We attended a signing appointment last week and we were surprised to hear from the Buyer's real estate agent that very few Mortgage Professionals attend her signing appointments. In fact, she said in her 15 years in business, only two had attended and we were one of them.
It is funny, when we work with a Realtor for the first time. It is natural for them not to trust us. I am mean look at some of the folks in our industry. The new Realtor has a natural instinct to "protect their Client". Which I think is great! In my opinion.. that's their job :)
Anyways... for whatever reason both Todd and I were able to attend that particular signing. As we both sat there, the Realtor explained how happy she was during the transaction with us. She was impressed that we sent her and the Listing Agent Weekly Status Grams (and the Client) to keep everyone updated where we were at in regards to the financing end of the transaction. By the way she reacted, I don't think she had experience this level of communication before.
Our standard procedures is to not only send a Weekly Status Gram (notifying each agent what happened that week on the file) but we send an email notification at each step of the process (loan submission, loan approval, when loan docs have been ordered, when the signing appointment has been scheduled, and so on).
It was great to get such a reaction from her! We work hard to provide and improve our "E-Myth System". Each transaction allows us to further improve the machine and in the end it makes for a Raving Fan (both the Realtor and Client).
Before we were in the mortgage business, I can't tell you how many times we had to call our Loan Officer from the signing table to find out why our interest rate had changed and their fees had doubled. Often times the closing needed to happen in a matter of days and because of the great deal we got, we had to accept the adjusted interest rate and fees to make sure we closed on time. It was those nightmare experiences (like showing up for our signing and the loan documents were in the wrong persons name), that our " Perfect Loan Process" was born.
Another step we put in place, was even though we do attend our signing, we send our Clients the paperwork so they can review it prior to their appointment. This way any issues can be addressed before we get to the signing. We will send them a copy of their mortgage note (listing the terms), our Closing Cost Comparison Worksheet (compares what we originally quoted on the Good Faith Estimate vs. today's numbers) and of course we send them the Estimated HUD.
Some may feel this is overkill, but we feel in makes for a great closing. It certainly cuts the stress level of the Borrower... who if are a first time client, often shows up with their fists up to defend their interest rates and terms. Trust is earned so we understand their stance.
Are you working with or referring a mortgage professional who is providing this level of service? If not you might want to "trade up" and try someone new. We would love to apply for the job!
This Blog written by:
Team Newington
Sacramento Mortgage Planners
(916) 687-6868
www.SuperiorLoanTeam.com
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As a lender I love to hear stories like this! You are full of...just kidding!!! I have been in the business for fiver years and for the first two could not begin to tell you what I did not know...guess that is what you get when you work with Countrywide..
But as I have grown in the business so has my business practice. For Wachovia, it is mandatory that we attend all closings. If I cannot attend, we want the manager to go, of they cannot, someone in the office. Now mind you they may not know what is going on in the file, but they can help to answer any questions and make calls.
I applaud you! Keep up the great work and keep going to the closings...I love to see the Realtors look when I show up...sure you do as well!
Hope you and your family have a great weekend.
J