Look, a lot of people find this slogan a little vague – what does it mean to really offer quality in lending?
You might talk about having the best rates, or having the most advanced technology, but some firms tend to paper over the reality that the greatest asset, in many cases, is caring work and attention to detail.
Let’s flip this on its other side and talk about what happens when you don’t have that compelling attention to detail and that care for the customer’s bottom line…
Mortgage and Refinance Holdups and Snafus
Professional guidance provides a 70-day window for mortgage and refinancing deals to go through. Why on earth would these deals not comply with that timeline, given that it’s over two months?
First of all, any loan or refinancing has to go through underwriting, which can be a laborious process. In fact, this is part of where lack of detail can become problematic. The process is complex enough that if representatives aren’t on the ball, things can fall through the cracks and cause problems for the underwriting department, which comes back with negative results. It happens quite a bit, and for some fairly innocuous reasons.
Then there’s also the fixed rate process, where lending happens based on some time-intensive parameters and negotiations. There are more than two parties involved – significantly more. The process thrives on careful and cultivated work, with skilled people observing what happens at every step of the way, and heading off problems before they develop or get worse.
One more note on lending complexity – documentation is only as good as the resources at all parties’ disposal. To put this another way, imagine that your borrower doesn’t have a working printer or fax machine. How do you get the documentation in hand promptly and effectively?
That’s what we mean by TLC. It’s making sure that everyone is served as they need to be, moving toward settlement or a successful refinancing deal. That doesn’t just happen by magic, as inexperienced first-time homebuyers might assume. It happens with a dedicated work ethic and a promise to keep the borrower, the party with the least professional resources, well informed and well supported throughout the entire deal pipeline. Anything less is really an inferior process!
For more, take a look at the rest of the web site and you’ll see why TLC is a major help to many borrowers and other stakeholders who come to the table to secure a len
