Mortgage lenders and brokers are more concerned than ever about . This has led to ever increasing loan production cost and has significantly lengthened loan turn times.
Thanks to TRID, the roles and responsibilities of the real estate closing process have been transformed. With the average time-to-close on the rise, real estate service providers – lenders, realtors and title/settlement agents – have embraced digital closing platforms to conduct fully electronic mortgage closings (eClosings). We’ve progressed to a point where most leading lenders in the mortgage industry are using powerful software solutions to streamline or automate individual tasks throughout the loan process.
In this high tech world, a mortgage loan officer striving to understand the new processes, while providing quality service to the borrower, often finds him/herself, faced with last minute issues that have to be solved with old-fashioned diplomacy and ingenuity. Take for instance, the borrower that negotiated a sales price for the purchase of a home in which the seller agreed to pay $3600 of closing costs and finds at the closing table the cost only equal $2800. Good news for the seller, but the borrower feels cheated. What would you do in that situation? Cutting your fees wouldn’t help. One of my clients who found himself in that situation had the seller pay for a home warranty. In another case, the seller reimbursed the borrower for the cost of the appraisal.
I would be interested to hear from you about your experiences solving this type of last minute issue that required the personal touch, knowledge and experience of a mortgage loan officer in the midst of all of this technology.