Streamline your sales order approval for Mortgage

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all right good evening everyone welcome to the loan officer training series here with the mortgage calculator we will get started in just a few minutes I see some people already were commenting feel free to drop a comment we pulled the comments there up on the screen so feel free to drop a comment as you tune in and we'll wait just a couple of minutes to get started that way we can go live on all the different platforms and we're giving everybody a chance to jump on as well remember that we do these loan officer training series every Tuesday night at 7 pm Eastern and every Wednesday night at 7 pm Eastern Time so definitely make sure you're tuning in every week we do different topics every week and this topic just like you see on your screen is going to be for purchase pre-approvals but again everybody just hang tight for us waiting a couple minutes here to get started hello everybody let's dropping comments there in the chat appreciate it all right it looks like we are good to go so we can get started we'll go ahead and take off the uh comments there on the screen and then we will get it started all right welcome everyone my name is Kyle Hershey I'm the CEO of the mortgage calculator joined here by our President Nick Hershey and our sales manager Jose Gonzalez we are a correspondent lender that specializes in non-qm loans and we do our loan officer training series every Tuesday and Wednesday at 7 pm eastern time now we do a different topic every single week and today's topic this week's topic is going to be pre-approvals so purchase pre-approvals we're going to go through uh those between today and tomorrow as well so I'm going to turn it over to Jose our sales manager here he has 27 years of experience both as a realtor and a loan officer and so he has a little presentation he's going to pull up I believe and we can get into it so take it over there Jose all right good after go good evening or for some of you maybe afternoon those some of those of ours that are on the west coast uh welcome to Tuesday night's training where we're going over completing the purchase pre-approval now this is a topic very important to us here at the mortgage calculator because um we are we love to be very thorough in what we do we pride ourselves as being lone consultants and not application takers uh that is uh a uh basically a philosophy let's call it that that will lead to much longevity and sustainability in your professional career those are all very important topics right now because when you all consider how many licensees there are out there not everybody is a professional most of the people out there I'm going to tell you are quote Bots and application takers that do not know how to add value to the transaction all they know about is just talking about rates but when you start taking them out of their comfort zone when you actually have to provide solutions they fall by the wayside and that's where we at the mortgage calculator shine because of our thorough and complete approach to providing a pre-approval especially for a purchase you know the purchase Market very very very competitive uh we're still having serious inventory issues right in other words lack of inventory and all the major markets so uh much more importance it definitely raises uh the bar on needing to get thoroughly and properly pre-approved how many how many offers did you get on your listing you just sold Jose oh my God I mean I think we had like 30 offers we just set up two days of complete showings where uh the wife who's uh the agent there was at the property and I mean I'm telling you every almost every offer was above this price but then they really had issues when they came to the pre-approvals because believe it or not in 2023 I still received offers some offers without a pre-approvals you know what happens with those offers when you have all these offers coming in those go into File 13 very fast a waste basket the circular file because what are you going to do you got all these offers and and a lot of them look the same they're all coming in above list price who has time to be chasing after everybody saying you didn't send me a pre-approval I'm thinking if they didn't send a pre-approval maybe they didn't have one maybe that's an agent that was actually working with somebody without making sure that they were pre-approved now that would not be a very good Agent wouldn't want that to be my agent in this very challenging time to land a property I mean now more than ever uh your buyers which are your borrowers are reaching out to the top level of professional to help them compete because this is a competition right now to land the listing to land not the listing you know to land the deal to land the contract you know it's not like you know a buyer's market it's a seller's market and the sellers know it so that's why we at the mortgage calculator do real pre-approvals we do not do pre-qualification that we're just I don't like it I like it pre-qualification means nothing really it means absolutely nothing it means to me once when somebody tells me thing you know pre-qualification uh somebody in the biz I start thinking in the back of my mind that person's lazy they don't want to do their job they're they're really doing a disservice to their borrower and not doing a pre-approval now you're wondering but Jose what does that mean is in a pre-approval and a pre-qualification the same thing