Property Addresses: Gettin' Down to the Nitty Gritty

By
Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI
https://activerain.com/droplet/4Xt4
 
 
Property Addresses:
Gettin' Down to the Nitty Gritty        



     Take just a second and read through the following statements ...


“The devil is in the details” 
 
... "in life, it is often the tiny details that end up 
being the most important"

"Get Down To The Nitty Gritty"

“Little details have special talents in 
creating big problems!” 

“Sweat the details”

"Success is the sum of details"
 
     
      Details ... Details ... it's all about the details ...
 
     And I'll admit it, I'm a bit of a "nerd" about them.  My whole family is.  Details, the intricacies, the little things ... they matter to us.
 
     When I was growing up, a typical conversation (and argument) between my brothers and myself at the dinner table or in the backyard centered around "details".  It didn't matter what the topic was, it was the minor differences ... the details about the topic ... that we argued about.  I'm sure we drove our parents crazy.  
Gene Mundt Stats & Testimonies
 
     Sports statistics and games ... minutiae regarding music and performers ... details on topics of all kinds ... were shared and argued about on an ongoing basis.  It's still that way to this day.
 
     I guess it only makes sense that I gravitated to a profession and industry that demands, thrives, (and is driven by) detail and detail accuracy.  Details are absolutely vital to the mortgage process. 
    
     Unfortunately, though, with details needed and included in such high number, it increases the risk of errors occurring.  Addresses ... address discrepancies and/or errors on Real Estate Contracts ... is just one area where that risk is great.  
 
     You wouldn't think that something as simple as a property address would be that big of an issue.  But address discrepancies and errors are found far more often than you'd think.  Granted, the "error" may be small.  But it's still an error ... and it can cause problems. 
 
     Here's an example of an address error displayed on one Contract I received recently ... and the correction needing to be made as a result:    
 
     The details as provided on the Real Estate Contract: 
 
  • The transaction's Subject Property was located in an "unincorporated" area.
  • A town was named within the physical location given for the Subject Property, as identified by its Legal Description.
 
     The Problem:  
 
  • The town in which the Subject Property was located was identified differently by the United States Postal Service (USPS ... www.usps.com)

     

 

Why the details become vitally important in this scenario:    

 

  • Within the Mortgage Industry, the ONLY acceptable address reference is that which is found on the USPS website (noted above). 
  • All mention(s) of Subject Property or transacted address on any document, report, or form utilized within the transaction must be uniform in detailand show the USPS address.

 

     Most issues regarding address variations or error revolve around the use of directionals, (East, West, North, South, etc.).  They're either added where they shouldn't be ... or vice versa.

 

     Another issue regarding addresses that crops up often includes the misuse of the terms Avenue, Drive, Street, Lane, Court, etc. ... or their abbreviation. Even this seemingly minor issue and small incorrect detail can possibly trigger a condition arising in Underwriting.  And it could have to be corrected in order to receive a "Clear to Close".

 

     Again, these issues might sound trivial, but the U.S. Government and the Mortgage Industry have deemed they are not.  Serious attention is then required for this detail.

 

     These issues and details can typically be addressed or corrected during Underwriting.  That is true.  But ...

 

     If Agents and/or Attorneys can help avoid them proactively by checking the USPS website for verification prior to writing of the Contract, that is preferable.  The issue is then avoided entirely.  And it minimizes the possibility of time delays, frustrations, and stress added later during Mortgage Processing.

 

     As the saying goes ...

 

     " ... in life, it is often the tiny details that end up being the most important".

 

     In the Mortgage and Real Estate business, nothing could be more true ...       

 
    



* Hoping to Buy or Refinance a home in New Lenox or elsewhere in the Chicagoland area? Contact me! I'll put my 40+ years of Mortgage experience and expertise hard to work on your behalf.
     I'm easily found at:

Gene Mundt
 
Mortgage Originator - nmls #216987 - IL Lic. 031.0006220 - WI Licensed
 
American Portfolio Mortgage Corp.
 
 
 
 
nmls #175656
 
Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281
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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

Email Me .. to be added to my Mortgage & Real Estate Newsletter

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Topic:
Real Estate General Information
Location:
Illinois Will County New Lenox
Groups:
Realtors®
Mortgages
Bananatude
Tags:
property address
seeing to the details
importance of correct property addresses
verifying a property address

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Ambassador
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Gene- you are so right about this and that old devil being in the detials.  Agents have to learn to check those details!

Nov 16, 2016 09:11 AM #1
Rainmaker
1,151,299
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

While in this instance it's true an agent is the first line if defense, we all can improve on this point, Kathy. Offering correct info is the least we can do as pros ...

Gene

Nov 16, 2016 06:23 PM #2
Rainmaker
2,789,095
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Agents are often the blame for any detail....sometimes not correctly.

Nov 18, 2016 05:34 PM #3
Rainmaker
1,748,631
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi - you make a good argument and I think you would have made a great Attorney too! Am I right in assuming you and your brothers turned out to be excellent problem solvers? 

Nov 18, 2016 11:15 PM #4
Rainmaker
1,748,631
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi I'm a believer that a man should listen to his wife. She knows you better than anyone else! 

Nov 18, 2016 11:31 PM #5
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I hear you, Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi!  I'm also a stickler for details and drive some people crazy with it.  Like you, the Contract HAS to be right for me and that includes the correct street name, city, etc...or it will come back to bite us all at the 11th hour!  Some poo-poo the idea of getting it right before it goes to the lender and even after this happens to them several times (having to correct the Contract), they still don't care! 

Nov 19, 2016 12:36 AM #6
Rainmaker
4,053,884
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for the reminder. I hope all agents will read this post.

Nov 19, 2016 06:23 AM #7
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Michelle Carr-Crowe-Top 1% Diamond Certified Real Estate Team Sells Cupertino San Jose Homes-Just Call 408-252-8900
Get Results Team...Just Call (408) 252-8900! - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Great advice about "the devil is in the details".

P.S. Thanks for reading and commenting on my blog.

Nov 19, 2016 02:28 PM #8
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Rainmaker
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience
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