Underwriting Tips

Underwriting Team March 29, 2022

Underwriting Tips

Check out tips from our fantastic underwriting team!

We are lucky to have four fantastic underwriters that work closely with brokers like yourself, to get deals done.

This week we asked our underwriters, "What tip do you think brokers should know?"

Julia Krause
Underwriter

Summarize your deals! Focus on the positive aspects, but also acknowledge and explain the negatives. Don't wait for the underwriter to ask about the negatives. Explain them upfront and how you're helping the client manage them.

Andy Hoang
Underwriter

Top Broker Tip. Remember to include the following information in your submission. These items are commonly missed:

1. If the client is business for self. What is the Line of Business?
2. Marital status. Is the client single, married, divorced, or separated
3. Citizenship status when there is no SIN #
4. Credit Score
5. Exit strategy
6. Amount of your broker fee

Aida Oviedo
Underwriting Team Lead

Disclose if the deal is a non-arms-length transaction and if so, make sure to state in the summary notes how the buyer and seller know each other.

Lindsay Munif
Underwriter

Thorough but concise summary notes are critical. If there are any oddities with the file, these should be covered in the notes. It will help to minimize the back and forth between broker and underwriter. Lastly, it is great to conclude with the exit strategy and time frame.