well you know obviously not some people think that you know it pre-qualifications is it's the Easy Button you know it's really the easy button for for some loan officers and this is not a time to be clicking on the Easy Button because the easy button is not going to get you the deals right uh pre-qualification is basically worth the paper that is written on and that's about it because in a pre-qualification they uh you do not go in depth and actually like the phrase says pre-approve the borrower and the pre-part to this equation is only because you haven't consummated the purchase right you don't have the uh fully agreed to contract and you haven't submitted then the file with that actual property address and with an appraisal to get your final approval but you have vetted credit income and assets right and and you have to make an assumption on the property value but I'm getting a little bit ahead of myself here so what is upper it's just pre-approval right I mean I got into it there but it's basically you know you're you're like I was saying you're doing a preliminary evaluation of what that borrower can actually qualify for and at the mortgage calculator we are not a cookie cutter company wherever where we just try to fit everybody into the same mold sometimes chopping off pieces just to make sure that they fit into that mold because in the end when you do that you end up with shortcomings right you're trying to fit like I like to say that square peg into the round hole because you don't have other options at your company so you're just trying to wing it that's not the way it works you know you you have to do it's it's thorough job you know so purchase pre-approval is definitely the the first step is the very first step to your path of home ownership and like I stayed there in the third bullet point and I was getting into now a second ago a pre-approval is not a pre-qualification qualify yeah see what you would theoretically qualify for but in the pre-approval I am up I am approving you for your let's say for your pre-purchase right you are and my eyes will be approved when you're done within our pre-approvals you are approved and the only thing that's really going to keep you from getting that final approval is is if you don't land a contract so we don't have anything to submit or if somehow or another I made an error in my calculations of the income if we're talking about an income based program or a dser program or whatever it is and the numbers don't Jive but other than that in our pre-approval you are approved subject to getting the property and final underwriter review of the documents that we reviewed because we're not winging it we're gonna we're gonna run it through the full application right full application and Encompass the docs are going to be requested from the borrower the same dogs that are going to be requested to submit the file to underwriting you are pre-underwriting that file that is your job now again if it's a agency loan where automated underwriting is going to come into play then you know you're going to be having the assistance of aus tell you yes or no but you're still going to have to put in the data and interpret the data that you input into the file and if it's manual under I mean if it's non-qm you are the DU right you're going to be the filter as I like to say to review all of the information and see what is correct so why would a borrower want to get pre-approved I mean I don't know if I really need to answer that you know it's almost like a rhetorical question but still we like to reinforce you know all the major benefits like we're just saying right now if you want to get the house in this very challenging limited inventory environment you have to get pre-approved you just can't be out there winging it and hope to get lucky and land a deal without being pre-approved so first and foremost if you want to get the house you need to get pre-approved but on a more general terms you know it definitely allows you to to plan better be able to budget for your purchase you know you don't want to be living a million dollar houses and have like they say champagne taste and beer budget right you're looking for the million dollar house and then all of a sudden when we get the contract approved for a million dollars you know then you're like okay well um I didn't know I was going to need that much money I thought the bank would just lend me the money right because you're you're you right no there are guidelines to follow considerations down payment uh credit requirement asset requirement so a lot of things that come into play that you have to take into consideration so you could budget and plan ingly and when we're talking about if you want to get the house you'll note their listing agents I've I put there generally because I'm trying to be nice but in the real world listening agents are going to require an offer be accompanied by a pre-approval no pre-approval like I said that's gonna go into the circular file good buyer's agents are also going to require the buyer to be pre-approved before showing them properties can you imagine you're driving all over town my Town's pretty big so it could be a lot of miles and then you have somebody that doesn't have five cents to their name and then you wonder and then some people say it would ask the buyer but why were you even looking at houses no you should first ask yourself why were you even showing them houses if they weren't pre-approved right that's when you reach out to your mlo