home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Commercial Mortgage News | CRE Lender Directory | CRE Statistics
Stories about commercial lending on multifamily, office, retail and industrial properties.

Confirmation Call Solidifies Seriousness

Submitting commercial deals to new lender

December 17, 2001


Suppose you are a commercial mortgage banker submitting a deal to a new lender. The first thing you need to do is call your lender to "confirm receipt of the package".

Now in reality you are not really calling your lender to "confirm receipt". You already have a Fed Ex tracking number showing that Steve Smith of Granite Bank received your package at 9:27 a.m. yesterday.

But your call to loan officer Smith is imperative for other reasons. First, your call tells the lender that the deal is still alive. Nobody wants to spend hours underwriting a deal that has already died for other reasons.

Your call also tells the lender that the deal has not been 'shotgunned' all over town. A lot of brokers send packages to five or six lenders at one time - arguably a necessary practice given the infamous unpredictability of commercial lenders. By calling your lender, you are in effect telling him that he is still in the running for the deal.

And last of all, your call to "confirm receipt of the package" acts as a kick in the pants to encourage him to finally read the package. In reality, many commercial lenders will not even open a commercial loan package until the broker calls to bug them.

When you do call, the first words out of your mouth should be something like, "Hi Bill, this George from Blackburne & Brown. Did I catch you at a bad time?"

If he is harried, the last thing you want a lender to do is underwrite your loan right then. He'll find the first excuse to kill your deal so he can get you off the phone.

And if he is free to talk to you, he'll often show his appreciation for your courtesy by looking at your loan positively. Every commercial mortgage loan has flaws, the only question is whether the lender will overlook them for you.

Don't underestimate the importance of these tips. Make them a part of your regular routine.

George Blackburne, III is an attorney, lecturer, and the owner of the popular commercial mortgage portal, C-Loans.com. He is also the principal of Blackburne & Brown Mortgage Company, Inc.; a $50 million commercial hard money lender based in Sacramento, California.
hosted by USANow.net

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders