s application to the lender. This will eliminate this problem that delays approval in so many cases.

Following AUS Findings 

Submitting correct information for each customer is vital if a home loan is to be approved as quickly as possible. Paying attention to the AUS findings is therefore essential. Doing so means that you can request the appropriate documentation from your clients. By submitting the correct paperwork immediately, the process of loan application approval becomes more streamlined. With all of the essential documents on hand, lenders can start considering the facts straight away. They won’t need to ask for any further details or information. Instead, they will be able to give a speedier response and process the approval rapidly.

Choose The Right Mortgage Company For Your Client To Apply To 

One further thing you can do to speed a mortgage approval for your clients involves selecting the correct lender. Not every mortgage company is the right choice for each client. For example, a lender that only accept applicants with a 620 FICO score isn’t suitable for clients with poor credit. You must, therefore, ensure that you’re submitting clients’ applications to mortgage companies that are most likely to approve them. Since rejections are frustrating and inconvenient for clients and can damage your reputation, they should be avoided. Choosing the right lender for each client will eliminate this problem.

EPM considers mortgage applications from a wide variety of individuals. Of course, we approve loans for clients with a perfect FICO score. Yet, we’re also happy to consider applications from people with a 500 FICO score – unlike many of our competitors.

Thanks to our dedicated underwriting teams, a more hands-on approach is taken for the approval process. This allows individual circumstances to be presented for consideration so that we can take them into account. Due to this, we can make well-informed decisions that ensure a positive outcome for more of your clients. With this in mind, EPM is a good choice of mortgage company for all your clients, regardless of their circumstances.