partner you know Joe realtor calls me and says Jose you know I got this guy he wants to look at these Mansions but I don't know please pre-approve him for me uh which in saying that actually there's a security component actually all of getting pre-approved as well because for a realtor especially Realtors dealing in these uh very exclusive properties they want to know that you know who that buyer is they don't want some some thief coming into the house to scope out the property and what they're really doing is just you know seeing what they could steal no they know that when you go when you're pre-approved you know you've checked ID you've checked assets you've checked credit you know that that person really exists so that's a component that most of you may not consider for pre-approvals but when you're dealing with a certain profile of property or a certain profile of seller they're going to require that you vet everybody that goes through that property before they step one foot into the property to make sure who they are and who they're not and of course like I mentioned earlier it saves time knowing the amount that you actually qualify for because again we don't want to have that champagne taste and beer budget situation happen you know we want to know from the beginning this is what it is that allows us uh as you know the licensee where there were the mortgage loan originator as well as a realtor because typically we're going to be working together with realtor Partners right and this is a great time if you have a buyer that wasn't referred to you by a realtor partner this is a great time to find a realtor partner for your pre-approved buyers because remember you need to give in order to receive so if you want to get referrals from realtor Partners You Gotta Give Them referrals first they're going to love it when you get when you're calling them up and say hey Jane I have somebody uh pre-approved for a 400 000 home you think there's some four hundred thousand dollar homes in your Market there you could find them and if Jane's got to be thinking first is there a catch to this I mean do I gotta pay no and then you're gonna tell them no I got my pre-approved buyer ready to go hold up a second let me send you his pre-approval it says right there on the letter that I already checked credit I check assets I checked income I have an automated underwriting approval for my borrower he's good to go and they're gonna just love you for that because I mean very seldom does somebody call them and just give them a gift like that usually they got to pay referral company so again another real important reason to get pre-approved or to get the borrower pre-approved just to have a more marketable commodity both to be able to buy a home and for you to be able to refer your borrower because if you refer somebody not pre-approved why would they want to work with your borrower then why would they even want to take your call again later they're going to think that you're a joke if you're actually referring them in an un pre-approved borrower so you do not want to be that NLO that does that and start your relationship with your realtor Partners off to them on a bad foot so items to consider when pre-approving the buyer right so again this is a little bit Broad in general in nature here because you know we could go on and on about this and we will have specific trainings coming in the future on specific more specific loan types and stuff but here just to give you some you know General considerations is you know you got to look at credit right what are your minimum credit score requirements what are your minimum trade line requirements are there any disputed accounts because too often I'm meeting with team teammates uh going reviewing files with them and they're all about the FICO score but then all of a sudden we open up the credit and they may have had an automated underwriting of you know approval but they forgot to look and notice that it's a convention alone and they had disputed accounts if you read the small print in our item number I don't know 31 32 28 29 somewhere in those numbers on the credit section it's going to tell you if you have any disputed accounts you have to downgrade this approval to a manual underwright and you all know we don't have any manual underwriting options on conventional loans so you that borrower would have to take those disputed accounts out of a dispute status you're going to check in your credit simulation and see what would happen if you undispute the account sometimes doing so lowers to credit score the the underwriters know that Fannie Mae Freddie Mac know that that's why they tell you to undispute the accounts and see what happens right on a uh FHA note if you have disputed accounts it's going to tell you if you have any of those disputed accounts where totals the sum total is a thousand dollars or over then you have to downgrade your your file to a manual underwrite which means at that point now you have different dtis maximum 43 instead of 56.9 percent excuse me on the FHA so would totally mess up your file if you just didn't look at some of these basic things so again know your credit know your liabilities it's not just about the FICO score you know that's quick FICO score when you're just sending out quotes but once you're getting into the meat of potatoes of the matter you gotta you gotta dig deep you know don't don't be superficial about it don't be scared you know something uh else income type now this we could go on forever