CHAPTER 6 Good Lenders Update You Throughout the Pr hout the Process
Perhaps the most critical aspect of a good loan officer — right after comprehensive knowledge of the loan process and loan programs — is excellent communication. In the fast-moving venue of real estate loan transactions, with ever-changing rates and requirements, the ability to pick up the phone, send a text, or push an email, and reach your lender immediately is paramount to success. A good lender will keep you updated throughout the process. He/she will let you know what’s going on with the loan, where the team is at in the loan process, and, most importantly, let you know if anything needs to be done and how quickly it should be accomplished. If you need to order a specific survey or make changes in order to meet the survey requirements for a specific program, a good lender will let you know that at the loan origination stage. He won’t leave the task until a later time, possibly delaying the closing or causing your clients to incur extra expenses. For example, FHA, VA, and USDA loans, require specific surveys if the prospective property has a well and septic. Each agency has incredibly specific rules that relate to the distance required between the well and septic, and that has to be mapped out in the survey. Let me illuminate an example of how poor communication can make things exceptionally difficult for no reason. I knew an agent 67
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