When a mortgage broker begins working with a small-balance commercial lender, an account executive will likely be the first person with whom they speak. Your account executive’s job is to build relationships with brokers and to evaluate the deals they submit before passing them on to their underwriting department.
Here’s what every broker should know in order to develop a good working relationship with their commercial mortgage account executive:
Always submit a complete commercial mortgage request.
When you send a deal to your commercial account executive, it’s very important to make sure that you’re sending all of the necessary documents and that those documents meet their submission requirements. For example, sending over an incomplete 1003 or application, or a credit report without tradelines is just going to delay the process. Talk to your account executive before submitting a request and find out exactly what you should be sending.
Be upfront with all of the information relevant to the deal.
If you’re working with a small-balance commercial mortgage lender, chances are you’re dealing with non-bankable borrowers. In order to make the lending process as simple and smooth as possible, it’s crucial to provide your lender with all relevant information from the beginning, including any past financial problems your borrower has had.
Be ready to answer questions.
Once you’ve submitted the deal and all of the paperwork that goes along with it, it’s important to be ready to answer any questions your commercial account executive has. The more answers they can get from the start, the more quickly the loan will be underwritten, processed and funded.
Your commercial mortgage account executive is a crucial part of your success as a commercial mortgage broker. They’re the gateway to funding deals, so you need to build a solid partnership with them and gain an understanding of what they need from you. Make sure every commercial mortgage request that you submit is complete and that all necessary information is provided, and be prepared to answer questions about the scenario. This will help you to develop a good working relationship with your account executive and allow you to close commercial deals and earn additional income.