on this one this is a whole training unto itself but again we're going to consider income type right are we looking at a full dock borrower are we looking at bank statement profit and loss dscr what type of income do we have and that is going to determine then if we're going to be able to go conventional FHA uh you know VA whatever if they're a veteran I mean you know occupancy is another consideration but here we're looking at income so again very important so in the beginning you may not know that your loan is only going to be is going to be a dscr for example because we cannot assume that the borrower does not qualify until we review income documentation because by law we have to offer the borrower the lowest cost loan option not the Easy Button this is not about oh I want to go dscr because you know it's the easy but no no you got to go through the steps and review information now mind you have the borrower refuses to provide you tax returns or says hey I have I'm not filing this year I'm not going to file this year I didn't file last year I'm in war with the IRS my my accountant and my attorney are dealing with it I don't want to deal with any tax return type loans then obviously you're not going to go full dock right you're going to go alternative options there bank statement p l dscr asset utilization asset depletion cdfi no ratio if it's a primary or second home that's the loan that allows us uh to qualify a borrower primary second home with no income or job verification so really good uh product there but again going back to income you got to do a thorough analysis of everything something else that people don't consider now you may not necessarily consider this up front when you're pre-approving the borrower but you're certainly going to consider this once they may have a property that they point out to you and they may tell you hey Jose am I am I pre-approved for that property right there that address because I always tell my borrowers once you find a property or two or three or four or five send them over my way so I could plug them in into the formula and I could use some real tax numbers I'll get a quote from the insurance agent that I use that gives me quotes within minutes or maybe an online quote service if it's in a state that we can obtain online insurance quotes right but when once you get that property address you can do a little bit of research quick research pop into public records and see if the seller is flipping the property that's real important that's one that can get you all the time if you don't look into it because in some loan types flip buying a flip uh presents issues you know if it's a flip within three months or flip within three months were you gonna ask something I was gonna say we have that in the CRM so when you put the address in our quote system there guys it'll always check the public records for you and it'll put that on the disclosures but it's also a tab on the quote so make sure you check that tab for that exact reason though they just mentioned awesome yeah it just had it come up in a deal uh the seller um had bought the property only a month before did a fixed flip bought it with a fixed flip loan and was reselling it so um depending on where we're submitting the loan it may be an issue or it may not be an issue most of the time it is but we do have investors that will do the flip room on a business purpose loan which is dscr closing in an entity and won't have any issues if it's a flip but then most of the other ones do and you and some of them will not do it at all and some will say hey you know what that requires us that may require a second appraisal If the percentage of profit is over a certain amount and it's usually if it's over 20 percent then they're usually going to require a second appraisal if the seller is selling the property for 20 more than what he bought it for regardless of the property they're just looking at purchase price that they bought it for sale price and it's more than 20 percent usually the second appraisal now again these are generalities that I'm making here these are investor specific guidelines uh like I like to say so make sure that you do review the guidelines for the program not so much of an issue uh with Fanny but it is still an issue and with FHA is it is an issue you know FHA has a 90-day rule you can't even enter into the contract until the 91st day that the seller um gained title to that property you cannot enter into a purchase agreement so keep keep that in mind when you're doing those uh scenario reviews and again another uh consideration is the assets of the borrower the the funds that they're going to have available for the transaction where are they coming from right are they already in their account are they going to be a gift are gifts allowed for the program type that you're looking at how are the gifts going to be transferred these are all considerations where you have to assist your borrowers so they don't mess up so if you know that it can't be a cash gift make sure you tell them it can't be a cash gift you know tell your family member to give you a check or to send a wire so you can easily trace it back to the donor because for example on a conventional loan you just have to be able to identify who the donor was clearly in the transaction but in an FHA you actually need to show the money leaving the donor's account so that means you're going to have to show the transaction history of the donor's account with the money leaving and the transaction