4 Tips for Dealing with Tricky Underwriting Scenarios

Underwriting a mortgage deal can often feel like mortgage brokering 101. Every deal needs it, and most are relatively straight forward. Every now and then, a deal comes along that is more nuanced than others. There are two options - plow through it or ensure your digital mortgage platform is working for you when it comes to underwriting your mortgage deal.

Here we dig into 4 common underwriting scenarios and how a digital mortgage platform like Finmo can help.

Scenario 1: You have a co-borrower on the deal with liabilities negatively affecting ratios

Often you’ll have a co-borrower on the deal with poor credit or undesirable ratios. You’d like to run a couple scenarios to see how removing this co-borrower would impact ratios. 

With Finmo, it’s a quick click of a button to hide the borrower (and you can bring them back if needed). This allows you to hide information of the borrower you’d like, including liabilities pulled from the bureau. Ratios will immediately update.

In the words of Jacklyn Bellamy, Ingram Mortgage Team: “We found this tool magic, it was a major time saver”

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Scenario 2: Your borrower is keeping you....on your toes

Picture this: You’re on the phone with your borrower. They ask what their payment would be with a variable rate? You tell them. Then they ask about a fixed rate. Then they ask about a 25 year amortization vs a 30 year. Sound familiar? Client management can often take up a big part of the underwriting process - you want to ensure you’re advising them appropriately on all possible scenarios.  

Finmo’s calculators are the answer to that. Adjust inputs and details will adjust on the fly for you.

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scenario 3:  your deal won't fit with your standard 'a' lender and you're not sure who can do it

Every deal is different and some have more abstract details than others. Finding a lender product that suits your criteria can take up a lot of your time. Maybe your current process is asking on the ILMB Facebook group, or a mortgage colleague “who will do this deal?”

Speed up with process with automated lender suggestions, based on your deal criteria. In Finmo, while you’re working a deal, with the click of the button “Find Products” you will be suggested lender products based on the details you’ve inputted into the mortgage application.

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scenario 4: You're taking too long on your submission notes

Preparing notes for a lender prior to hitting submit is a must do. Often, it’s the make or break between a deal getting approved. A lender partner once told us here at Lendesk....."The difference between good and mediocre packaging notes can be the difference between an approval or decline."

But lender notes can take time and if you find yourself re-typing out items that are already in your application, Finmo can help save you precious underwriting time on every deal. Finmo will scan your application, pull out the relevant context and pre-populate your submission notes for you. You can edit it before you submit to the lender, but 95% of the work is done for you.

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