Mort­gage Mat­ters

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Loan pro­cess­ing is truly the “Name of the Game” in the mort­gage lend­ing world. True, the mort­gage bro­ker at­tracts the busi­ness, takes the loan ap­pli­ca­tion, fol­lows up with ev­ery­one in­volved through the process, and ac­com­pa­nies the bor­row­ers to clos­ing, but while all of this is go­ing on, the pro­ces­sor dili­gently works through the sys­tem of un­der­writ­ing to dot ev­ery “i” and cross ev­ery “t.” The pro­ces­sor is your go-be­tween. You will­wind up deal­ing with the pro­ces­sor as of­ten as your loan of­fi­cer.

It doesn’t take hav­ing ap­plied for a loan in the past cou­ple of years to know that the doc­u­men­ta­tion, the pa­per­work, has in­creased by a land­slide. The new guide­lines re­spon­si­ble for this mind-bog­gling on­slaught are called TRID, an acro­nym for TILA-RESPA IN­TE­GRATED DIS­CLO­SURE. Say what? The term “TRID” has been known to cause adult, ma­ture mort­gage pro­fes­sion­als to shake, cry, and even leave the busi­ness. Your loan of­fi­cer should know all the new pro­ce­dures or­dained by TRID, but it is the pro­ces­sor who will guide you through it, paving the way, mak­ing it as com­fort­able as pos­si­ble. You will want to know the pro­ces­sor’s name, favorite color, and favorite flow­ers and be on your best, po­lite be­hav­ior when delv­ing into sen­si­tive is­sues. While ex­pe­di­ency is the goal of ev­ery good pro­ces­sor, we all know there are many lev­els of ex­pe­di­ency. A nice, calm, friendly de­meanor will most likely achieve that top level. Get my drift?

All mort­gage com­pa­nies strive to at­tract the best pro­ces­sors. (For­give me if I stop here to say thatmy com­pany has the ab­so­lute best in this state.) So, what goes in to the mak­ing of this top-of-the-mark pro­fes­sional? Ed­u­ca­tional dili­gence is the start­ing line. Highly tech­ni­cal ap­ti­tude helps, but study, study, study of the rules and reg­u­la­tions in an ever-chang­ing, com­plex political world is a must. A pro­fi­cient pro­ces­sor knows how to deal with those ghost-like un­der­writ­ers who can be amenable or not. Know­ing how to pull in­for­ma­tion out of a re­luc­tant un­der­writer or closer or ti­tle per­son is a gift and so nec­es­sary in to­day’s mar­ket. A good pro­ces­sor can han­dle the ques­tions and con­cerns to the lender’s un­der­writ­ing rep­re­sen­ta­tive in a clear, log­i­cal way. That will mean the dif­fer­ence be­tween a timely clos­ing and a frus­trat­ingly slowone. The loan pro­ces­sor is the glue that binds your loan ad­ven­ture to­gether, so you can re­al­ize your dream.

Just knowthat as im­por­tant as it is, in choos­ing a solid-stand­ing mort­gage com­pany, you will want to meet the pro­ces­sor right off and es­tab­lish a rap­port. Then of­fer up the doc­u­men­ta­tion called for, know­ing that this seem­ingly sense­less re­quest is de­manded by the lender and not just asked for to tick you off and cause huge bills at Kinko’s. Re­mem­ber that all of you in­volved in this process have the same goal: to close the loan as quickly and ef­fi­ciently as pos­si­ble. With the ac­com­plish­ment of this goal, you get your home and your Re­al­tor, mort­gage bro­ker, pro­ces­sor, and ti­tle pro­fes­sional re­ceive their well-de­served com­mis­sions. Vic­tory!

Jim Gay was a real-es­tate bro­ker for 20 years and has been a fi­nan­cial con­sul­tant to For­tune 500 com­pa­nies. He is cur­rently a bro­ker/owner ofThe Mort­gage Place (505-986-9080) and can be reached at jim@jim­gay­home­m­o­rt­gage.com.

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