When a broker begins working with a small-balance commercial lender, their first point of contact is likely to be a mortgage account executive. The mortgage account executive’s job is to evaluate each deal a broker submits before sending it on to the underwriting department. Account executives are generally given incentives to close as many viable deals as possible, so it’s important for brokers to develop good working relationships with them.
Here’s how you can impress your commercial mortgage account executive:
Your mortgage account executive is a great resource when it comes to learning about your small-balance commercial lender’s products and the industry at large. It’s important to listen to what they say because every conversation is a learning opportunity. Whether you are looking for the answer to a simple question about commercial mortgages or you need to discuss a complex deal, always be willing to listen to your mortgage account executive.
Generally, small-balance commercial lenders close deals for non-bankable borrowers who have had some sort of financial obstacle in the past. In order to make the lending process as smooth as possible from the start, you should always be honest with your mortgage account executive about your borrowers and your deals.
Submit completed documents.
When you send a commercial mortgage request to your account executive for review, be sure that all of the necessary documents have been completed. Missing information only makes it harder for your account executive to get the deal approved and closed.
Always include a loan submission summary.
While your mortgage account executive will always be happy to discuss the details of a commercial mortgage request over the phone, it’s crucial that you submit a written summary of the deal when you submit the request. Account executives speak with many brokers about many deals on any given day, and including a written summary explaining the details of a deal will make their job much easier and will get your loan closed that much quicker.
A mortgage account executive is a broker’s gateway to a small-balance commercial lender, so it’s crucial to build a solid partnership with them. Listening to your mortgage account executive and being honest with them go a long way toward building credibility and trust, and submitting completed documents and a written summary of the deal will set you apart from many of the brokers they work with. Developing a good relationship with your mortgage account executive is a surefire way to close more commercial deals and earn additional income.