In today’s mortgage landscape, the underwriting process takes 42 days, on average. Those six short weeks can feel like a lifetime for a first-time buyer making the biggest purchase of their life!
As a dedicated mortgage professional, your job includes helping borrowers navigate this sometimes anxiety-inducing mortgage loan underwriting process. Your approach in these weeks can make or break the client experience, your potential review, and even future referral business.
That’s why you need to nail it.
Underwriting can be one of the most difficult phases for some borrowers. That’s especially true for first-time buyers.
Think about it: They’ve found their dream home, handed over all their paperwork, and are now forced to simply sit and wait.
Of course, as a seasoned pro, you’re used to the anticipation. But your clients are left biting their nails for weeks on end.
Here’s how you can best help them through this long and difficult process:
On the front end, you’ll want to set buyers up for success by providing a clear and accurate picture of the underwriting process.
Start by walking them through the steps. Explain that the underwriter will need to verify their information, weigh various risk factors, and ultimately come to a decision on their loan approval. This all takes time – lots of it.
Communicate that underwriting can take anywhere from a few days to a few months, but that the average timeline hovers around six weeks. Don’t gloss over the fact that it is one of the longest phases of the homebuying process.
It might help to share a real-world story from a previous client at this point, perhaps someone whose situation is similar to this borrower. Recognizing that other buyers have been in their shoes and that everything turned out okay can likely provide some reassurance.
Similarly, you’ll want to encourage your clients to hit the ground running from the start.
Make it very clear that a fast and efficient process hinges on how quickly you as a team can compile documents and respond to any requests that might come up from the lender. Clients should be prepared to be responsive and agile until underwriting is complete.
Any resources you can provide here, such as document checklists, average timelines, and more, can help set expectations and create a healthy sense of urgency.
Make sure you’re also clear on the client’s communication method of choice. You don’t want to send unanswered email after unanswered email when one quick text would have done the trick.
Speaking of communication, you’ll want to step it up once the underwriting process is eventually underway.
Make a point to be proactive in reaching out. This is a best practice even if you have no new updates to share.
Frequent check-ins will let the client know that you haven’t forgotten about them and will provide some reassurance that nothing is slipping through the cracks.
A quick text every so often is a low-stakes way to keep communication channels open and demonstrate your care on a regular basis. Longer phone calls every week or two can supplement. They might provide an opportunity to answer any new questions and check up on the client more in-depth.
When you do have tangible updates, get them to the client as quickly and efficiently as possible. They’ll appreciate your speed and dedication.
Of course, a big part of your job is logistical. But sometimes you’re also a confidant, advisor, and shoulder to cry on.
Don’t shy away from asking clients how they’re feeling. When they answer, make a point to employ active listening. You don’t necessarily need to offer up any answers or solutions in the moment. Instead, sometimes clients just need someone to hear their concerns and maybe provide some confirmation that what they’re going through can be scary, taxing, and anxiety-inducing.
Remember, it’s just as important to support them when they’re nervous as it is to celebrate with them when everything eventually works itself out!
Underwriting is one of the longest phases of the mortgage process. This means that it’s also one of the most difficult for clients to navigate.
Dedicated mortgage professionals like yourself can help ease anxieties, answer questions, and ultimately make it through this truly taxing time. By simply setting clear expectations, encouraging proactivity, checking in regularly, and tending to any emotions that might come up, you can help clients in one of the most trying phases of their lives.
And who knows? Maybe your work in this process specifically will become the subject of a glowing review or the reason you secure some new referral business!
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