JSMedia – One of the biggest recruiting mistakes mortgage lenders make is overlooking the importance of credit history. Many borrowers don’t realize that a large deposit in their personal bank account can lower their debt-to-income ratio.
Lenders don’t worry about this if the money is transparent. Those who have business income in their personal account can prove it by providing a bill of sale, canceled check or pay stub.
Getting pre-approved for a mortgage is an important step to buying a home, but many first-time borrowers fall into the trap of intentionally misrepresenting their financial information on their applications.
4 Recruiting Mistakes Mortgage Lenders
These include failing to include alimony or child support on the application. Lenders also want to know about deferred student loans or income-driven repayment plans. This ensures they can afford a mortgage later.
Lenders must take their time to understand that qualifying a borrower is a process, not a click of a button. Lenders must take the time to understand the borrower’s financial situation, and must be patient and helpful. Applicants should avoid making these mistakes to ensure that they get pre-approved. You might also want to consider hiring a financial advisor who has experience and is willing to listen to your needs.
It’s easy to become distracted by the numerous marketing methods available. It’s not unusual for first-time buyers to begin viewing homes even before they’ve consulted with a mortgage lender. Today’s housing market is highly competitive, and a qualified buyer must have mortgage pre-approval. Without this, borrowers may be unable to negotiate a good price. As a result, lenders often refuse to work with individuals who don’t meet the requirements.
Some of the most common mistakes mortgage lenders make are hiring a new employee without ensuring their current employment status. These employees are a huge risk for the company. They should be careful when selecting a new employee. The first mistake to avoid is hiring someone who isn’t qualified. This is a big mistake that can lead to the loss of a client. You must be sure that the person you’re interviewing has a solid job history.