Editor’s Note: This is the second part in a two-part series by Tim Brigham. If you missed the first part, click here.
Friday, Day 5- Confirmation Day
By now any file problems should be out in the open and the solutions should be in the works. By the end of today you should have everything you need minus appraisal. If not, make it happen. Don’t wait for something from someone else if you can get it yourself. If the employer won’t give you a verification of employment, call your client, get them involved. If title isn’t back, call the sellers attorney and explain the situation. If you are still waiting on documents from your client, call them and discuss a game plan for a no-matter-what Monday delivery.
Monday, Day 8- Appraisal Receipt
Appraisal should have come over the weekend or be in your inbox this morning. There is a disclosure that the client needs to sign confirming receipt of the appraisal. Loan is ready for submission to underwriting.
Lender best practice- Send out an email to everyone letting them know status and timeframes.
Tuesday, Day 9- Clear to Close
Loan was reviewed by an underwriter and signed off on, clear to close is issued and then the file goes to the closing department. Instructions go out to the Title Company on how to prepare the HUD. Title Company sends the HUD to the closing department for approval. Once approved lender then reviews the HUD with client and gives instructions on how to get funds needed.
Wednesday, Day 10- Closing.
Closing docs go out to the title company.
I can’t stress this enough. The way to grow your business is to work with a referral partner that works with you, not against you. Lenders need to pick up their phone every single time and realtors need to be willing to assist when needed. It’s everyone’s job to get to the table quickly. Take ownership of everything you can. You will not only have happier clients but it is the sole way to get more referrals. Be the person with reputation of being proactive and who forces the doors of communication open early and often. No one wants to have a known problem conversation, the day before closing.
Tim Brigham is a seasoned veteran of the mortgage industry with over 12 years experience in residential financing. He has been recognized for being a top producer and his skill with pipeline management. He currently runs the successful Chicago LPO office for Evolve Bank and trust in addition to being one of the highest volume originator’s in the company. An avid perfectionist, he is always eager to teach and help others be the best they can be.