How important is the broker story for an approval?

The importance of Broker Notes and 'The Story'!

The Non-Conforming & Specialist Lending space is all about understanding and relating to the clients position, circumstances and solutions. Our job as a BDM and as a Broker is to succinctly present 'The Story' to Credit to achieve the mutually desired outcome for all parties - An Approval.

It's unfortunate, that far too many deals lack the time and effort to present the deal with a head-lining overview of the story.. or as some say, in many cases.... 'The Sob Story'. I can assure you that the fastest way to an approval...and especially an indicative approval issued the same day or next day, is by spending time on the story - which makes it easy for credit to grasp and understand 'What Happened?'. 

Many clients experience financial difficulties and require assistance to clean up their situation, get them out of trouble, move them forward, and into a better financial position. VMG is here to help. VMG is a 'Warts and All Lender' and as such, we view situations, data, and documents differently to other lenders you're maybe more familiar with, as many brokers are now discovering.

The quicker Credit can grasp the deal and understand what happened and what's possible, the quicker we are on our way to an approval. Within these considerations and at the heart of many decisions is the Intent and Character of the client/s. Despite what has happened in the client's financial history, VMG is more than happy to work with clients who are making every effort to take responsibility for their finances, work through the problems and get back on top of their financial position.

I've often said to a broker... 'Hand on heart... would you lend them the money? and if so, why!', in an effort to get to the 'Heart' of the deal and to get related to the story... what happened.

So please, please, please... spend the time on the story before you think about submitting the deal.

As in many instances, if you have a scenario and you're not yet sure if it's a deal, I welcome your call or email to discuss this together and even help you to piece it together and navigate through any complexity, policy, or conditions. VMG is always happy to workshop and build up your deal together.

The best practice and starting point for most deals are:

1. Address of the property/s - so we can confirm the suitability of security and LVR.

2. Serviceability calculator - to demonstrate serviceability is present. Even an estimate is a start if you can't yet get all of the accurate data.

3. The Story - If you don't understand the in's and out's of the deal, how can we? 

I've tried to keep this education piece succinct, so if you have any further questions relating to this topic, please feel free to email or call me and I'd be happy to drill down deeper and answer any questions you have. I've previously conducted many pieces of training like this and others with hundreds of brokers. This is by no means a definitive answer to a challenging situation that has many facets and moving parts.

John J Maxwell, VJoust - Head of Sales | Content Writer, Cocalex Holistic Consulting.

I hope this article was useful and helpful in your financial journey. If you have any questions or contributions relating to this article, please take the time to comment below and share your thoughts or opinions for the benefit of others reading this. No doubt this topic commands interaction, innovation, and collaboration.

If you'd like some unique and professional articles, like this one, written for your website, blog, or social media, or if you have any personal questions or queries, please feel free to contact me on 0434 455 225 or email: [email protected]

About the author:

John Maxwell is the founder and Senior Strategist of Cocalex Holistic Consulting. He is also Head of Sales for Joust - www.joust.com.au

John has 20 years' experience in the financial services sector and has owned and managed 9 mortgage franchises and a holistic advice 'one-stop-shop'. He has developed a broad background within the holistic financial services realm. He has a particular focus and passion for leadership, training & development, financial education, writing, franchise development, and business networking.