Colorado Springs Mortgage : Podcast 134
Steve: This is stevecurrington.com, and the Steve N’ Tyler show Episode number 134.
Narrator: Welcome to the Steve N’ Tyler show. With stevecurrington.com and Tyler Widener.
Steve: Who negotiated the contract for you Colorado Springs Mortgage?
Tyler: A realtor.
Steve: Very smart.
Steve: Good for you, man.
Narrator: They are talking about everything you need to know about mortgages, home loans, and more. Nobody knows mortgages like these two. Get ready, because here is Steve N’ Tyler.
Steve: Hello Tyler.
Tyler: Que pasa.
Steve: Colorado Springs Mortgage Hello, moms. I’m say hi to our moms, to make a joke. I think that only our moms are watching or listening. Total Lending U, you’re probably watching this because you saw the title that says Closing on Time, and you want to find some great strategies on closing on time. If you’re listening on iTunes, you’re like, “What does that mean, closing on time?” What happens is we’ll get a purchase contract and it will be for May 20th. Then people, maybe clients, will be like, “Yeah, we’re moving May 20th.” They really don’t know what it means or what it takes to make sure that happens on May 20th.
Steve: A lot of times, the lender doesn’t really set a good expectation of what that really means, do they, Tyler?
Steve: They’re like … Go ahead.
Tyler: Colorado Springs Mortgage Somebody asked me yesterday, can we close a week early? Honestly, with this file, we’re having an issue with getting the appraisal completed. It still hasn’t been completed. If that was already done, maybe, but it hasn’t been done. It was also not something for them to worry about at all, so I told her that. I said, “Look, no. Right now, I don’t have the appraisal back yet. It’s nothing for you to concern yourself with. It’s something we’re working on. We’re handling that. No big deal, but a week early can’t happen.”
Steve: Yeah. If it can, we will. The lender should, but there’s lots of rules that go in now. We have a closing disclosure that has to go out three days before closing. We have title requirements. Sometimes, there’s issues with getting title work in. My point is if you’re a consumer, what I would tell you is be very careful about what you plan around your closing date. It’s not that you’re not going to hit it. Obviously, we do everything … There’s Sam Parker in the background. We do everything we can to meet your closing date, but there are some things that are just out of control.
Did you know, Tyler, if there’s a title issue in Oklahoma, this is where we’re at, because our purchase contracts say this, if there’s a title issue, the seller has 30 days to fix it. 30 days. Let’s say, we had one we talked about on a previous podcast where someone, they were supposed to do a lot split and they didn’t. It was going to take some time to get the lot split. The borrower couldn’t even technically legally cancel the contract and just go buy another house because the seller was afforded 30 days in the contract to rectify the title issue, which they ended up doing. Those people thought they were going to close in the middle of January, and they didn’t. Well, the beginning of January, maybe December. They were supposed to close before Christmas, weren’t they? They ended up closing in February, like the 10th. It was really a long time. It took a while.
Tyler: By the way, those people still haven’t moved out.
Steve: Nice. That’s good to know. Here’s the thing, closing on time. What does that mean? You have to be, I guess, reasonable with your timeframe. The other thing we have happen is we’ll get a purchase contract on the first, literally on the first, and it will be written for the fifteenth, like the closing date is the fifteenth of the month. That’s 14 days. If you’re out there, we did this in a previous. Steve@SteveCurrington.com, send me a note about your closing on time horror story, about what happened. I know plenty of people haven’t. If you’re out there, maybe you’re a loan officer, maybe you’re a client, or maybe you’re a realtor and you’re listening, send us what happened, what did the lender do to completely mess up the closing that made you miss your closing date Colorado Springs Mortgage.
My point is, to a consumer, is that first of all, you’ve got to be reasonable about your closing date because if you’re not, you’re going to be upset because you’re not going to close in that timeframe. Some lenders aren’t going to be as aggressive as Steve N’ Tyler in telling your realtor that’s an unrealistic expectation. They want to go into story time. Story time is like, “Hey man, yeah, I got that contract, Nancy. Yeah, the 15th is fine. There’s no problem. Thank you so much for getting me that contract on the second. 13 days is super easy. Dude, we regularly close loans in 13 days. It’s really not a big deal. I can do it. Yeah, that’s not a problem. That is not a problem.”
