Tip #1 - 5/5/08
Tip #2 - 5/12/08
Verify Credit Worthiness: It is vital that you ensure that the borrower has the credit worthiness to qualify. If the borrower's FICO is less than 620, the availability of financing becomes much more challenging. A common mistake is just “taking an app” and trying to figure out later where to place it. This is a waste of everybody’s time.
Tip #3: Have at least three lender programs that can help the borrower. When there are credit issues, make sure you understand both the causes and solutions to improving it before moving forward.
By employing these techniques, you will qualify less applicants but they’ll be better quality, higher qualified applicants. This ultimately leads to higher conversion and more loans closed. It only takes 1 qualified, committed sale per day to close 15 loans per month! Additionally, you will not be putting the borrowers, or yourself, through the process only to turn them down later.
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