Do you have a steady working relationship with a certain loan originator? Are they keeping you up to date on industry changes? If not, then how will you know what to expect when your customer goes to buy their first home or possibly their 5th or 10th?
I used to market for a local Mortgage company before I went out on my own as a Contract Mortgage Loan Processor. There would be times when some realtors would ask me why certain things were holding up their customers transaction from closing. Surprisingly all it took was a little education as to what the Loan Origiantor might be facing concerning the lending industry.
Just like now as well all know getting a loan from the time of application to funding is taking a considerable amount longer than it used to. There is a reason for that. The mortgage industry is going through and has gone through many guideline changes from Fannie Mae, Freddie Mac not to mention individual lenders changing their guidelines or products and having different lenders close their doors or at least exit the wholesale lending industry.
Anymore the only types of loans that are going to get done are full doc loans. Stated income loans are only for truly Self-employed borrowers. Also recent changes with FHA concerning the removal of the Down Payment Assistance Programs is going to affect not only the mortgage industry but the real estate industry as well. But there is always a way to get a loan done. It might take a little more research and a little more attention to detail but nothing is impossible.
So what type of education as Realtors would you like to receive from your Mortgage Industry partners? Something to think about....
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