Mortgage Due Diligence: Do Not Commit to a Deal Until You Do This One Thing
The traditional method of mortgage underwriting has been as follows:
- A client comes in.
- The broker commits to a deal.
- The deal is underway, and a lender partner is involved.
- A full property appraisal is ordered.
And then one of two things can happen — the property value is either as expected or it is not.
If the value is lower than expected, then this has meant that the broker’s time, the lender’s time, and the client’s time have all been wasted. If the value is higher than expected, an upsell opportunity may have been missed.
There is a better method.
Close more deals starting at the mortgage application stage. Find out how on the Purview blog: https://www.purview.ca/no-property-value-no-deal-mortgage-due-diligence/
Purview is just one of Teranet’s Financial Services Solutions; stay tuned for our upcoming portfolio unveiling!