Take just a second and read through the following statements ...
“The devil is in the details”
... "in life, it is often the tiny details that end up being the most important"
"Get Down To The Nitty Gritty"
“Little details have special talents in creating big problems!”
“Sweat the details”
"Success is the sum of details"
Details ... Details ... it's all about the details ...
And I'll admit it, I'm a bit of a "nerd" about them. My whole family is. Details, the intricacies, the little things ... they matter to us.
When I was growing up, a typical conversation (and argument) between my brothers and myself at the dinner table or in the backyard centered around "details". It didn't matter what the topic was, it was the minor differences ... the details about the topic ... that we argued about. I'm sure we drove our parents crazy.
Sports statistics and games ... minutiae regarding music and performers ... details on topics of all kinds ... were shared and argued about on an ongoing basis. It's still that way to this day.
I guess it only makes sense that I gravitated to a profession and industry that demands, thrives, (and is driven by) detail and detail accuracy. Details are absolutely vital to the mortgage process.
Unfortunately, though, with details needed and included in such high number, it increases the risk of errors occurring. Addresses ... address discrepancies and/or errors on Real Estate Contracts ... is just one area where that risk is great.
You wouldn't think that something as simple as a property address would be that big of an issue. But address discrepancies and errors are found far more often than you'd think. Granted, the "error" may be small. But it's still an error ... and it can cause problems.
Here's an example of an address error displayed on one Contract I received recently ... and the correction needing to be made as a result:
The details as provided on the Real Estate Contract:
The transaction's Subject Property was located in an "unincorporated" area.
A town was named within the physical location given for the Subject Property, as identified by its Legal Description.
The town in which the Subject Property was located was identified differently by the United States Postal Service (USPS ... www.usps.com)
Why the details become vitally important in this scenario:
Within the Mortgage Industry, the ONLY acceptable address reference is that which is found on the USPS website (noted above).
All mention(s) of Subject Property or transacted address on any document, report, or form utilized within the transaction must be uniform in detailand show the USPS address.
Most issues regarding address variations or error revolve around the use of directionals, (East, West, North, South, etc.). They're either added where they shouldn't be ... or vice versa.
Another issue regarding addresses that crops up often includes the misuse of the terms Avenue, Drive, Street, Lane, Court, etc. ... or their abbreviation. Even this seemingly minor issue and small incorrect detail can possibly trigger a condition arising in Underwriting. And it could have to be corrected in order to receive a "Clear to Close".
Again, these issues might sound trivial, but the U.S. Government and the Mortgage Industry have deemed they are not. Serious attention is then required for this detail.
These issues and details can typically be addressed or corrected during Underwriting. That is true. But ...
If Agents and/or Attorneys can help avoid them proactively by checking the USPS website for verification prior to writing of the Contract, that is preferable. The issue is then avoided entirely. And it minimizes the possibility of time delays, frustrations, and stress added later during Mortgage Processing.
As the saying goes ...
" ... in life, it is often the tiny details that end up being the most important".
In the Mortgage and Real Estate business, nothing could be more true ...
* Hoping to Buy or Refinance a home in New Lenox or elsewhere in the Chicagoland area? Contact me! I'll put my 40+ years of Mortgage experience and expertise hard to work on your behalf. I'm easily found at:
Mortgage Originator - nmls #216987 - IL Lic. 031.0006220 - WI Licensed