You create solutions for your clients by addressing their unique circumstances. The process of packaging the deal is ultimately communicating your client’s story and the proposed solution to the lender.
By remembering these four tips, you will be able to package deals effectively:
Tip #1: Understand your client to provide strong lender notes.
- Hear their story: ask open-ended questions and probe for explanations
- Identify the challenges of their situation
- Document the complete picture, providing strong lender notes
Tip #2: Know your lenders and the niches in which they operate.
- Know your lenders’ niches, lending areas, and special programs
- Match your client’s profile/circumstances with the right lender
- Be upfront about what the client’s challenges are and what documents you can or cannot provide
- Contact your BDM to discuss the detail
Tip #3: Be clear on how the solution will help your client.
- Know the benefits of the deal and how they meet your borrower’s goals
- Focus on what’s important to the borrower e.g. payment over rate
- Communicate with the underwriter for any questions regarding the commitment
- Let your underwriter and BDM know if there are objections you can’t overcome in the event adjustments can be made
Tip #4: Formulate and communicate your exit strategy.
- Explain to the borrower why they didn’t qualify with an A lender and why you selected the chosen lender
- Plan for the end of the term
- Suggest actions the borrower can take to help themselves in the future
- Be specific and measurable in your action plan for the borrower: “You need to pay $X on your credit card and $X on your loan each month. That will bring your balances to $X in 12 months and improve your credit score by the end of the term.”
With strong communication and planning, you can implement solutions that create better tomorrows for your clients.