In most cases when you are reaching out to a client about utilizing a co-signer the process does change. Since the co-signers credit profile is going to be 50% responsible for the loan or the funding. It is best to have the co-signer get onboarded with their information and also sign a funding agreement. Advisors will need the information for both parties to submit them so having both parties sign the funding agreement means they both have an understanding of the process. Keep in mind in some cases if a clients score is to low having a co-signer will not be beneficial and you may need to speak with them about just utilizing the co-signers information soley.
Is the process different when you have a cosigner? CY - Lamar review please
Written by Corey
Last updated October 24, 2023