Have you ever gone to purchase something only to be told that it would take 2-3 weeks to get it? Most likely you were disappointed and took your business elsewhere. Speed of delivery is crucial to being successful in our era. With online retailers, today’s successful companies like Amazon and Walmart offer find ways to get your items within days for no extra cost. Shouldn’t the loan process be the same? YES. Your customers deserve it.
If you are a client looking for this type of service seek out a company that offers fast turn around times so that you get what you want and now. Make sure they can underwrite your loan up front, lock in your rate, and are requesting all of your documents right away. Loans can be closed in as little as 7 days if your loan officer has the right resources to close your loan efficiently. Most likely, you will not find service like this with the larger banks whom are overwhelmed with business.
If you are a loan officer, there are four areas that need your attention to be the lean mean loan machine:
1. Work with investors that share your mindset. Can they approve the loan with 24 hours? How long to clear conditions? How long for documents and funding?
2. Be up front. Get all of the needed documents from your client at the same time they are signing disclosures and tackle any loan problems right away.
3. Use this as your guide for questions to raise and items to account for:
IMATCH-D
I- Income (W-2′s, paystubs, tax returns, leases…)
M- Mortgage History (24 month history, VOR needed…)
A- Appraisal (HVCC or can you order it, how strong are your comps, conditions of your property…)
T- Title (who’s on title, change of vesting, are taxes due…)
C- Cash Reserves (are assetts needed, if not leave them off the 1003)
H- Hazard Insurance (change loss payee, is it due with 6 months, impounds, enough coverage…)
D- Disclosures (sign right away, 4506t, ID’s, SS verifications…)
4. Lock your loan so that are not changes
By no means is this list comprehensive, but if you work together either as the client of the loan officer, you can close in 7 days!
Josh Harmatz
www.VoyageHomeLoans.com
www.JoshHarmatz.com
www.JoshHarmatz.wordpress.com
People expect a quick response when it comes to a loan. And it should be that way providing their credit is decent
By: J. Edwards on September 3, 2009
at 5:52 am