Things have really changed in the last couple of years in the mortgage market. Let's be honest, they have dramatically changed in the last 90 days.
Two years ago the majority of my pipeline was alway refi's. Hey, it was a HUGE refi boom. If I did 20 deals in a month, 16 were refi's, 3 were purchases, and 1 commercial. In October I did 15 purchases, and 3 refi's. What a switch.
Is a very different world working on primarily purchases. The responsibility of working with purchase buyers is much larger than that of refi's. Purchases are always rushed, way more parties involved, and for so many reason much more stressful. The good news with a purchase is you have a much more motivated borrower, the bad news is a lot more stressed borrower as well.
I figured I since there are so many realtors on here that I would list a couple of reccomendations today that will help to make your clients transactions easier to muscle through
1. realistically a 30 day contract is just enough time to get a loan done. Shorter contracts than that often run into difficulties getting loans done in time. Its not that it can't be done faster, believe me, I close purchases in 2 weeks or less frequently. But a contract with under 30 days leaves no room for error.
2. keep copies of everything for your clients. they lose their copies of contracts, deposit checks, inspections, etc. the loan officer will need them. You will look like the hero to have them.
3. encourage them to stay on top of scheduling for appraisers, inspections etc.
4. when selling REO properties, or vacant properties, make sure the water, septic, electirc and heat are all working at the time the appraiser goes out to the property. If any of them are not functioning at the time of the inspection, please do not schedule the appointment until they are.
5. encourage your buyers not to buy, finance, sell, anything during the time that they are waiting for their purchase to be completed. Further, they should keep their jobs, maintain their work schedule, etc.
Hope that helps a little!!
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