THE REQUIREMENTS
First, it starts with understanding your client and helping them achieve their goals. In order to do this, you need to establish a system which involves asking the right questions and collecting all the correct information. As a mortgage professional, your job is to create value for your client. No one likes salespeople, so stop selling, become a trusted advisor and guide your client through the process.

There are 5 main things you need to submit to a private lender.

1. Application – The Application needs to be clear, current, and consistent with the rest of your package.
2. Credit Bureau – A current credit report pulled within the last month or reporting period.
3. Summary – The easiest way to do this is write it out in your email when you submit the package or write a letter. The information in this summary should include a brief explanation of the 5 C’s of Credit which are Character/Credit, Capacity, Capital, Collateral, and Conditions/Exit.
4. Income Documents – Clearly identify all the sources of income for your client, collect the current documentation, and ensure the income is consistent with the rest of your package. It is important to know the difference in documents required between employed and self-employed. As well, find out if there is any additional income such as pension, child benefits, rental income, or etc.
   • Typical documents include letter of employment, paystub, tax documents, bank statements, contracts, lease agreements, etc.
5. Property Documents – Clearly identify the deal type, collect the current documentation to establish a reasonable current property value, and ensure the value is consistent with the rest of your package. The deal type such as 1st mortgage, 2nd mortgage, purchase, refinance, equity take out, construction, or etc. dictates the documents that are going to be required. The estimated value can be based on purchase price, appraised value, assessed value, cost to build, or an educated guess.
   • Typical documents include offer to purchase contract, mortgage statements, titles, tax statements, and appraisals if any have already been obtained.

Now you are ready to submit a deal. The Application, Credit Bureau, and Summary are required upon submission. The Income and Property Documents can usually be collected as part of the conditions. The number of documents you collect before your submission depends on your business model. If you collect too few, there might be a lot of back-and-forth. If you collect too many, the client might get discouraged. It is important to remember, the relationships you create and reputation you have with your lenders and underwriters is equally as important as with your clients.

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