Behind the scenes, before Settlement( before being the operative word)
This is really great reminder from Diane Phillips. My comment on her blog is as follows...
This is such important information! While lenders are doing their best to make things happen smoothly on every loan transaction, the underwriters, quality control team, closers and funders are all crossing t's and dotting i's on every loan TWICE or Three times over!...There are so many sets of eyes making sure that the loans meet (and often exceed) compliance rules, this is a time of CYA in mortgage lending.
You are so right. Staying available, having back up if you are not available and understanding that the last minute requests are frustrating for all involved, but satisfying the requirement quickly will help everyone involved to get the loans to settlement.
As long as everyone understands this from the beginning, is aware that no matter how proactive your loan officer is, there may be something unexpected or seemingly ridiculous that MUST be satisfied prior to closing, and shooting the messenger won't help, the loans will close (99.9% of the time!) Communication is the KEY!!
Behind the scenes, before settlement (before being the operative word)
Good people of Maryland, in order to facilitate your real estate transaction let me remind you that all lines of communication must remain open. The preferred method of contact being phone and or email, with access to a computer, fax and or scanner until we have confirmed the final, clear to close from the buyers lenderandverified that with the title company handling the closing.
Missing in transaction, people or documentation can cause as much as a GO HOME and DO IT AGAIN or maybe just a few hours delay, that depends on the importants of the people and or the documentation, all forward momentum stops! Until the issue is resolved and all parties are satisfied.
All joking aside - Before settlement in the weeks, days and hours leading up to settlement, documents are exchanged and recorded everything from legal title holder to test results. Everything should be done days before settlement day, not in the approaching hour.
We are all human and things do happen and can frequently be worked out. It’s much less stressful on everyone to keep the lines of communication open leading up to settlement and do your part to avoid last minute delays.
As I sit, hoovering over my computer, waiting for test results, which have delayed settlement, I’ve been asked for a number of documents that could have been sent weeks ago, why wait till now?? One vision comes to mind.... do you remember the post office scene in Men in Black II? The mail sorter reminds me of the frantic activity that often takes place. If the sorters hands represent each of the people involved in pulling the transaction together, two agents, lender, underwriter's, processors, settlement officer and others I may have missed.
Check out this clip, the sorter is at the very end. Have a great day & a giggle and please, don’t wait until the last minute.
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