[J.Celifarco]

Sure why not? It wouldn't hurt to grab a month-to-date bank activity sheet, but a deal can still be killed in the 11th hour for a variety of reasons, such as:

- The drop off in sales as you mentioned

- A tax lien that pops up

- A judgment lien that pops up

- The merchant is found on some industry fraud list

- The merchant's bank statements turn out to be fraudulent

- A hidden cash advance balance is found

- The merchant is severely behind with their landlord

My point is that there will always be that "final verification" process and within that process, the deal can be killed for a variety of reasons. All you can do is pre-qual the best you can upfront and collect the initial documents.

Most of these things should come up before an offer is sent out. I understand a lot of the underwriting is done after signed contracts come in but the things you mention should come up before preapproval

[WhoisKingsley]

Most of these things should come up before an offer is sent out. I understand a lot of the underwriting is done after signed contracts come in but the things you mention should come up before preapproval

Agree. I'm still stumped on why we don't take a full professional approach to any type of service or sales in this industry. Even for "originations"- Why is there such a knowledge gap in the common sense to this industry? These are standard pre-qualifying procedures.

[J.Celifarco]

Agree. I'm still stumped on why we don't take a full professional approach to any type of service or sales in this industry. Even for "originations"- Why is there such a knowledge gap in the common sense to this industry? These are standard pre-qualifying procedures.

I agree with this 100%. I think my biggest advantage when competing on deals is my understanding of underwriting. I am able to give people realistic expectations on what to expect when the numbers get released by the bank which makes it an easier close. I love when I am competing on a file and I tell the guy he is going to qualify for aprox 20k-25k and the guy I am competing against tells him he is going to qualify for 100k. When the offer comes back at what i told them more often then not I am going to win the deal

[bsmith]

Agree. I'm still stumped on why we don't take a full professional approach to any type of service or sales in this industry. Even for "originations"- Why is there such a knowledge gap in the common sense to this industry? These are standard pre-qualifying procedures.

Because underwriting is time consuming, which means expensive, and requires that you actually care. There's plenty of fresh brokers just not up for it.

[jotucker1983]

Most of these things should come up before an offer is sent out. I understand a lot of the underwriting is done after signed contracts come in but the things you mention should come up before preapproval

Well, most of the time they do, but on some deals they come up literally at the last minute. I've had deals killed for tax liens that the merchant didn't tell me about upfront, side cash advance balances the merchant didn't tell me about upfront, even Underwriting discovering at the last minute that the bank statements were manipulated in some type of way.