Upfront Approval Guarantee Program

What is MortgageRight’s Upfront Approval Guarantee Program?

The Upfront Approval Guarantee Program is a strategy aimed at making your clients offer more attractive in a competitive housing market, especially in situations like bidding wars. This helps MortgageRight branch managers by enhancing their ability to attract clients and facilitate smoother transactions.

How Does the Upfront Approval Guarantee Program Work?

By underwriting your file upfront TBD prior to having a sales contract, your clients know exactly what they can afford including price point, closing costs and monthly payment. Any potential roadblocks are resolved upfront to avoid any delays or 11th hour underwriting gotchas. The only items outstanding after conditional approval are property specific (appraisal, title work, & homeowners insurance), and that’s a BIG win for your client!

Here are the benefits for MortgageRight branch managers:

1. Competitive Advantage: Offering the Upfront Approval Guarantee program gives MortgageRight branch managers a competitive edge in the mortgage market. It sets MortgageRight apart by providing clients with a unique and appealing feature that can help secure more business.
2. Increased Client Confidence: The program instills confidence in clients as it involves a fully underwritten approval process. Clients can be assured of their purchasing power and financial readiness, leading to greater trust in the services provided by MortgageRight.
3. Efficient Closing Process: The ability to close in as little as 7 days is a significant advantage. This quick turnaround time can be attractive to clients and sellers alike, making the overall home-buying process more efficient.
4. Streamlined Underwriting: The upfront underwriting of client files helps streamline the approval process. Branch managers can have a clearer picture of clients’ financial situations, enabling them to address potential roadblocks early on and ensuring smoother transactions.
5. Attracting Sellers: Sellers often appreciate offers with fewer contingencies, and the Approval Guarantee allows clients to waive the financing contingency. This can make offers from MortgageRight clients more appealing to sellers, potentially leading to more successful transactions.
6. Consistency Across Branches: Extending the Upfront Approval Guarantee program to all branches ensures consistency in service offerings. It allows MortgageRight to provide a standardized, high-quality service to clients regardless of the branch they are working with.
7. Shorter Lock Period: This allows you to offer your borrower better pricing by being able to lock on a 15 day lock period vs 30 days
8. Marketing and Branding: Branch managers can use the Upfront Approval Guarantee program as a key marketing and branding tool. Highlighting this unique feature can attract potential clients and position MortgageRight as an innovative and client-focused mortgage provider.
9. Customer Loyalty: Providing clients with a transparent and efficient mortgage approval process can contribute to customer satisfaction and loyalty. Satisfied clients are more likely to return for future transactions and recommend MortgageRight to others.

By effectively communicating the benefits of this program to clients, and referral partner alike, you can leverage it as part of your overall marketing strategy. Building a large pipeline of approved borrowers ready to close gives you the advantage of forecasting your future branch volume.

Find out more about the Upfront Approval Guarantee Program and how it can help you close more business, schedule a time to talk