That will put more than your car in the ditch
Yesterday, I told you a story about how Mr. Rogers changed the mindset of a tough Senator and saved children’s public television for a generation.
And I promised to show you another mindset that needs to be changed in our industry.
This weekend, I was driving to meet a client and was listening to one of the Real Estate shows on talk radio.
There was an agent and a lender as the host that day and they were discussing lending delays.
The agent asked, “Why does it takes longer than 30 days to get a loan approval these days?”
The loan officer’s answer was appraisals are taking a minimum of 2 - 3 weeks to get completed.
That part is true.
Then he followed it up with this short statement, “I can’t send anything to my underwriter until the appraisal is in.”
And I almost ran off the road when I heard that.
When you first make application for a mortgage, they ask you for all kinds of documents: tax returns, W2s, pay stubs, 1099s, proof of employment and on and on.
These documents take some time to gather and even longer to go through.
And if you wait 2 - 3 weeks to look at them in this market, you are adding additional time to the loan process for no good reason
Wouldn’t you rather know that your file looks good before you invest $800+ in an appraisal and home inspection?
The thought process for this system made sense years ago, when you could get an appraisal completed quickly.
Times have changed drastically and this lender is not keeping up.
They have romanticized their way of doing business because they “have always done it that way.”
The best companies see the changing winds and adjust their sails to keep them up to speed with the market.
But not all lenders are made equally.
If you want to talk with great lenders who will get your file approved quickly, then just hit reply.
And tomorrow we will talk about one more mind shift that needs to happens in order for you to be successful.