history of the recipient's account with the money going in so again now if it's cash makes it a little bit more difficult but if the amount matches exactly you know on that then the cash itself would not be an issue cash is going to be an issue if you can't identify who gave the cash you know but still you always get to look deep into that because it's probably going to require additional supporting documentation even if you have all the paper trail if it is cash so make sure you dig deep into your guidelines and to see what are all the requirements to be able to properly vet that so what are the benefits of being pre-approved again these are you know pretty obvious right you're going to have a better chance of getting your offers accepted less time Wasted by everybody right now here's something you may not have considered but very important again in sustainability of your career right is the overall home buying experience will be a lot more positive for that borrower and the satisfied and happy borrower is going to refer more deals if you hit the nail on the head and we're on point in your pre-approval and everything goes smoothly then your your bar is going to be so much happier uh with you as their mlo so what are some of the considerations to get to consider on a for a conventional pre-approval so here I'm going to break it down a little bit more detail um again Aus approve eligible if it's du and accept if it's LP is a must absolute must to issue the pre-approval letter we at the mortgage calculator will never ever issue a pre-approval letter for an agency loan agency's conventional FHA USDA and VA we will never issue a pre-approval letter unless we have Aus approval that is the first step and we don't run Aus unless we have complete documentation to back up what we are running so when you are running those uh loan scenarios remember that Mi is required above 80 percent LTV unless it's a combo loan the reason I say this is because you may theoretically be able to approve pre-approve a buyer with a 620 credit score on a conventional loan at a 95 LTV assuming you can get a rate that's in compliance but you still need to get mortgage insurance so you keep that in mind if in doubt if that if that credit may have some issue you may want to reach out to your Mi carrier discuss it with your Mi carrier account executive and find out or your account executive from where you're considering sending that loan if they do the Mi and make sure that you're not going to have any pitfalls being able to get mortgage insurance for that loan because I have seen that happen you get the approval and then Mi won't want to approve it and Mi doesn't care what du says conventional pre-approvals again this is obvious but I sometimes you got to restate the obvious because it's not the first time that I've had an llo call me on a non-qm loan that they keep getting in error they can't figure out how to run du because it's not applicable it's the opposite here and conventional loans they're always full dock always full darken again always aus check the Aus for the trade line requirements because sometimes that's what's gonna what it's going to boil down to look at your findings right look at the findings in the aus pre-approval because your findings will turn into your loan conditions once that file is officially submitted to underwriting so findings are your conditions I'm not saying there are not going to be additional conditions because when Underwriters review the documentation provided they may say hey this bank statement you get a large deposit or you know things that they may point out but you know look at the findings in your uh pre-approval assets need to be verified on conventional loans they need to be sourced you need to know where it came from and the pending the asset type and the transaction they also need to be seasoned most of the time now again you got to look at your aus findings for assets as well because the findings in your I'm going to say du because some people may say what's a U.S I'm not going to confuse you we'll use du for now the findings in your du are your conditions they tell you everything and it'll tell you if you need too much bank statements it'll tell you you need one month bank statement or it'll tell you if you don't need to verify any assets because they just love the deal so much they'll take it at face value right it'll also let you know if you've got to come up with two years tax returns one year tax return one year W2 and 30 days pay stubs I mean it's a whole combination of things that you never really know until you load the information up in your loss and you submit to Du to see what du thinks about it because it could look perfect to us we're looking at a 670 credit score yeah 620 is the minimum and it's looking good and you're trying to get that 95 percent and all of a sudden there's just something in that file that the DU algorithm does not like so that is absolutely why we need to run every single agency deal through Aus before it should be pre-approval because it's not the first time that somebody's looked in manually oh yeah your DTI is 33 over 44 or 33 over 48 whatever we can usually get 49.99 and they're they're making assumptions because they get above a 45 you usually need a 700 Plus credit score when you're going 95 LTV on a convention alone right but they'll do that manual pre-qualification send it out and then when it comes back and they're running du they're like oh my God I can't get it to approve and also you get