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Questions & Attention to Detail Make For Successful Mortgage Closings

By
Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI

 

Questions and Attention to Detail

Make for Successful Mortgage Closings

 

"It's the little details that are vital.
Little things make big things happen" ...  John Wooden 
 
     
     As of late, I've been blessed with some very intelligent and engaged Mortgage clients.  From our very first communication, each of these clients has been completely immersed in the details of their mortgage process and becoming thoroughly educated about it.  They've questioned me about every step of their process.  Why this?  Why that?  And it has been welcomed ...
    
Link to a FREE mortgage consultation with Gene Mundt, Mortgage Lender
     One of my clients, after receiving his Appraisal Report, actually took the time to read the full Report in its entirety.  He asked me detailed questions about the terminology used within the Report, specifically terminology that pertained to his financing.  Every question he asked was well thought out.  I was blown away by it.

     Another of my Buyers wanted to know why I cared so much about the background and details of the Condominium Association he was buying in.  He also wanted to know why I needed a Condominium Association Questionnaire completed and why I examined the Questionnaire so thoroughly upon receiving it.  

     As I explained that his interests in his Condominium Unit, his finances could be impacted by the numbers and info reported on that Questionnaire ... I virtually saw the recognition of that importance cross his face. 

      The Questionnaire had revealed a very important fact.  One entity owned and represented 40% of the payments made into the Condominium Association's monthly budget.  All my pesky "rules of Lending", my many questions to his agent, my attention to the details surrounding this Association ... they all seemed to make a bit more sense to him after I pointed out that one very important fact to him.  

     What was so important about that fact revealed within the Questionnaire??

     If the entity responsible for 40% of the Condominium Dues stopped or failed to make payment of their Dues, the remaining 60% ownership would be asked to make up the difference.  The remaining 60% (of which he'd be a part) would then become responsible for a full 100% of the Association's budget.  

     Click!  That's where and when the light came on for my young Condo Buyer.  He now fully understood that this newly uncovered "detail" .... one that up until now he deemed "pesky" ... could directly impact HIS wallet, both short term and long.   
List of Needed Documents/Mortgage Checklist from Gene Mundt, Mortgage lender
 
     My point for relating the above stories?

     I know that the Mortgage Process can seem long and tedious.  I understand it can seem filled with too many questions, too many requests for documents and copies, and too many nagging details. 

     But while I understand the frustrations that accompany all the above, you need to understand:  Many of today's Underwriting and Mortgage Lending rules and requirements are based upon or come as the result of past transactions and experiences.  And so often (see my young Buyer), there is a valid and important reason as to why I'm asking you (or others) to comply with info or documentation.  

     Questions and Attention to Detail Make For Successful Chicagoland Mortgage Closings ... I say, should you not understand something I'm saying or don't understand why I'm making a request ... ask questions, just as my clients above did.  Asking questions will help you understand the benefits and protections that will come your way when seeing to those details and through fulfilling the requests ...  

Contact Info for Gene Mundt, Mortgage Lender

     *  Buying a Home or hoping to Refinance in the Lincoln-Way area, Will County, DuPage County, or elsewhere in ChicagolandContact me today!  I'll put my 36 years of mortgage experience and expertise hard to work on your your behalf.
     I can be easily found through the following:
Direct:  815.524.2280
Text/Cell:  708.921.6331
eFax:  815.524.2281
Click  HERE  for a FREE Mortgage Consultation!
Ready to Apply for your Chicagoland Mortgage?
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http://www.genemundt.com    
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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

 

Comments (20)

Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

That's why it pays to use an excellent mortgage professional such as yourself. You are going to save your borrowers a lot of wasted time and aggravation.

Aug 27, 2013 07:14 AM
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Gene - Very thoughtful post, and your points are well taken, and not really what I was referring to in my earllier post today. Good decisions can't be made without information, and I have no argument with getting good information. Even better when the clients understand the reasoning behind the requests. But we're overwhelmed with CYA behavior from all fronts because the system can no longer make a distinction between what's reasonable and what isn't - and it starts with the courts, gets handed off to the lawyers and passed down from there. The burden of a litigious society is weighing heavily on all of us.

Aug 27, 2013 08:03 AM
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Congratulations on a very well deserved and well written Featured post Gene.

Aug 27, 2013 08:19 AM
Scott Fogleman
Richmond, VA

Gene- so often people dont read their documetns and have no idea what they are signing. Its a good thing these did..

Aug 27, 2013 08:27 AM
Yvette Chisholm
Long & Foster Real Estate, Inc. - Rockville, MD
Associate Broker - Rockville, MD 301-758-9500

There are so many details when buyer and selling that often the public isn't aware of them and they go blindly forward and don't think about things.   That is why professionals are there to help them uncover the facts and help them understand why they are important.   A fact like one owner owns 40% speaks of failed condo conversion or other issues.  