The reason I say that’s story time is because they’re full of crap. They’re just telling them a story. What’s going to happen is around the 12th, 13th, they’re going to be like, “So, we’re not going to close on the 15th.” “Why?” “I don’t have an appraisal back. I don’t have the title back. The borrower hasn’t sent me their pay stubs.” There’s a lot of stuff that goes into it. If you’re a borrower and you Casey Jonesed it on me … Casey works for us, and she was a great borrower because if I asked her something, she almost had it to me before I asked for it. She was predicting what I was going to ask for. If you’re that client, Tyler, I’m that client that gets the stuff done quick, that will help the process. No question.
There’s some stuff, it doesn’t matter how diligent I am and how diligent the borrower is, there’s some stuff that just isn’t within our control, which is why we like to do the to be determined underwrite. I will tell you this, if I TBD underwrite a client, and they’re already approved and the realtor brings me the contract on the first, I can pull it off. I can, because it’s already approved. If I can get appraisal done, I think we give the appraiser 10 days to get the appraisal done. If I can get that done, which I usually can, it’s just about getting title work. If it’s not in some podunk town in the middle of nowhere, Oklahoma County, we can pull it off Colorado Springs Mortgage.
What I would preface that with when I received such contract is don’t be prepared to close on the fifteenth. That’s what I would tell them. Just be careful. I hate to tell you, but it’s kind of a suggestion. There’s a lot of stuff that has to happen. You need to make sure, here’s what it comes down to. It’s communication and expectations. If you communicate with your lender and your realtor does that, they won’t make knucklehead decisions where they write a contract for 15 days out. They just won’t. If you’re setting the expectation with your client and with your realtor when you get a contract on the first or second of the month and they want to close on the fifteenth, then they’ll know the minute you get the contract that it isn’t happening.
They’ll know because you’ll tell them. You have to set the right expectation from the get go. Otherwise, you’re going to be in a world of hurt, and here’s what happens. Your closing time, your getting a loan to the closing table on time on a consistent basis, is the equivalent of a doctor doing heart surgery and people living. Somebody dies on the table, people are going to find out about it. Literally, you don’t close a loan on time, and you promised you would, people are going to find out about it. You know what’s going to happen? You’re done, dude. Try being a heart surgeon that kills people.
I mean, seriously. Colorado Springs Mortgage If my wife goes in for heart surgery, which that wouldn’t happen because Sally is very healthy. I love you, Sally, if you’re listening, but let’s say Sally goes in for heart surgery and the doctor kills her. She’s dead. Then next week, my mom needs heart surgery. You think I’m going to that doctor? Would you, Tyler?
Steve: Sam Parker?
Speaker 4: No. I don’t know, maybe to save a couple of bucks.
Steve: Yeah, because that’s what I’m trying to do when I’m getting heart surgery is just try to save money, right? Seriously, though, I’m not going back to the guy that screwed it up and killed my wife. Luckily, we’re not dealing with people dying in the mortgage business, but if I’m a realtor or a client or anybody, you didn’t close my loan on time, I’m not calling you back to do my mom’s loan so she can be as frustrated and get the wrong expectations, and get upset, and have a moving truck sitting out in front of the house.
If you don’t communicate and set expectations, that’s what happens. You don’t realize people are making decisions without you. That’s what they’re mad about because they scheduled the mover and they scheduled the Pod to come. They’ve got all this stuff, and they’ve got to move out of their other house. They’ve got a lot of stuff going on and you nonchalantly, like, “Yeah, I’ll make that closing date. That’s no problem.”
Then two days before, day of, day after, you’re like, “Oh, we need two more weeks.” People will be ticked, dude. They’re going to be. That’s your reputation, that’s you killing people on the surgery table. Don’t kill people on the surgery table. Feels like [inaudible 00:09:31] needs to spring up here.
Tyler: Colorado Springs Mortgage Yeah. Don’t wake up in a roadside ditch.
Steve: Don’t wake up in a roadside ditch. Just remember, in my opinion, the most important thing in the mortgage business is your reputation. The way you can protect your reputation is by not promising to hit closing dates that aren’t reasonable. If you get a contract, and the closing date isn’t reasonable, set the expectation early so you don’t set yourself up for failure. If you don’t set the expectation, you’re going to set yourself up for failure.
Tyler: Colorado Springs Mortgage Broadcasting live from the Koala Studios in Tulsa, Oklahoma, you’re listening to the Steve N’ Tyler show.