Keeping Buyers on Track within the Mortgage Process

Lenders, especially in these times of historically low interest rates, are often overwhelmed with case files, both for refinancing existing borrowers and taking on new purchase clients, even more so as we head into the warmer months.

Educating buyers about all of the steps that are involved in the process of financing a property, plus a time frame of how long it will all take, especially when lender pipelines are filled to capacity, is the task of the loan originator.

At times, however, borrowers seem to stop communicating with their lenders, which slows down the process of preparing, submitting and resubmitting complete files to underwriting.

To keep things moving along, if the lender is waiting on the buyer, it may be of benefit for the borrower to learn the time frame of all of this from a third party: namely, their real estate agent.

With all of the scrutiny that files go through in the underwriting department, it is more common than ever for files to make multiple trips there. The best requests for information by underwriters are handled quickly and completely.

What the underwriting department is doing, in a nutshell, is getting the file ready to be sold when it closes. While some requests for documentation may seem unnecessary to the buyer, they are nonetheless required to get the loan to the closing table.

Contact me for more details about getting a file approved in a lender pipeline and getting you and your buyer to the closing table sooner rather than later.