Key takeaways
- →Pull-through rate measures the share of approved files that actually reach funding, not just the share that get approved.
- →Lenders watch pull-through by broker because a low rate means underwriting time spent on files that never close.
- →The biggest drivers of a weak pull-through rate are usually upstream of underwriting: unqualified leads, unclear pricing expectations, or slow condition clearing.
An approval feels like the finish line, but it isn't — a meaningful share of approved mortgage files never actually fund, for reasons that range from a client walking away to a condition that never gets satisfied in time. Pull-through rate is the metric that captures how many approvals actually turn into closed deals.
It matters to lenders because underwriting an approval that never funds is time spent with no return, and it matters to brokers because a weak pull-through rate is usually a symptom of something fixable earlier in the pipeline.
01 · What is pull-through rate, and how is it calculated?
Pull-through rate is the share of approved files that actually fund, calculated as funded files divided by approved files over a given period. It's distinct from first-pass approval rate, which measures whether a file is approved at all — pull-through picks up after approval and tracks whether the file actually closes.
A brokerage can have a strong first-pass approval rate and still have a weak pull-through rate, if a meaningful share of approved files stall or fall through between commitment and funding.
02 · Why do lenders care about a broker's pull-through rate?
Every approved file consumes underwriting capacity regardless of whether it ultimately funds, so a lender working with a broker whose approvals routinely don't convert is spending real underwriting time with no corresponding funded volume. Over time, that shapes how much priority a lender gives that broker's pipeline relative to brokers with a stronger conversion track record.
It's one of several efficiency signals — alongside the kind tracked through the broker's BDM relationship — that inform how a lender allocates attention across its broker channel.
03 · What typically hurts a broker's pull-through rate?
Most pull-through problems trace back to something upstream of underwriting: a lead that was never truly qualified for the product being pursued, a client whose rate expectations weren't realistic once the full offer was on the table, or a condition — an appraisal, an income document, a solicitor instruction — that stalls long enough for the deal to fall through.
- →Leads pursued past the point where they were realistically qualified for the product
- →Rate or product expectations set with the client that don't match what actually gets offered
- →Conditions that stall for long enough that the deal falls apart before it funds
04 · How can a broker improve pull-through without turning away business?
The fix isn't taking on fewer files — it's tightening the parts of the process that most often cause an approved file to stall: setting realistic expectations with the client early, and tracking conditions closely enough that nothing sits unresolved for longer than it needs to.
This condition-tracking discipline is exactly what a fulfillment team is built to maintain across an entire pipeline at once, rather than relying on a broker to remember which of a dozen approved files still has an open item.
More approvals that actually fund
Conditions tracked until the file actually closes.
Treadstone's fulfillment associates track open conditions across your full pipeline, so approved files don't quietly stall before funding.
Frequently asked questions
This article is general information to help you scale — not a substitute for tailored advice on your specific business, licensing, or compliance obligations. All figures are illustrative examples for planning purposes; actual costs vary by province, market, and brokerage.