Partners: Updates for Real Estate Agents

We don't issue a pre-approval letter until we've reviewed the buyer's credit, income and assets, not just what they told us on the phone. If something in the file could cause trouble later, we'd rather tell you and the buyer before you write the offer than after. A pre-approval is not a commitment to lend; final approval depends on the full file, the property and the appraisal.

Yes, with your buyer's permission. We can speak to how complete the file is and what's been reviewed, without sharing the buyer's private financial details. A call from the lender often helps an offer stand out when there are several on the table.

Our average purchase close is 21 calendar days. That's an average, not a promise; timelines vary by file, and no closing date is guaranteed. Appraisal scheduling, condo reviews and how quickly documents come in are the usual variables. Here's what happens week by week.

Not in our experience. We have direct access to underwriting at the lenders we work with, and the same team stays on the file from pre-approval to closing. A broker can also shop the loan across several lenders, which a single bank can't do.

We're licensed in Illinois, Florida, Georgia and Texas. We originate conventional, FHA, VA, USDA, jumbo, refinance, HELOC, non-QM and bank statement, DSCR investor loans, physician loans and commercial loans. See our loan programs.

Often, yes. Those are areas we work in regularly: bank statement and other non-QM loans for self-employed buyers, financing for H-1B, H-4 EAD and other visa holders, and DSCR loans that qualify an investment property on its rent. The right fit depends on the buyer's details, so send us the scenario before they write.

Sometimes. Under Fannie Mae's updated departing residence rules, a lender can count projected market rent from the current home without a lease in place, subject to the calculation and reserve requirements. Equity in the current home may also help. We'd want to run the numbers on both homes before your buyer makes an offer.

The buyer usually has a few paths, depending on the contract: renegotiate the price, cover the difference in cash, or ask for a reconsideration of value if there are better comparable sales. With the new UAD 3.6 appraisal format, it helps to give the appraiser a list of the home's updates and upgrades up front. Call us as soon as you see the number and we'll look at the options together.

No invoices are required. Under UAD 3.6, the appraiser has to report the update status, the approximate time frame of the update and the condition of every kitchen and bathroom, and the MLS rarely tells them when work was done. The most useful thing your seller can hand over is a one-page list of improvements with the year, what was done and the approximate cost, for example "2024: Kitchen remodeled, including cabinets, countertops and appliances." Note whether permits were pulled, and keep receipts and permits handy in case the appraiser asks. For additions, finished basements, accessory units or major system replacements, have the permit and contractor details ready. The appraiser decides how the information is used, so a list doesn't guarantee any adjustment to value. More on the change in our UAD 3.6 breakdown.

Swap general phrases for dated specifics. "Beautifully updated throughout" tells an appraiser almost nothing. A short dated list does: "2024: kitchen remodeled, including cabinets, countertops and appliances. 2022: HVAC replaced. 2021: primary bath remodeled. 2019: roof replaced." That's the approach NAR recommends, and it lines up with what UAD 3.6 asks appraisers to report for each kitchen and bath. Put the details where they'll be seen (remarks, documents or an appraisal packet, whatever your MLS allows), and keep finished basement space separate from the main square footage. You don't need to say what the work is worth. That's the appraiser's job; your job is to give them accurate facts. More in our UAD 3.6 breakdown.

Fannie Mae doesn't require permits or invoices for a finished basement, but it does control how the space is counted. Any level that is partly below ground is treated as below-grade, no matter how nice the finish or how big the windows, so a walk-out or garden-level basement is still not counted as living area. The appraiser reports it on its own line, separate from above-grade square footage and the above-grade bedroom count, measured to the ANSI standard UAD 3.6 uses. If the appraiser sees work that should have had a permit and didn't, they comment on the quality of the work and whether it affects value. That doesn't automatically make the loan ineligible. A separate living unit in the basement that doesn't meet local zoning has stricter conditions, including comparable sales with the same use. Two tips for listings: don't market basement space as part of the main square footage, and have the permit number and contractor details ready if it was permitted. Lenders can add their own requirements, and FHA and VA have separate rules, so ask us about a specific file.

Yes. Your loan officer updates you as the loan moves, and we invite you to the loan in Our Agent Portal so you can check status, upload the purchase contract, and, if the loan officer grants access, update and send the pre-approval letter yourself.