Four Tips to Speed up Your Underwriting Process


For many Canadian mortgage professionals, underwriting a deal is just part of the job. It’s done so often, it can feel methodical and automatic.

But mortgage brokers not only need to innovate when it comes to systems and technology, but also with processes. Are you underwriting your deals the same way you were five years ago, just because that’s how you’ve always done it?

The Finmo team at Lendesk dug into four common underwriting scenarios and how a digital mortgage platform like Finmo can help.

Scenario #1: You have a co-borrower on the deal with liabilities negatively affecting ratios

Often, you’ll have a co-borrower on the deal with poor credit or undesirable ratios. You’d like to run a couple scenarios to see how removing this co-borrower would impact ratios.

With Finmo, a quick click of a button will hide the borrower (and you can bring them back if needed). This allows you to hide information for the borrower of your choosing, including liabilities pulled from the bureau. Ratios will immediately update.

Scenario #2: Your borrower is keeping you on your toes

Picture this: you’re on the phone with your borrower and they ask what their payment would be with a variable rate. Then they ask about a fixed rate. Then they ask about a 25-year amortization vs a 30-year. Sound familiar? Client management can take up a big part of the underwriting process, as you want to ensure you’re advising them appropriately on all possible scenarios. 

Finmo’s calculators are the answer to that. Adjust inputs and details will adjust for you on the fly.

Scenario #3: Certain criteria in your deal means it doesn’t fit with standard ‘A’ lenders

Finding a lender product that suits your criteria can take up a lot of your time. Maybe your current process is asking “who will do this deal?” in mortgage brokering Facebook groups.

But you can speed up the process with automated lender suggestions based on your deal criteria. In Finmo, simply click “Find Products” and you will be recommended lender products based on the details you input into the mortgage application.

Scenario #4: You’re taking too long on your submission notes

A lender partner once told us here at Lendesk that “The difference between good and mediocre packaging notes can be the difference between an approval or decline.”

If you find yourself re-typing items already in your application into your lender notes, Finmo can help save you precious underwriting time. Finmo will scan your application, pull the relevant context and pre-populate your submission notes. You can edit it before submitting to the lender, but 95% of the work is done for you.

It might be time to revisit current processes and ensure your digital platform is helping you move faster. Finmo found the average mortgage broker saves over three hours with every deal by using Finmo. Mortgage brokers are welcome to book a no-obligation strategy session to discover how Finmo can speed up your underwriting process.



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