Over the last 3 months it has become more and more apparent that Real Estate agents and Builders really need to understand all the aspects of the loan process. I know there is rules and regulations and a fine line you all have to walk, but hear me out. When you get a buyer and refer them out your mortgage lender you basically hand them off and wait to get some feedback from us. Now with all the new policies and procedures the file flow is continually changing, the days of slamming a deal in and closing in 2 weeks is about over, it can be done in some very rare situations (not often). For starters we have as of June 1st the Fannie guideline called Loan Quality Initiative, this has a few items in it that require close attention from the loan officer. One of the main items is that we are recommended to pull the borrowers credit 5 days before closing to ensure no new credit was obtained during the process. Now there is a report that you pull that only has liabilities, not credit scores, but this could have a serious impact on their loan if they are not coached right.
Now is the time for Real Estate Professionals to really start learning all that needs to be done during the loan process. I am going to educate my agents on the process so that they are aware of all the moving parts. I have talked to agents that have no idea what I am talking about as well as other loan officers in this market...pretty scary! We all should know every possible item that could have an impact on our loan closing. We have to remember that these are OUR clients and we ALL want to get every loan closed that we can, I believe if we are all on the same page it would be a much smoother process.
I understand what some agents think..........well that's my loan officers job..that is 100% true, but this is all about the customers experience. If they have a bad experience and see the agents and lenders fighting over closing dates and other things, do you think that they will be that quick to refer any of us new clients?? My thinking is if we all have the same accurate information on the process then we will all win in the end!! I would say get with your lender and ask them to give you their breakdown from application to funding it is a basic timeline structure that highlights the milestones throughout the loan process. It will let all of us have a timeline that we can follow all the way to closing. Each client should get a calendar with a projected milestone for every event, appraisal, loan lock, processing, underwriting etc....
Its time for everyone to step up their game and make it happen for OUR clients to have a Great Experience and refer lots of friends and family members!!!
Thank you,
Patrick Chicklinski
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