Written By: Karen Deis
“What do you mean the loan is rejected? I wrote a cover letter explaining why this loan should be approved. That underwriter must be incompetent!” OR “What do you mean that you added 3 conditions to the loan approval? Why do we need that information?”
Ask yourself this question: Did the structure of the loan file break the rules and regulations OR was it a matter of interpretation between you and the underwriter?
If it’s a matter of interpreting the rules (after all, you wrote a cover letter right?) the issue is really negotiating your point of view versus that of the underwriter.
Do you feel that you have to fight for every approval?
Do you struggle to get your point across?
Do you think the underwriter is out to get you?
Effective negotiating techniques can help you get past the “woe is me” syndrome and find a common ground so both of you feel like you have won!
Negotiating Techniques
- Be REALLY prepared. If the loan has been rejected or the underwriter adds a ton of conditions that you simply don’t understand the reason for, don’t pick up the phone and question them like a prisoner of war! Do your research first. Find the rules or regulation. (www.MortgageCurrentcy.com and www.AllRegs.com are great resources) Copy (or find the resource online) but DON’T send it to underwriter just yet because you need to read Tip #2 first.
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