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Want to speed up your closings? Fill in the Blanks on the Contract.

By
Mortgage and Lending with CMG Home Loans NMLS 248937

 

Here is a little business tip of the day to help speed up your transactions

In NJ we have a new TRID contract, and I am sure this is the same for most states.... amongst all the little changes on the contracts there are a few new blanks to fill in.  Now being in the Mortgage industry for close to 30 yrs I vividly remember one of my first meetings (way back in 1987) where the trainer said- "It's simple, just fill in the blanks- BUT NONE OF YOU EVER DO IT.... "  My world has always been filling in blanks, even when I had to do it in pen, and I quickly discovered how much easier it was to do my job when I filled out the blanks in the beginning.

When a lender prepares the Closing Disclosure for your transactions they rely on information that is on the contract. For today I am going to focus on the contact section of the contract.  Name, License numbers and contact information need to be on your contracts for Listing agent and Buyers agent.  All of that carries over to the closing disclosure.  Even my own license number and contact information are all required to be listed on the CD.  If we don’t have it, we have to hunt for it.  It is much easier for an agent to find a license number than it is for just about anyone else, and probably will only add a minute or two to fill out – While it may take us a day or more to hunt everyone down requesting the information.  We are all on the same team, working toward the same goal, and with tight schedules and TRID clocks that have to tick- we need things to flow as smoothly as possible.

So please- fill in the blanks.  It will speed up everyone's deals and make my processor happy too.

 

Thanks!

 

Rob


Robert Rauf 
Mortgage Loan Originator NMLS ID# 248937
 
http://www.homebridge.com/RobertRauf 

or my blog: http://activerain.com/blogs/rrauf 
Office: 
 
RRauf@HomeBridge.com
 
www.RobertRauf.com
 
 

Since 1987 I have been helping my clients fulfill their dream of home ownership! HomeBridge Financial Services, Formerly REMN, HomeBridge Financial Services is located at 16 Madison Avenue, Building 2 Suite 2D Toms River, NJ 08753. NMLS #6521. New Jersey Licensed Lender and Mortgage Banker #L041053. Visit www.Homebridge.com for more information. NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey, Toms River NJ 08753, Toms River NJ 08755, Brick NJ 08723, Brick NJ 08724 Mortgage in Ocean County NJ, Mortgage in Monmouth County NJ, Jackson NJ 08527, Howell NJ 07731, Lacey 08731 08734, Beachwood Bayville , Manchester 08757 08733, Manahawkin 08050, Robert Rauf is a Licensed Mortgage Loan Originator in New Jersey.

Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

That is a real pet peeve along with not submitting an adendum after a home inspection Robert Rauf 

Feb 29, 2016 05:49 AM
Margaret Goss
@Properties - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

I just finished a continuing education class last week - the subject was our purchase contracts.  The instructor couldn't have said it enough:  FILL IN THE BLANKS.  Plus, she stressed that they should be filled in with what the contract is asking.  We have a tendency to write, as an example, a percentage instead of the actual number.  Big no no.

Feb 29, 2016 06:45 AM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I juat had lunch with an agent that missed a blank on the PA and no one said a thing but they also didn't work on the file.

Feb 29, 2016 06:53 AM
Robert Rauf
CMG Home Loans - Toms River, NJ

William Feela - it has the potential to clog things up at the end of the transaction when lenders are working on the CD- you may never know- but the little nuisance items add up.

Mar 01, 2016 12:30 AM
Robert Rauf
CMG Home Loans - Toms River, NJ

Margaret Goss - Sounds so simple.. just fill in the blanks...  but bad habits and laziness take over. It is much easier for an agent to find license numbers than it is for us in the lending world.

 

Mar 01, 2016 12:32 AM
Robert Rauf
CMG Home Loans - Toms River, NJ

Bob "RealMan" Timm - sounds like I am preaching to the choir!  

Mar 01, 2016 12:33 AM