What should you ask a lender about a late deal?

When is a deal late enough to call?

Not the moment it passes the lender’s usual pace. Docket Auto marks a deal late when it has waited more than two business days past that lender’s usual pace with you (an estimate until it has five funded deals with that lender), and the usual pace is the middle of the lender’s funding times. Inside that room a deal is still normal, and a call mostly tells you what you already know.

Worked example, with made-up numbers. Say Lender B usually funds in 5 business days. The limit is 5 plus 2, so 7. Deal 24-2307 was sent on Oct 19 and at the close of business on Oct 30 it has waited 9 business days. That is past 7, so it is late and worth a call today. The funding time guide shows the same rule across four lenders.

What should you have in front of you before you call?

Have the facts on one screen or one sheet so the call takes two minutes. You only need the deal number, never the customer’s name or the VIN, and a funding desk can find the deal from the number and the date you sent it.

Check your own file too. If the lender’s checklist or an earlier message already named something missing, you want to ask about that item, not start from the beginning.

What questions should you ask?

1. Did you receive deal 24-2307? Confirm it arrived and give the date you sent it. Sometimes the answer is no, and that is the whole problem.
2. Is anything missing? Ask for the exact item: a signature, a document, a number that does not match. Vague answers are not enough to act on.
3. Who has it right now? Funding, a reviewer, or a queue waiting on a condition. Ask for a name or a desk you can reach again.
4. When will it fund? Ask for a date. If they give a range, write down the later end.
5. Is there a stipulation or a condition on it? If so, ask what clears it and whether you or someone else has to do it.

Write the answers down with today’s date and the person’s name. If the answer is “it is waiting on a signature,” fixing that same day is worth more than a second call.

How do you follow up in writing?

After the call, send a short message to the contact you spoke with, or to the funding desk if you only have a shared address. It keeps the record straight and gives them something to forward.

• Deal number, lender, amount and the date you sent it. No customer name or VIN.
• What you were told on the call, with the date and the person’s name.
• What you are sending or fixing, and when.
• The date you will check back, so the next step is clear to both sides.

When should you escalate?

Escalate when the answer stops changing. The same item is still missing after you sent it, you cannot find who has the deal, or the date you were given has passed. Go to the funding desk’s supervisor or your lender representative with the notes you wrote down, so they can see what was said and when.

If a deal stays stuck for long, look at whether it needs another lender, and ask your own attorney or compliance adviser about the contract. Whatever happens, the deal stays a contract in transit until it pays, and the contract in transit explainer covers what that means for your books.

How do you keep the next deal from going late?

• Send a complete package. Use the lender’s own checklist before you send, so the first review does not turn into a call back.
• Record the sent date on every deal. Without it you cannot count business days or tell when a call is due.
• Learn each lender’s usual pace. Mark deals funded and watch the middle of the range for each lender.
• Look at open deals daily. A late deal found on day 8 costs less than one found at month-end. See the guide to tracking contracts in transit.