CRM

Originating: Know When to Say “No” 

For a loan officer, a closing is always the goal. But do you know when saying “no” to taking an application is appropriate? Assuming a senior is educated about reverses and desires a reverse mortgage, there are two scenarios where a loan won’t or shouldn’t close. The first occurs when a reverse mortgage is the optimum solution to meet a senior’s housing or financial goals but they obviously won’t qualify for the reverse. Reasons may include a low appraisal, title issues, condition or type of property, occupancy status, or even a temporary protected status visa (a recent experience). I’ll never forget