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This latest version of the master list I have built and saved in a word document format which I use as a ‘master-list’ to cut & paste from into an email sent to each and every client following the initial application intake. DO NOT send the entire list to an applicant, DO tailor the list to fit their personal circumstances. From Province to Province you will add or subtract a few items as well.
The #1 Goal is always to send as short a list possible, while getting 110% of what you may need to complete the file.
For instance in BC we have a ‘Property Transfer Tax’ which is always an important point to reference as it cannot be financed into the mortgage.
Sending a comprehensive list without having a full application in the system has proven a very bad idea in the few instances I have tried it. Based on reasonably successful personal experience I take all my clients Mortgage Applications verbally. The conversational process is helpful for both the client and myself to get to know one another, it also helps me determine what is of primary importance to the client through the process (Speed, attention to detail, maximum mortgage amount, etc.) This style of application intake is also less formal and feels less like work to the client.
Once we have spent 30-60 minutes chatting with each other and have set each others expectations this list proves far less daunting. Placing a heavy focus on keeping the documents request as tight as possible is vital. i.e. asking for a property tax statement from a client that lives in a municipality where you can access one online yourself is not you making an effort at being truly Awesome at your job.
Young newlyweds? lets cut out the ‘separation agreement’ request.
You may also encourage your client to forward the list to their personal accountant with an introduction to you included, allowing you to liaise directly with an excellent source of simple prompt PDF copies of T1’s, NOA’s, Financials, etc.
So as we hang the phone up, or as the applicant departs my office, I hit send on an email titled ‘documents’ and it is as I have described to the client ‘the master list of all that we will need to make things happen’.
This means I do not for instance cut out the request for the NOA’s because ‘I think I can get it done without them’, as I say to clients; ‘I may well be asking for one or two more documents that you expected, this is based on my experience and more than anything my desire to have 110% of what is required to Make it Happen up front’. No client wants a call the day of Subject removal asking for two years NOA’s to prove bonus income, overtime average, etc.
Manage Expectations from the start!
This list is a living document, constantly evolving. T4’s being the latest addition, having been asked for them for the first time ever on a few recent files.
Please cut & paste it, edit the presentation and wording to fit your style. Please use it if you see a benefit.
Please send me any feedback on how to improve and tweak it also.