Despite my sometimes caustic commentaries on regulations that don’t always provide what I would consider the most ideal solutions to fix real world problems in the mortgage industry, I will say that we have weeded out a bunch of the “in it for a buck” crowd. The alleged mortgage brokers and various bottom feeders who participated in the subprime feeding frenzy have done their damage and sank back into the sea and now (for the most part), the professionals left are honest people.
I am not just some figurehead who delegates tasks to a team of subordinates; a huge part of my success and the fact that there are so many new homeowners on our watch is because of the support I receive from the back office and the underwriters and our management. It’s not just because they’re professionals, it’s because we share the same business ethics and that all-important sense of urgency. If I had to make a list of tips for people in the mortgage (or any industry!) on how to provide the best possible service:
At the end of the day, amidst all the panic, interest rates actually went down over this past week; so what’s that saying? That’s reiterating that the market will be a main driver in helping to set the interest rates.
Let’s just de-twist the proverbial panties and take a deep breath. Your 401k may have been all over the map this week, but we’ve got money to lend at reasonable rates in a buyers’ market. How’s that for perspective?
The thing that held up the whole show was an undisclosed liability discovered when the credit report was pulled right before closing. Always in the Top Ten Things Not to Do Before You Close on Your Home, whatever happens in that time period between loan pre-approval and the subsequent underwriting process is not only fair game, it could kill your deal.
At the end of the day, don’t run with scissors and don’t ignore the mortgage professional. We managed to get this loan closed, but you’re not going to dodge the Fannie Mae’s of the world by thinking you can hide stuff because you know more than I do. Not when it comes to mortgages anyway…