Getting the full story

This rollercoaster we call life certainly has unexpected twists and turns, but do life events impact a bank’s decision to approve a mortgage?

Borrowers always have a story. Whether it’s a logical story that shows they hit hard times through no fault of their own or it’s a stretch of frivolous spending, lenders want to know what they’re dealing with—that’s where you, the broker, comes in.

If borrowers are higher risk, lenders want to ensure it’s not a forever thing. That’s why getting the full story matters so much. As a broker, it falls on you to paint the client’s honest picture through your application notes. That way, underwriters can quickly understand the borrower’s background and how to help.

Whether it’s medical problems, an unexpected layoff or a divorce, it can quickly be explained in a few application notes. Those notes give underwriters context and reassurance the borrower experienced some sort of life event that has hindered their credit, but they’re working on bettering their situation. It’s also important the borrower offers documentation to support their story. With application notes and documentation, an underwriter will have the full story and determine if they can help the borrower through this tough time.

We’re not robots – things happen! Though we can’t prevent life from happening, we can help those going through tough times to get back on the road to redemption and secure a better future.

Take a look at Jackie’s story. We we’re able to help her get back on track after she experienced a major life event.