Psst. Let us clue you in on a little secret. There is a surefire way to make your job easier and your clients even happier. Some will say you have to hustle harder. Others will tell you to put in longer hours. But when you work for MortgageRight, you have access to the tools and resources to help you close more deals faster—without extra effort. Forget the net branch nonsense from the past. 

From innovative tech systems to advanced digital mortgage platforms, the best mortgage companies to work for are positioned to give you the edge. MortgageRight’s Upfront Approval Guarantee is one of those shortcuts that will streamline your mortgage process, give your clients more buying power, impress your referring partners, and help you strengthen your prospect-to-loan pipeline. 

But first, let’s dig into some definitions.

Pre-Qualifying, Pre-Approval, and Upfront Approval Guarantee—Oh My!

Is there really a big difference between pre-qualification, pre-approval, and an Upfront Approval Guarantee? The answer is a resounding yes. Knowing which one gives your business the most significant head start is essential for your business’s bottom line.

1. Pre-Qualification:
   • This is an initial evaluation of a potential borrower’s creditworthiness based on self-reported financial information and a credit check. It estimates the loan amount the client might be eligible for.
   • It’s a quick, often automated process that gives borrowers a ballpark figure of their borrowing capacity without thoroughly examining their financial background.
   • It helps engage potential borrowers early in their home search, helping them set realistic expectations regarding their budget.

2. Pre-Approval:
   • In this more rigorous process, the lender verifies the borrower’s financial information, including income, assets, debts, employment, and a credit check, to determine a more accurate loan amount they’re willing to offer.
   • The outcome is a pre-approval letter indicating a specific loan amount and is typically valid for 90 days. This letter strengthens the borrower’s position when making home offers by showing sellers they have a lender’s backing.
   • Pre-approval is time-consuming but essential, especially in competitive markets. It requires diligent collection and verification of the borrower’s financial documents, but it pays off by making transactions smoother and increasing the likelihood of closing.

3. Upfront Approval Guarantee:
   • This represents the highest level of pre-purchase verification, where the loan is fully underwritten before a property is even selected. It’s akin to having a loan ready to go, barring property-specific verifications like appraisal and title search.
   • Offering this guarantee can significantly set your lending services apart, especially in hot markets where buyers and real estate agents look for every advantage. It reassures all parties involved that financing will not be a barrier to closing.
   • Implementing an Upfront Approval Guarantee program requires a robust underwriting process capable of thoroughly vetting borrowers’ finances without the property in the equation. It may also involve more resources and risk management strategies. Working with MortgageRight sets you up for success since they take care of everything.

Pre-qualification is an excellent tool for initial conversations; pre-approval solidifies the lender-borrower relationship and prepares clients for making offers, but an Upfront Approval Guarantee? That can be a powerful differentiator in your service offerings, promising speed and reliability in financing. Not every mortgage company has this differentiated offering—but you can be sure the best mortgage companies to work for do. 

Why an Upfront Approval Guarantee Matters

“I want to stay stuck in old net branch ways of working,” said no branch manager ever. Who wants to be tethered to inefficiencies? When you start your own branch with MortgageRight, you can operate your business how you see fit. And by offering an Upfront Approval Guarantee, your business can benefit in significant ways by:

• Enhancing buyer confidence, making offers more attractive to sellers
• Reducing last-minute financing issues, leading to smoother closings
• Strengthening relationships with real estate agents who value reliable financing partners (hint: that’s you)
• Increasing your branch’s competitive edge by offering a more secure financing option
• Accelerating the closing process, allowing for faster turnover, more transactions, and completion in as little as ten days (cha-ching!)
• Improving customer satisfaction with a clear and reliable approval process
• Attracting more clients through positive reviews and word-of-mouth from satisfied customers and agents

The best mortgage companies to work for will not hold you back with outdated processes but empower you with what you need to go from clear to close.

What an Upfront Approval Guarantee Gives You and Your Business

Peace of mind, less stress, sighs of relief, the giggles—every mortgage branch manager will get something a little different from a secret weapon as powerful as an Upfront Approval Guarantee. But for most, the benefit is clear. You’re closing as many loans as possible. Yes, it’s more work upfront to process the paperwork, but not more work for you. MortgageRight handles it all through the platform, doing everything possible to elevate and help branches grow, execute, and close more loans. 

Give your clients maximum buying power. When you’re with one of the best mortgage companies to work for, your clients reap the benefits. With Upfront Approval Guarantee, you can fully underwrite your clients’ loans before they finish shopping. MortgageRight’s Upfront Approval Guarantee allows you to waive the 14-to-21-day mortgage financing contingency to speed up the process to as little as ten days. With a guaranteed loan and shortened timeline, sellers are more likely to accept the offer, especially in a congested market. 

Streamline your process. The traditional loan process is one of the most hated parts of the homebuying journey. Being able to offer a faster, easier option to your borrowers sounds a lot like angels and looks a lot like rainbows and butterflies. In other words, how could they resist closing in as little as ten days? Detail the traditional process compared to the Upfront Approval Guarantee process so they can see the difference. And be sure to reiterate the benefits of having conditional approval upfront.

Strengthen your pipelines and reduce fall-off. An upfront Approval Guarantee helps build a pipeline of fully approved buyers. In the same way, the Upfront Approval Guarantee enables you to separate serious buyers from casual shoppers. A fully-approved buyer is more likely to use you as their lender than a buyer with the standard (and more tenuous) pre-approval. If the realtor suggests their preferred lender, an Upfront Approval Guarantee means they’re still more likely to use your services. Better yet, the Upfront Approval Guarantee is portable, even if the original deal falls through.

Impress the realtors to build referral partnerships. When you streamline the process, you make everyone look better, from your own team to the attorneys involved. The Upfront Approval Guarantee can attract realtors and build referral loyalty due to its power and convenience.

Why MortgageRight is One of the Best Mortgage Companies to Work For

Not only does MortgageRight give you access to advantageous offerings like the Upfront Approval Guarantee, but the company also supports its branch managers in countless other ways:

Competitive Pricing and Earnings: MortgageRight prides itself on offering some of the industry’s lowest rates, which benefits clients and enhances the earning potential for branch managers and loan officers like you. Without the burden of corporate layers or middle management, you can earn more basis points and enjoy higher margins, providing ample room for financial growth.

Operational Autonomy: As a branch manager with MortgageRight, you’ll have the entrepreneurial freedom to run your branch your way. This means making critical decisions on business operations, from marketing strategies to technological implementations, all with the backing of a larger organization. 

Comprehensive Benefits: MortgageRight understands the importance of a comprehensive employee benefits package. Branch managers and their teams have access to medical, dental, and vision benefits, life and disability insurance, and a 401(k) retirement plan. These benefits contribute to a healthy work-life balance and ensure peace of mind for employees and their families.

Transparent and Efficient Processes: MortgageRight offers a transparent P&L branch model and efficient processes like Fast Pass Underwriting and same-day clear-to-close, which streamline operations and enhance productivity, benefiting you and your clients, ensuring a smooth and swift loan approval process.
What are you waiting for? Schedule a demo of MortgageRight today and see what it’s like at one of the best mortgage companies to work for (net branch lovers need not apply).