Welcome back to the Close More Deals podcast. I'm your host, Scott Dillingham. I thought about the flow of the show, and I'm not gonna dive into rates verbally. What I'm doing is I'm installing dynamic notes into the show down below So you'll see the rates daily. So no matter what episode you look at, it will always reflect the correct rates.
Scott Dillingham:Or if I record it, it won't be quite accurate. So I just wanna highlight that. So we're not gonna dive into rates. We're gonna dive directly into the programs. So today, I'm gonna talk to you about maternity leave.
Scott Dillingham:I know it seems funny, but the thing is there's so many different ways lenders process maternity leave. And I see clients that are declined all the time, say, oh, my bank won't accept it. They can't move forward. And we close deals, so I need you to know about this program so you can qualify. And I made a note here in front of myself here of all the different criteria.
Scott Dillingham:We have just a handful of lenders that'll use 100% of the maternity leave as long as you're returning within eighteen months to work. Okay? That's the top tier. That's the highest of all of them. Then we have a quite a bit of lenders that'll use a 100% of the maternity leave when you are returning to work within twelve months.
Scott Dillingham:Then there's a bunch of lenders that only use the maternity leave, so they'll use a 100% of your income before you left as long as you're going back to work within two months. K. K? Then I've got another lender that'll use a 100% within twelve months or 60% of your total income from twelve months to eighteen months. I'm gonna explain what this means in a minute, but all of them require the letter of employment, and some of the lenders don't even support mat leave altogether.
Scott Dillingham:So keep that in mind. So what this means is say your client has less than twelve months of the mat leave. Right? There's only so many lenders that we can go to that support the 100%. So if you were to bring them to the bank or banks, plural, that require that they be starting their job within two months, that bank or lender would say your income doesn't qualify.
Scott Dillingham:So, of course, they'll use the other spouse's income because they're not working. Sorry. They are working. The spouse that had the child is not working. So the thing is is you don't necessarily know the timing of which bank and what they support.
Scott Dillingham:So to just let your client go to any bank and hope that it works won't work. So anyways, if you've been told, if you've heard from your client, hey, I'm on that leave. We can't move forward. Reach out. Okay?
Scott Dillingham:The details will be in the bottom. We can absolutely move forward with this. It's not a problem. It just depends on the timing. But, again, they have to have that return to work letter.
Scott Dillingham:So the return to work letter just says, x, y, and z is starting work on this date back in their regular role or whatever if there's a new role, right, Aligning the new role and what the new compensation is. That's what they'll require. If it's somebody who's having a baby and they're retiring and they're going to be a stay at home mother or father, then that income cannot be used unless we're working with alternative lender. So keep that in mind. But it's imperative that you know this because, again, you don't wanna let your client go to the wrong lender.
Scott Dillingham:They get declined, and there's no deal here when really we just have to pivot, and we've got a deal. Anyways, I hope this helps. Check the show notes for full resources, including how to book a call with someone on my team, and I look forward to seeing you next week.