Aug 27, 2013 08:28 AM
Nancy Conner
Olympia, WA
Olympia/Thurston County WA
These kinds of questions and attention to detail are so important not only for successful mortgage closings - but they sure can prevent really, really unhappy surprises after closing. Your clients are very lucky to have you ask (and answer) questions and to pay close attention to those pesky little details that can have great big impacts.
Aug 27, 2013 08:41 AM
Rosie Crow
Serving Sugar Land, Richmond, Rosenberg, Missouri City - Sugar Land, TX
Exceeding Expectations. Delivering Results

Great post! Your buyers appreciate your thoroughness and attention to detail.  Likewise, I am glad the buyers are paying attention to the little details as well.  

Aug 27, 2013 09:22 AM
Jimmy Faulkner
Florida. Homes Realty & Mortgage - Wantagh, NY
The Best Of St. Augustine

It is great to see a buyer being involved in the process. Seeing that 40% ownership could lead to a problem is something that most buyers would not see since so much is hidden in condo sales.

Aug 27, 2013 09:44 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Gene when Borrowers take the time to read their documents and be informed everything tends to go a whole lot easier.  Which more Borrowers took more interest in what they sign.

Aug 27, 2013 09:46 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Jane:  That's how it's supposed to work .. and hopefully does.  When the client participates the odds of that happening definitely increase too ...

Dick:  True enough, we've become an over litigious society.  And I don't overlook that all that litigation certainly helps line someone's pockets.  The needs may require to be addressed, but the common sense and reasoning gets lost.  I understand the CYA fears at times ... everyone can be made a scapegoat ...

Thank you, Roger.  Appreciate the thumbs up ...

Scott:  Yes, that happens.  But it shouldn't.  Take the time ... and ask the questions ...

Yvette:  The Condo project in question was started at the end of '06.  Bad timing, to be sure.  There have been additional hiccups along the way.  Buyers need to be aware of that history .. and understand what they are buying into ...

Thank you, Nancy.  It's true.  It's not just about getting through the Closing.  It's about the property the client has purchased .. and the quality of that purchase in their lives afterward.

Rosie:  I felt these clients did understand the benefit of the information and explanation they received.  That's rewarding ...

Jimmy:  I totally understand why a client might not understand the many ramifications possible because of the % of ownerships.  It's up to us to inform and increase their awareness ...

Amen, George.  I'm sure you have had these types of clients too.  What a breath of fresh air!

Gene   

Aug 27, 2013 11:26 AM
Susan Jacobsen
The Alliance Group Realty - Hilton Head Island, SC
20 Years Providing WOW Real Estate Service

Gene - great post - AND I thought it was just around here that the lenders were concerned about the financial stability of our regimes/condo associations. Interesting to find out that you look at that too. I also just figured it was our buildings where that scale of having too many investors/primary residences was applicable. Just goes to show - those same concerns are throughout the country!

Aug 27, 2013 12:28 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Gene

These are clear reasons why buyers need to work with knowledgeable mortgage professionals such as yourself who will take time to answer questions and explain the whys and hows of the process. It is a challenging playground for even the most sophisticated buyer.

Jeff

Aug 27, 2013 02:08 PM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Unfortunately most people don't read the information that is part of the purchase and application process. When someone does there are less issues that can come up at the end.

Aug 27, 2013 06:55 PM
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Yes, it's great to have a mortgage lender like you looking out for their client's best interests - both short term and long term.

Aug 27, 2013 09:16 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Gene, both your world and mine (as a Realtor) are made up of attention to detail! Personally, I read everything. I encourage my clients to do so as well.

Aug 27, 2013 11:03 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Susan:  The rules/regulations/concerns regarding Condos are from the top down and nationwide.  Some areas seem to have a higher concentration of Condo properties, so the concern is more at the forefront of the professionals dealing in the transactions.  The basic rules would apply, no matter the location though ...

Jeff:  Definitely the ante has been upped on the professional side.  There is more to everything than previously known or having to be concerned about.  And that trickles down to the client, to be sure...

Gene

Aug 27, 2013 11:10 PM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Of the process..it is what it is...However, the handler...well that makes all the difference in the world...Gene makes the difference

Aug 27, 2013 11:17 PM
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Gene, excellent post! Answering those questions to the client's satisfaction makes for a smooth transaction and happy clients. Good Job!

Aug 27, 2013 11:42 PM
Tim Maitski
Atlanta Communities Real Estate Brokerage - Atlanta, GA
Truth, Excellence and a Good Deal

I learn so much when clients ask me detailed questions.  It makes me not take a lot of stuff for granted.  Great job with this post.

Aug 28, 2013 12:22 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Joe:  You've noticed that too, huh?  The client fully engaged in their transaction is the best client.  No doubt about it ...

Debbie:  Thank you, but I'd say the message is a twist on that.  The best transactions are the ones where clients are educated and lookout for themselves in addtion to what the Lender is doing ...

Nina:  True.  Clients need to read .. need to care every step of the way.  Their involvement on every level is best and needed ...

Simply ... thank you, Richie!!  Your support is always so generous ...

Thanks so much, Michael.  Having clients that WANT answers ... absolutely wonderful!

Tim:  When we deal with the process every day, as we do ... we can forget that not everyone understands the lingo, the process itself, the reasons, and so much more.  Little reminders like these clients questions are good ...

Gene

Aug 28, 2013 01:59 AM