30-Day Escrow - Is it realistic in California? I just read a report put out by the California Association of Realtors in California regarding customer satisfaction with their lenders. In their report, they cited that J.D. Powers and Associates has identified an 18-point reduction in customer satisfaction in the past year. Why? Partially because a 30-day escrow may be a thing of the past - at least for awhile. The typical 30-day escrow is now taking nearly 47 days! Not good, especially when the buyer has penalties for late closure.
I just wrote an offer a month ago, and put in a 45-day escrow, just in case we needed the extra time. I had just lived through a 30-day escrow that became 67 days - and that wasn't pretty. It was all due to delays in underwriting and approval. (See another blog on my experience with MetLife). Wouldn't you know it, we closed in less than the planned 30-day escrow . . . this time.
So what were the factors that J.D. Powers was looking at when ranking customer satisfaction, beside closing on time? The other factors were the actual application process, the loan officer or mortgage broker, and the amount of contact the client had with the lender.
The top 3 lenders, according to the results of the J.D. Powers research, were:
- Branch Banking and Trust
- Wachovia
- National City Mortgage and SunTrust Mortgage tied for third place
Branch Banking and Trust scored especially high in the areas of the application or approval process and closing on time. So, if I have another client that needs a 30-day escrow, I personally, would recommend they consider Branch Banking and Trust.
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