the approvalid about 80 instead of 95. time to run right time to find a donor get some more money or you lose the deal so more reason why that's why whenever any of my team asked me yeah but why don't we do pre-qualifications we see that some other people do pre-qualifications I'm like because we want to have satisfied customers we want to have satisfied referral Partners we want to hold ourselves at a higher level than those other people that's just the way we like to do it we like to be consulted we like to be professionals we like to differentiate ourselves from the masses and at the same time need I say that is going to allow you to have a more pleasant experience as an mlo because when people view you as the consummate professional they're less likely to question uh some other uh factors of the transaction like the fees right we don't set the fees right the fees are set by the rate but they always think that we set the fees and they're always looking at the fees so I like to give them a reason to look at me other than just think that I'm going to be the cheapest no I I'd like them to look at me and I like them to look at our team to think that we're going to be the best value for the money right the best value for the money like we're worth it you know I mean you can either go to McDonald's you know to get the burger or you can go to the nice restaurant and get that nice hand form 10 ounce Patty like I like to get you know for a little bit more money not much more money but much more satisfying I'm gladly paying a couple dollars more to get a lot more of a satisfactory experience for my burger and you know simple example but the same definitely holds true when it is the largest financial transaction that anybody is going to do usually in their life do you think they're not gonna mind uh paying for the service that they're going to get as long as they think it's worth it you know more reason why to get the pre-approval and on our non-qm pre-approval again it's a little bit of uh you know I need to State it because I get the question it's always manually underwritten right you are the DU you are the filter right you have to look at the guidelines and make sure what is applicable and what is not applicable you got to review you know everything that we've just discussed here income asset credit Doc reconcile that to loan guidelines and make sure that it fits and once you've made sure that it fits only after thoroughly reviewing all the guidelines after thoroughly reviewing credit trade lines uh looking for disputed accounts looking for how they're actually handling their credit looking for 30 60 90 day late looking for collections charge offs were they 12 months ago were they 24 months ago all the different considerations that you have to give for a non-cum loans and only then what can you issue that pre-approval letter the pre-approval letter you know we have some really good letters in our templates for non-q and pre-approvals which leads me here to the final Point here when we're talking about non-q and pre-approvals one that Nick knows that I love is those dser pre-approvals because the dscr pre-approvals almost allow your borrowers to compete well against cash buyers you just have to know how to approach the listing agent who you are sending that pre-approval for and basically feed into their ego they have to we'll have to do like a role play tomorrow with that yeah feed feed into their ego because remember they're the listing agent right they know how much the property rents for and that's the only income consideration they know what the property is worth also as far as an appraisal so they're going to have a good idea if you're going to be aboveer and how to praise value but the usual considerations is normally the income of the borrower delays caused by requesting tax transcripts and other things like that that is a dscr borrower you don't have those restrictions uh so I'm basically putting the ball into the listing agent's Court when I am sending them the dscr pre-approval and let and I let them know that way it's your decision to know if this is going to close or not because here's the deal right here nothing else to consider except my bar is credit and it's a 782 the assets are in the bank and if they ask for additional betting you know we can discuss with the borrower releasing some additional information to them you know blacking out any private information so that they can know the or is 782 the proof of funds show 280 000 in the bank it's a dscr loan he's pre-approved what are you waiting for there's nothing that's going to kill the deal other than that so throw the mic down on that one so yeah we'll pick this up tomorrow I guess on some more advanced topics yes we got a couple questions here let's bring these in um so Saba had a good point here first uh this is a good point here Jose what what is actually what could happen if you don't do this I guess so um Saba said she uh they just lost a uh a client that lost their earnings money uh from a prequel so can you explain a little bit how that would happen Jose exactly well I mean I guess I'd have to know exactly what Saba what a little bit more context to what actually they were running around with but it looks like some like they did not review docs it looks like they just probably relied on a verbal representation of the information you know maybe they pull credit sometimes that's usually the only thing that they do if anything but everything else is a verbal representation of the