that the borrower had no negative credit score.
Sometimes, a little creativity can help a client without a solid credit score. There was one buyer I dealt with who had almost no credit — no cards, no loans, nothing. What I suggested he do was to have his parents add him as a user onto one of their cards. His parents had great credit, it turns out, and him being an authorized user on their cards gave him a huge credit boost, enough to get him approved for the loan. The key to closing a difficult loan is to be aggressive and to work proactively. The good loan officer stays on top of the file, so everything gets resolved promptly. A diligent loan officer will get the lender to approve the loan, and get the sale to close on time.
MY 3-STEP PROCESS TO CLOSING LOANS
You might think after reading this book that getting a loan to close is exceptionally complicated. While it may seem that way, the competent loan officer has the knowledge and skills necessary to make a complicated procedure as simple as possible. In fact, I have made it so simple that it’s as easy as 1-2-3. Here are the three steps I take to get my loans to close...and close on time. Step 1: The first thing I do is review all the information at hand and put together a plan of action. I investigate the borrower and figure out what kinds of loan programs will likely be necessary to get them approved. Knowing that, I can then extrapolate what kinds of homes they will likely be qualified to purchase. From that, I compile a checklist of everything that has to be accomplished to get the borrower approved and closed under the loan program. I share this checklist with everyone necessary, so that we are all on the same page.
79
Powered by FlippingBook