Ask the Expert: How do I get underwriters to listen?

Although electronic submissions mean less human contact with underwriters than in days past, an originator still needs to put the human into the equation

By Dave Hershman
Special to MPA


I really enjoyed your self-employment webinar you presented recently. It helped me understand many concepts that I needed to know and it is not like I am a rookie--I have 15 years experience in the business. Some of the techniques you talked about are great--but how do I get underwriters to listen?
--Elliott from New York


That is a good question. Today, there is less and less "human" contact with underwriters because of electronic submissions and centralized systems -- at least in many companies.

I am old fashioned. I still advise that loan officers write cover letters to state their case. Your job is to put the human into the equation. Think about it--all the underwriter sees is a bunch of numbers and a bunch of documents. You know the people behind the numbers and their situations.

With regard to self-employment, if you are going to overcome issues such as less than two years self-employed or declining income you must have facts on your side and you must state your facts in a logical manner. This is what a cover letter is all about. Plus it makes the job easier for the underwriter that must justify their decision.  In today’s era of “ultra-compliance,” the importance of this last fact cannot be understated.
--Dave Hershman

Do you have a reaction to this commentary or another question you would like answered? Email Dave at [email protected].
 
Dave Hershman has been the leading author and a top speaker for the industry for decades with six books authored and hundreds of articles published.   His website is www.originationpro.com.  If you have a reaction to this commentary or another question you would like answered in this column? Email Dave directly at [email protected].