information and then once you get actual documents you realize there it's a nothing Burger there there's nothing there so again more reason why when you're speaking with your realtor partners emphasize the thoroughness of our pre-approval process they're gonna love you for it and uh we'll talk about dates later but remember earnest money is a date thing right so we want to make sure we advise our clients to get uh everything set before we go hard as we call it when the earnest money is non-refundable right so we're not going to talk about that now because we're talking about free contract but once we're in contract we definitely need to pay attention to those things and uh it sounds like that's what happened here and Mike has a question here pretty long one with the property address is TBD and the lender has not been selected but the customer needs a letter how does that affect the process that's exactly what we're talking about here Mike uh pre-approval means no address right so that's basically what we're talking about here well what I like to First say is that uh in most of these cases we're the lender and we have the investors who we sell the loans to after they close right uh but again you're gonna review guidelines I mean it's everything like Nick said everything that we just went through you're going to review guidelines you're going to review everything and oh you're gonna revet the deal after you get an address like I was mentioning earlier to then confirm okay you got an exact tax amount you can get an exact Insurance amount you're going to look at seasoning on title of the current owner to make sure it's not a flip you know things like that but all the other stuff you're just going to run run through the checklist so to put it short guys remember we do the entire loan for a pre-approval we do the entire loan again once we have an address but we've already done most of the work right all we're doing is fixing the address specific items so we do a 100 start to finish loan it's 100 done the same exact loan as if we had an address before we have an address and then once we have an address we do the same exact process 100 start to finish loan it should match up pretty close but as Jose said we'll have an exact figure the second time around with an address and that's not a waste of time for those of you that may out may be out there thinking oh my God that's a lot of work not knowing if you're going to get the deal well you know you have to visualize success to succeed right I'm looking at my bar I'm visualizing the closing already you know they're feeling it they're feeling how how Intuit I am how empathetic I am in the deal they're not going away from me once you once somebody feels that commitment from you they're not going to leave you for somebody else and they're gonna send you everybody that they can uh we got one more question here from Jason real quick I wanted to touch on that a real point of what a waste of time is is for your borrower and your realtor partner to be driving around for weeks looking at homes based on your pre-qualification that you didn't actually pre-approve them with see how much of a waste of time that your client and realtor feel like it is at that point right if you didn't take the the hour to review the file and they spent uh you know multiple months some of my clients have been shopping for three years I just did a deal for guys that's been shopping for three years ever since uh you know proverbial stuff hit the fan right he's been shopping and we've finally got one finally uh but let's bring back the question here from Jason so how do the pre-approvals differ for broker basically commercial loans when we are not the lender and we're working with a commercial outlet that's going to actually do the loan here Jose I mean the overall concept of what the pre-approval is does not change you are vetting the borrower in all of those different facets that I mentioned you just have to take into consideration the guidelines that you're reconciling too that's all that's real the only thing that changes is are you using AIDS guidelines B's guidelines C A could be a commercial conduit okay it's a commercial loan they have their guidelines it's just guideline interpretation and then and then the the just looking at it in a real world situation applying it to your buyer nothing changes you don't make anything up you were just following the guidelines all right and Tina's just asking if you leave the address empty yes an address would be empty uh and Ben yeah these are more procedural questions guys and some comments here okay yeah I don't think we have those are a little more specific we'll go over some more of the next steps here on the next one I think Jose I think that's all the questions it'll be applicable for today so yeah yeah I think that well we'll continue this tomorrow uh Wednesday 7 P.M eastern time again we do these every Tuesday and Wednesday 7 P.M eastern time uh so definitely check us out tomorrow and of course we have our daily mortgage rates live that we do every morning at 11 A.M Eastern so I recommend everybody tune into that as well where we go over live rates and we do a deep dive into a different topic every day but we will be right back here tomorrow going a little bit more in depth into the same topic yep bring your scenarios tomorrow yeah feel free to drop some scenarios in the the chat get some questions ready we'll be talking about the same stuff here have a good night everybody take care everybody