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Prequalify property collateral
All lenders prequalify their borrowers by running their credit history. Relatively few lenders, however, prequalify the property collateral. When a borrower’s estimate of value is different from reality, you lose. If you find this out early in the game, you have time to restructure the loan package. In other words, you win.
Thanks to appraisal-related technology such as automated valuation models, automated comp checks and new data reports, lenders can prequalify the borrower’s property collateral in seconds. This frees appraisers from the manual, intensive and time-consuming process of checking comps, as well as from the legal issues associated with it.
An added benefit of prequalifying the borrower’s property collateral is an increase in the appraiser’s responsiveness.
Lock out your competition
Today’s borrowers are more aware of the loan options available to them than they were in the past. Many have found multiple lenders offering similar products.
Therefore, competing on rates alone often is a losing battle. Successful lenders must get their borrowers to commit. They can do so if the lender’s appraiser contacts the borrower within 24 hours or less from the time the appraisal is ordered.
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