In this business we like to think that there aren't any winners and losers, just cooperative 'partners' trying to move the business forward for the sake of our clients and, overall, the economy.
Now as a long time professional, I know that you never bring a problem to the table, without also presenting possible solutions. I mean, WHO WANTS to HEAR YOUR COMPLAINTS???
But I'm looking for some answers because I don't have any. Who are the players and what are the rules? Maybe some of the highly knowledgable professionals out there will give me some advice in order to improve my process....
So here's the question- I have a buyer. I have an accepted offer. They have completed their appraisal, loan application with all necessary disclosures, bank statements, evidence of employment, first born child...a complete loan package.
What happens when it goes to the lender? What is the expected time in review, underwriting, desk review, appraisal review....?
I really want to know. I want to tell my clients that their loan is at step 1, or step 2 and that it should take X number of days for review because they're Oh so busy on so many files... I want to reassure my clients that they can give their notice to their landlord on such and such a day because we know the loan will fund and their purchase will record on this date.
I want to know that Mary in underwriting is reviewing it now with the other 30 loans on her desk. I want Mary to call me (or the lender) and say 'all's well, the package is complete. Now I'm sending it to John in landscape review (or whatever next step they have). Then John writes that he's taking half a day off but he'll get to it with his 20 other assignments before the end of the week.... I WANT TO KNOW.
Because not knowing is painful. And while we may not be able to hurry them through the process, as diligent they must be in this market, my client is worrying about enough without worrying about the unknown, or broken promises of when the loan might be approved, and funded. And I have to believe that putting a note somewhere that I can read ---who's got the ball and how long they'll be bouncing it, would save the players from receiving multiple phone calls from me, the title company, the lender, the client...back and forth, over and over, calls bouncing asking the same question.
And then they sign the documents and we think. GREAT! 48 hours, 7 days, SOON it will fund and record and the pain will all be over. Yes, I remind my clients that having a baby is like this. Once they have their home, they will forget the pain...mostly...
Now I know Mary is not going to call me. But I have a proposal. There's workflow software that allows the points in the process to be reported. I know lenders use this type of software and the blessed few can see pieces of it outside the company. Why not share it with us? Give us expectations. Measure your process, Assign some accountability so that when it goes well, they get credit, and when it goes bad, they can tell you how they're going to improve it.
Wouldn't that be something for a lender to advertise how they met their goals 98% of the time? that they get their loans through underwriting in 48 hours 98% of the time? or even 75% of the time?
I want to be on their team. And if I'm not on their team, I've got to believe I'm not wanting to work with that guy again. I'll take my business to the next lender and get burned by him until I switch again.
Hey, I'm a nice person with a really nice buyer. Can't we figure out a way to get this more efficient and play nice? I would think we would all make a lot more money, waste less time, have more stress free transactions...birds will be chirping and the sun will be shining.
(Names of lenders have been omitted to protect the innocent...you know if you are....)
Comments(0)