EOM or as the acronym goes in our industry End of Month!
Looked forward to by most, as it typically signifies many of our incomes finally being realized from all the work we put into the borrower during the preceding portion of the month but at the same time an incredible ball of fire and chaos at times!
Between last minute requests, schedule changes, weather (like ours today, getting pounded with between 3-10 inches of snow, depending on what part of the city or foothills you live in) and any and all other schedule conflicts and things you cant control. While I look forward to every end of month I also dread them. Sure its the culmination of a lot of hard work and a happy time for the client but wow a lot of the stress and drama could be done away with if FHA simply did a normal interest calculation like VA or Conventional loans do and not front load the entire next months interest on day 1!
By doing so if a closing got delayed by a day its not the end of the world. In our current world, however, it means either charging the borrower an entire months interest or simply waiting for 29 days and then paying the price to extend a lock. Neither of those options are good.
Come on FHA is it really necessary to be so outdated when it comes to calculating interest? This minor change would bring a lot less headache and stress on all in our industry.
Until then it will be business as usual, a lot of stress, work, yelling, problem solving, negotiations, thanks, 11-12 hour days and then the reward a happy customer and a feeling of satisfaction... until next EOM!
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