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What the Hell is Going On?? Let's Communicate!
Yesterday, one of my long term and trusted referral sources asked me the question "What the hell is going on in the mortgage market?". She told me she lost 2 closings (not with me, thank goodness) on Friday due to the mortgage company.
You know when I get this type of question, my first reaction is usually something along the lines of...some rogue lender must have messed it up, or the borrower had a "friend" in the mortgage business.
But now a days, you can't be so sure. Mortgage guidelines are changing so rapidly, it's hard to tell what happened and when it happened, let alone how it affects your borrowers.
What I can say, is that now more than ever, it pays to work with someone with experience and someone who works for a quality company. Typically a good loan officer works for a company he or she knows can get the job done for his clientele. The bad news here, is what is considered a "good loan officer"?.
Let's start with communication. Your Loan officer should communicate with you before your referal/customer enters into contract, then during the mortgage process and finally at or after closing to make sure ... more
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