How our top brokers close loans up to 5 days faster
Submitting incomplete loan packages may feel like a quick time-saver, but in reality, it leads to unnecessary stress and a poor client experience. As a mortgage broker, your role is to ensure a reliable and smooth process for each client.
“It’s easy to hit submit and forget, only to scramble later for missing bank statements, purchase agreement addendums, or gift letters,” says Jeremy, Crew Underwriting Director. Cutting corners by overlooking important conditions will only create delays.
In this blog, we’ll share practical tips and best practices that Rocket Pro's top brokers use to close loans up to 5 days faster.
Avoid the risks of incomplete loan packages
Incomplete packages can lead to last-minute surprises, frustrating clients eager to secure their dream home. “You don’t want to give clients false hope about securing their dream home, only to discover at the last minute that they don’t qualify,” says Marcos, Crew Director Underwriter.
These situations can quickly turn excitement into disappointment, leaving clients feeling misled and frustrated, and ultimately undermining your credibility as a broker.
Why complete packages will help you close loans faster
Rocket Pro’s top brokers have found that efficiency starts with submitting complete and accurate packages upfront. This approach not only speeds up decision-making but also strengthens your reputation as a trusted broker in your community.
Dan Ngoyi, Senior Vice President of Client Experience Operations, shared, “Our data shows that complete applications can help refinance loans close 4.5 days faster and purchase loans 2.5 days sooner—and that makes a big difference."
1. Key details top brokers double-check before submitting a new package
Even experienced brokers can overlook critical steps or conditions in the loan process. Here’s what to verify before you submit your next package:
- Guideline Adherence: Freddie Mac and Fannie Mae guidelines may differ. Check Pathfinder or consult with your SOS team for clarity on any discrepancies.
- Missing Purchase Agreement Signatures or Addendums: Ensure all necessary documents have been signed by both buyers and sellers. Make sure to include all addendums.
- Income and Assets Verification: Ensure sufficient income verification and/or proof of assets. Remember, monthly income calculations are based on year-to-date figures. Utilize our 18 Rocket Pro Calculator Gadgets for accuracy.
- Consider using our Verified Approval Letter (VAL): Unlike prequalification, a VAL involves lender verification, reducing risks of uncovering problematic information later in the process and allowing to show clients some progress.
- Holiday Schedule: Consider holiday staffing. There may be fewer Operations Crew team members working during the holidays, which could result in slower response times.
2. Essential tools and resources top brokers use to clear conditions faster
To ensure a smooth and faster loan process after you’ve submitted a package, Rocket Pro’s top brokers rely on these tools and resources designed to clear common conditions and questions:
| Problem | Solution | Resource | Time to Connect |
|---|---|---|---|
| Need guideline clarification | Use Pathfinder to search guidelines and processes | Pathfinder | Instant – 24/7/365 |
| Unsure about specific loan condition requirements | Utilize the Underwriter Submission Request Gadget | Access tool | Instant – 24/7/365 |
| Missing homeowners insurance information | Call the Homeowners’ Insurance (HOI) Hotline | 1-800-591-6322 | < 2 minutes |
| Condo documents issues | Contact the Condo Hotline | 1-888-329-0962 | < 1 minute |
| Closing process questions | Reach out to the Closing Hotline | 1-888-589-4055 | < 1 minute |
| Employment verification problems | Use the Verification of Employment (VOE) Hotline | 1-888-600-8689 | < 1 minute |
| Loan suspensions | Call our Solution Underwriters for alternatives | ||
| Any other inquiry | Connect through Rocket Connect for assistance | Rocket Connect | < 2 Hours |
| Unsure what each status means or who’s responsible | Check the Vendor Services table | Vendor Services | Instant – 24/7/365 |
When clearing conditions, it’s also important to address these common mistakes that can hinder your ability to close a loan:
- Incomplete File Uploads: Remember, uploading files is a two-step process to ensure all necessary documentation is included. Brokers often forget to resend the package after saving new documents for clearing multiple conditions.
- Late Submissions: Timing for underwriting submissions can prevent delays. Ensure files for conditions are submitted before 5PM ET to receive an underwriting decision the next business day. Turn times may vary for more complex scenarios. Learn more about Rocket Pro Turn Times here.
Conclusion
By implementing these best practices used by Rocket Pro’s top brokers, you’ll ensure fewer delays and transform your role from a broker to a trusted advisor in your community. “We’ve built this process after underwriting hundreds of thousands of loans. It works. Give it a shot,” says William, Executive Crew Underwriter.