When market activity is down, every transaction counts. Each loan application that comes your way needs to be processed for approval as quickly and carefully as possible to maximise its likelihood of approval.
Considering a client’s credit worthiness, taking into account their income and expenses, is an essential part of the application process, but can take time to manage. It can also cost you time if a lender disputes part of the application and you need to gather data to back up your position.
So how can you determine if a client can service a debt without undue hardship, and resolve external disputes before they begin?
An RP Data Comparative Market Analysis (CMA) report can match a property to a client needs analysis, comparing with local market information to make sure that the property is in line their needs, expectations and circumstances.
You can also include a CMA report with a loan application to a lender as an illustration of the rationale behind your recommendations. By demonstrating the current market conditions in relation to the decisions of you and your client, many lenders would be able to find the answers to their questions without having to slow the application process.
Log in to rp.professional today to generate a CMA that will suit the needs of both clients and lenders and smooth the application process. For more information on how to design this CMA, call 1300 734 318 or visit rpdata.com/training to book an advanced training session.