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Understanding the Live Deal to Approval Stage

Once an accepted offer is in place, the Perfect Loan Process shifts into high gear. This stage covers everything from an accepted offer to the "approved" stage, encompassing both purchase and refinance transactions.

Key Points:

• This process begins as soon as we know we have a live deal, which includes an accepted purchase offer, a refinance ready to proceed, or a renewal moving forward.
• Efficient communication and automation play a critical role in this phase, with tasks triggered for team members to act swiftly.

Step-by-Step Process Breakdown

1. Notification and Preparation:

• For purchase transactions, realtors notify us via email with the accepted offer and necessary documents such as the MLS feature sheet, property disclosure statement, and strata documents (in BC).
• For refinance transactions, the pace is less rushed but follows a similar process.

1. Team Activation and Task Automation:

• As soon as the live deal stage is entered into the CRM, automated tasks are triggered for team members, ensuring everyone is on the same page.
• Key players include the Loan Specialist, Associate Mortgage Advisor, and Mortgage Advisor.

1. Key Documents and Verification:

• The Associate Mortgage Advisor ensures all documents are in place, such as the accepted offer and necessary property documents.
• The Loan Specialist prepares the "Accepted Offer Email" and verifies important details, including the subject removal date, completion date, and all necessary real estate agent information.

Automation and Communication Strategies

• Automation is used to keep all parties informed, from clients to realtors, through email and text message updates.
• Consistent communication reduces the need for follow-ups, ensuring all stakeholders are aware of progress, timelines, and required actions.

Appraisals and Handling the Live Deal Stage

At this stage, it’s crucial to manage appraisals proactively:

• The Associate Mortgage Advisor or Loan Specialist determines if an appraisal is necessary and ensures it’s ordered in time.
• If a lender grants an auto-approved appraisal, it’s promptly communicated to all parties involved.

Tips for Effective Communication with Realtors and Clients

• Quick response to live deal notifications is essential – aim for acknowledgment within minutes.
• Providing detailed updates and context helps maintain realtor confidence and strengthens relationships.

Key Takeaways from this Session:

• Consistency is Key: Following the PLP step-by-step ensures a seamless process and helps brokers operate efficiently, whether as a one-person operation or as part of a larger team.
• Automation Enhances Efficiency: Utilize CRM systems to automate tasks and notifications, reducing manual effort and improving communication.
• Proactive Approach: Stay ahead of potential roadblocks by ensuring all necessary documents and appraisals are in order early in the process.
  

NEXT SESSION:

#6 - Broker Complete to Funded

The next and last session will cover the final stage of the Perfect Loan Process, focusing on the journey from Broker Complete to Funded, including steps to satisfy all conditions, instruct the deal, and manage the funding process.