Evaluating Your Portfolio in an Uncertain Market – An eBook for Lenders of All Sizes
Less Mortgage Borrowers = More Upselling – How to Make the Most Out of Your Initial Meetings
In the current housing market, you need to make the most of every contact with your mortgage borrowers — including that crucial first meeting.
The number of funded mortgages were down in 2018 due to interest rate increases, house prices, and new mortgage rules. But the mortgage broker share continues to remain steady.
We know why mortgage numbers are down — and no doubt you are feeling it. But it can also present an opportunity.
More mortgage borrowers are turning to brokers because qualifying for a mortgage is much more complicated than it once was.
That initial assessment phase is your chance to shine, not only to land your deal, but also to provide even more value.
When you can tell your borrowers more at the interview stage, it will make the rest of the application process much easier.
You’ll be able to:
* Save yourself time (and time is money).
* Save your client time.
You don’t have clients proceed through the application process where they may be issues. Therefore, it’s in both of your best interests to know as much information as quickly as possible.
Normally when underwriting a deal, you would look at your clients’ credit and income, as well as the related property information.
You don’t automatically trust the client who says that have excellent credit and earn $1 million – you pull a credit report and ask for proof of income. You verify the information.
The same should be true for the information they provide about the property being financed.
You should verify the property details with the same due diligence with which you approach credit scores and income levels.
For instance, with our Purview property report, you can quickly find out:
* Estimated property value.
* Sales history.
* Ownership history.
* The property’s legal description, size, address, and homeowners.
* Comparable neighbourhood sales.
* Equity estimate.
* Aerial imagery.
* And more.
In a couple of clicks, you’ll be able to assess for title fraud, value fraud, real estate fraud, non-arms-length transactions, risk level, liens, and more.
But the benefits don’t just stop there. This isn’t just about catching fraud early — although that is important. It’s also about identifying opportunities for upselling.
For instance, you might identify equity in your customer’s property that you didn’t know was there.
You might also identify clients who qualify for additional financing.
You might find upsell opportunities, like insurance products and the like.
Even if a client doesn’t qualify for another product right at that moment, you could tell them about it and plant the seed so that they start to think about it. Then when you bring it up when they do qualify, you have a point of reference to touch on.
It all comes down to having the power of more — more information, more deals, and more referrals.
With Purview’s tools, we give you just that. Find out how to access up-to-date property data for yourself. Call 1-855-787-8439 or visit www.purview.ca.« Back to Blog