Clients expect quick turnarounds for mortgage applications. They need to be processed for approval as quickly and carefully as possible to maximise its likelihood of approval, this is where ensuring you’re equipped with the best broker tools in the market can help.
Considering a client’s credit worthiness and taking into account their income and expenses is an essential part of the application process, but can take time to manage. If a lender disputes part of the application, a lot of this time and added resource could have been avoided from the very beginning with the use of a few handy reports.
So how can you determine if a client is a likely candidate for a loan amount to purchase a property or if they can service a debt without undue hardship, and resolve external disputes?
By generating an rp.autoval report and a Comparative Market Analysis (CMA) report you will give you some guidance on the value of the property (based from an accurate FSD range) as well as matching a property to a client needs based on comparing local market prices and recent sales to make sure that the property is in line with their needs, expectations and circumstances.
You can also include both reports with a loan application to a lender as an illustration of the rationale behind your recommendations*. By demonstrating the current market conditions in relation to the decisions of you and your client, many lenders would be able to find the answers to their questions without having to slow the application process.
Log in to rp.professional today to generate your next rp.autoval and CMA reports. For more information on how to generate these reports plus others, visit our New Features 2013 page or call 1300 734 318.