“I want to report fraud’
OK, tell me the story…
I may pause the story teller from time to time to ask some Mortgage Broker 101 questions such as;
Was the purchase pre Oct 2016?
Married yes, but still collecting child support (income)?
Single yes, but collecting spousal support?
Massive car payment… did you ask how many months were left on it?
Did you ask how many kids and their ages? (CTC)
Did you speak with a lender that offers 80% rental offset on the subject property suite rents?
Just INC a few months ago… but same accountant for how many years? Same industry for how many years?
Do you have anyone in your life that might co-sign?
What about a gifted down payment, a bigger gift, another gift from another relative…?
Can we get a 50/50 GDS/TDS exception (A-side)…. oh… how about 60/60… oh how about 70/70…?
How hard are you working this file?
How hard are you pushing the clients?
How hard (and politely) are you pushing the lender?
You can see where this is going.
99.9% of the time someone tells me they lost a file due to ‘fraud’ they are wrong, they are just weak.
They failed to ask more/better questions.
For five years now I’ve been in the unique position to be able to call the lender the file was placed with and review the submission details. The differences in submissions are often staggering.
Odds are the next Broker just asked more & better questions that you did, of the client, of the lender, of any and all parties relevant.
Be better.
DW