What I learned Working With Underwriting About Getting Fast Approvals

The quicker you learn how to work with a banks underwriting team, the quicker your approval will come.
Below are a few things to be prepared for before submitting your application to the bank.

You will want to have a complete package before submitting

  • Make sure you know exactly what they’re going to ask for and include it in the original submission package.For more information on this read our Checklist for Submitting to a Merchant processing bank. 
  • If you submit an Incomplete package it will end up at the bottom of the pile for that bank, and will take a lot longer to get approved.

Transparent explanations are necessary when requests are made

  • At the time Underwriters request forms of verification to back up your application, each request will need to be fulfilled to the best of your ability as quickly as possible.
  • If something negative about the submission is brought to our attention a true and full explanation to the Underwriter about the situation is the best course of action.

Customer Service number needs to be new

  • When applying for a merchant account you never want to reuse a Customer Service Number.
  • If you have multiple DBA’s each one needs a unique Customer Service Number.
  • If you purchase your CS numbers from another business, BE SURE it’s never been used before.

The contact info and addresses on all documents need to match

  • All of your documents need to have the same business address including EIN, Articles of Incorporation, business bank account, and anything else the bank will ask for
  • If your business is located at your place of residence the address on your ID needs to match the business address on all of your documents.
  • In the case of a home-run business, a recent utility bill may be requested to verify proof of residence.
  • Please note: Virtual offices are no longer widely accepted as business addresses, and add much difficulty to the submission process, as well as drastically lowers your options for getting approved

These small steps can make a big difference in working with a banks Underwriting team,  and getting you fast approvals every time.

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1 Comment

  1. So, if you had a worse DTI — say 40 percent — you might get approved for a mortgage as long as you had a better credit score. Or, if your LTV ratio was better than 75 percent, you might be able to get mortgage approval even with a lower credit score, as low as 620.

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