Well, in these days of lenders falling by the wayside, well, you begin to see who wants to continue to do business and who does not want to close loans. Our office is closing loans, but, the experience varies from lender to lender. Of course, it does help to do conforming loans, as the "subprime" mortgage market is all but gone with the exception of a few lenders that are being so critical right now, its difficult to get the deal done.
In any event, I have been wanting to use a national conforming lender for sometime, and I had the perfect scenario to give them a try...and the experience was just wonderful.
I believe the experience was due in part to two particular items, and hence that why I am writing this post to share the experience...
1) The lender itself. Bar none the best experience - EVER. An underwriter that understood the file and took the time to review the application and what I wrote about it...yes this was a "conforming" deal, but, it did have its challenges about it. They also understood that there was a closing date within 15 days!!!! I submitted the file on a Friday night...and received an approval the next Monday by 1 pm...now that is service!
2) Being prepared as a loan officer. I first took the initial application a month before I submitted it, but during that time, I obtained all the necessary docs to do a through prequalification, and made sure I had a approved loan. I continued to stay in communication with the clients and I made sure the Realtors knew I had qualified purchasers.
HERE's the more interesting part of the story...
BOTH the sellers and buyer (my clients) Realtors called me since they did not hear of me...and doubted me, if I could get the deal done and if it could close this fast!
AND...well, do to my preparation and the lender, the loan closed on time (we actually could have closed it early!), and the good faith estimate was very good...and at the table the borrowers has to bring less than what was on the good faith estimate! Happy customers and happy realtors at the closing table!!
So, here are my suggestions...get to know your lenders, and continue to use those who want to do business. Second, be prepared, and ready for things to move quickly, even in this challanging environment!
Michael J. Sally
Victory Lending Group
http://www.mortgagebymike.com
;)
;)
