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Speed Kills...Deals

By
Mortgage and Lending with M & T Bank

Did you ever wonder why you are having problems with a deal 30 days into it? It may have to do with your preliminary work. I recently was working on a loan when my processor called and had a lot of questions. Too many as a matter of fact.

I went back to my original application and realized that I had run through it very quickly and had not taken the time to answer all of the questions that I should have answered. The processor had no way of knowing all of the answers. She had never met the borrower. I had.

Solution. I called the borrower, apologized and admitted that I had rushed the application. I met him for lunch, reviewed the application and got the full story. I was then able to complete the process and get the complete information to the processor. Since I hadn't gotten the full story, there were too many holes in the application.

Take the time to get the details. The time you spend up front is the time you'll save...later.

Nima Rezvan CT Lender CT Senior Mortgage Broker
Nima Rezvan Prosper First Funding Corporation NMLS#110681 - Fairfield, CT
First Time Home Buyer Expert - CT FHA Loans - FHA

John,

Very true!  Most loan originators don't bother asking for bank account numbers and/or work numbers for VOE's.  All of the small pieces to an application (1003 residential home loan application) are very important.  If it wasn't important then it wouldn't be on there.  Save time for your clients, your processors and underwriters.  Great reminder blog.

Your fellow Countrywide colleague,

Nima

Dec 23, 2006 05:46 AM
John Klassen
M & T Bank - Kingston, NY

Thanks for the response. I checked the spelling as well.

Have a great Christmas.

Dec 23, 2006 07:21 AM
"The Lovely Wife" The One And Only TLW.
President-Tutas Towne Realty, Inc. - Kissimmee, FL

We wish you a merry Christmas! We wish you a merry Christmas! We wish you a merry Christmas And a happy New Year! Glad tidings we bring To you and your kin! Glad tidings for Christmas And a happy New Year!

Broker Bryant and The Lovely Wife (pretend we are singing it works better like that) ROAR!

Dec 23, 2006 01:50 PM
Brian Brady
Matthews Capital Markets - Tampa, FL
858-699-4590

GIGO. (Garbage In equals Garbage Out) I don't know how many loan applications I wrote caused the inevitable rush at the end of the deal.

Did I learn my lesson?  Well, mostly although I still slip from time to time 

Dec 23, 2006 02:49 PM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection
We all slip up now and then but how we go about fixing the problem is key.  I like the way you handled the situation.
Dec 23, 2006 06:51 PM
John Klassen
M & T Bank - Kingston, NY

We all will slip from time to time becasue of other influences. By the way you can't read the singing response without singing. I tried.

Thank you all for your comments and good wishes.

Dec 24, 2006 03:45 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland
Make a mistake??  Fess up and clean it up. 
Dec 26, 2006 10:51 AM
Phyllis Pafumi
ReStyled to Sell Home Staging New Jersey - Old Bridge, NJ
ReStyled to Sell Staging Homes NJ

John after being in the business many years and now watching my son as a loan officer it all comes down to the initial application. When a file is submitted correctly, conditions come back clean and then it is smooooth sailing. Take the time from the beginning to save time during the process. Great advice.

Phyllis Pafumi

Dec 28, 2006 03:37 PM
Corry Green
*Private* due to Top 5 National Lender Status - Atlanta, GA
Excellent post. I will definitely put this into effect!
Aug 08, 2007 10:59 AM
Anonymous
John Klassen
The market shift and increased due diligence have made taking an accurate application even more critical. The loan you save, may be your own.
Aug 09, 2007 05:53 AM
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