For commercial mortgage brokers, closing as many loans as possible is the ultimate goal. More applications in, leads to more loans closed, leads to additional income and more credibility within the industry. If you’re a broker working with lenders who handle the processing and closing of a loan, it pays to develop a great working relationship with their processing department. Here’s how you can be an asset to the processors and your borrowers:
Send any relevant documentation
If your borrower has sent you the documents necessary for closing, it’s best to send those to the processor right away. This will speed things up, and will decrease stress for both your borrower and the processor.
Prepare your borrower
In order for the processing of the loan to go smoothly, you need to make sure your borrower is sufficiently prepared. Make sure that your borrower understands the types of issues that could arise during this stage of the loan and that they know how to address these obstacles.
Keep your borrower informed
If your borrower chooses to interact with the processing team through you, it’s very important to make sure your borrower is aware of how the processing of the loan is progressing. Tell your borrower about the progress being made or any problems that arise before closing.
Trust your processor
If you want the loan to close smoothly, it’s very important that both you and your borrower trust the lender’s processing department. Lenders have a vested interest in closing commercial mortgages, so it’s important to rely on your processor’s judgment throughout the process.
Closing the loan is both your and your borrower’s primary goal. For the closing to go off without a hitch, it’s important to trust your lender’s processing team and to work with them. Sending the processor what they need, preparing your borrower to work with them and keeping your borrower informed of the loan’s progress are the keys to a good relationship with the processing team, as well as closing more commercial mortgages.