What Do Band-aids and the Modern Mortgage Process Have in Common?

What Do Band-aids and the Modern 
   Mortgage Process Have in Common?
 

     

     Remember when you were a kid and you got a cut or scrape?  Your mom would wash it up, then place a band-aid on it, right?

     Days later, after the cut healed, the band-aid would have to come off.  I can tell you, just the thought of ripping that band-aid off makes me shudder all these years later.  

     Yeeowwww!

     Now I'm sure your mom told you much the same thing as mine did when that band-aid had to come off.

 

     "If I do it fast, it will hurt less".  Of course, she was right.

     But my band-aid memory serves as somewhat of an analogy (and lesson) for the modern Mortgage Process ... 

     How's that?

     As your Mortgage Lender I can't promise that issues won't ever crop-up during your home buying or mortgage transaction. 

     I can't promise that you won't incur a "bump or scrape" somewhere along the way.  With all the things that figure into today's real estate and financing transactions, things can happen.  
     Appraisal issues. Documentation needs.  Requests for additional info.  They may need to be addressed.  

 

     I can promise:  Should those things happen, if you respond and act upon the issues quickly ... just like when a band-aid was removed that ... "if you do it fast, it will hurt less". 

     As the Borrower:  You retain control over this portion of your Mortgage Process and your destiny.  Use your power and flex your muscles in a positive way ...

     Respond quickly to requests that are made and issues that arise.  You're transaction will be less stressful, and less "painful" as a result. 

 

 


     

     *  Hoping to Buy or Refinance a home in New LenoxWill County, or elsewhere in the greater Chicagoland area?  Contact Me now!  I'll put my 37 years of Mortgage experience and expertise hard to work on your behalf.

     I can be easily found at:

Gene Mundt
Mortgage Lender  -  NMLS #216987  -  IL Lic. #0006220  -  WI Licensed
American Portfolio Mortgage Corp.
NMLS #175656
 
Direct:  815.524.2280
Cell/Text:  708.921.6331
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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

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Comments

Gene good analogy.  I wish the band-aid would be ripped off all the guideline changes.  It would not only hurt less, it might even feel good :)

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 3 years ago

I think I wrote a similar analogy post for home staging.....I think I did. Maybe I just had the idea and never actually wrote the post. Anyways....dragging out the process of living in "show ready" mode is like pulling the bandaid off slowly....much more painful! If you are going to do it...do it right so you won't have to prolong the agony!

Posted by Sharon Tara, New Hampshire Home Stager (Sharon Tara Transformations) almost 3 years ago

This analogy could be used in many aspects of the Mortgage Process, George Souto ... both by clients AND professionals.  So true!!

Sharon Tara ... if you used it, it's a great analogy.  

Using the talents of a home stager would certainly shorten the length of time and number of times a home would have to be shown.  Something I personally found invasive and painful.  Stage the home and get it done!

Gene 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 3 years ago

I tell all my Clients the mortgage process can, and is often, painful.  The Underwriter is going to ask us questions we've never dreamed of, and oftentimes we won't know why certain information is being requested of us.  Realize that up front, don't get frustrated during the process, and provide her with everything she requests, as quickly as possible, and we'll get through this as soon as possible.  But be prepared for some frustration and stress ... it's going to happen.

Posted by Raymond Denton, Simple Man (Academy Mortgage Corporation) almost 3 years ago

I have had clients drag their feet for weeks trying to delay this process.  It must be dealt with and you are so right - rip it and get on with it!

Posted by Margaret Goss, Chicago's North Shore & Winnetka Real Estate (Baird & Warner Real Estate) almost 3 years ago

Hi Gene - That's a good point. I know our lender's favorite clients are the ones who are proactive and super responsive, and it's the same for us.

Posted by Dick Greenberg, Northern Colorado Residential Real Estate (New Paradigm Partners LLC) almost 3 years ago

Gene- well said.  Burying your head in the sand is not what you want to do.  First, get the right mortgage lender, then give them what they ask for when they ask for it!

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) almost 3 years ago

Gene - great analogies and images, which makes for an interesting post.

Posted by Olga Simoncelli, CONSULTANT, Real Estate Services & Risk Management (Veritas Prime, LLC dba Veritas Prime Real Estate) almost 3 years ago

Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com - Well done. Great analogy. Clients need to step up and take ownership to mitigate the pain.

Cheers,

Tom

Posted by Thomas F. Scanlon, CPA, CFP (Borgida & Company P. C., CPA's) almost 3 years ago

What a great analogy, Gene.  Yes, the key is how react to these bumps along the road.

Posted by Debbie Gartner, The Flooring Girl & Blog Stylist -Dynamo Marketers (The Flooring Girl) almost 3 years ago

Oh man Gene this is a perfect analogy - I love it!

 

                                                      Featured in A+Tudes!

 

Posted by Anna Banana Kruchten CRB, CRS 602-380-4886, Arizona's Top Banana! (Phoenix Property Shoppe) almost 3 years ago

Thirty seven years of experience is long enough to know everything about the process.  Great analogy Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com !

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) almost 3 years ago

You are so right. Responding quickly makes the process a lot less painful. Great post. 

Posted by Dana Hollish Hill, Lead Associate Broker (Hollish Hill Group, Keller William Capital Properties) almost 3 years ago

We, as Lenders, need to be truthful with our clients, Raymond Denton ... true.  But we don't want to scare them while doing it.  It's a fine line to walk ... and not always easy to do.  

Unfortunately, your clients are not alone in this, Margaret Goss.  They may have differing reasons, but it happens fairly often.  Hard to explain to those not involved within the transaction ...

Gene 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 3 years ago

Who wouldn't like proactive and cooperative clients, Dick Greenberg?  Especially these days and within the current process ...

Amen, Kathy Streib .. I like the way you think!

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 3 years ago

Thank you, Olga Simoncelli ... 

Absolutely true, Thomas F. Scanlon ... it's more important now than ever that borrowers be involved in their mortgage process.  Just imperative ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 3 years ago

The process is not as simple as it once was.  For Borrowers or professionals, Debbie Gartner.  How each reacts is very important ...

 Thank you, Ms. Anna Banana Kruchten ... for the kind words and the thumbs up!

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 3 years ago

37 years, Evelyn Johnston ... time to learn well!

Thank you, Dana Hollish Hill ... and lessens the frustrations ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 3 years ago

I recently had a loan officer tell me I had "perfect" borrowers and they responded quickly to each request.  I try to tell them all to do that and to warn them the process has changed and will seem a lot more invasive than in the past if they have bought years ago. Some get it and some fight it.

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) almost 3 years ago

I always encourage borrowers to get information to the lender "yesterday'.  Fortunately, most comply!

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) almost 3 years ago

Gene - Great analogy. Buyers need to know that the faster they provide what the lender needs, the faster their loan will close.

Posted by Troy Erickson, Your Chandler, Ahwatukee, and East Valley Realtor (Diverse Solutions Realty www.ChandlerRealEstate.weebly.com) almost 3 years ago

Good morning Gene. Nice job with your analogy, there are many, but you do a great job explaining the process with your clients, which often makes it easier.

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) almost 3 years ago

Gene, doing what must be done quickly makes the process smoother! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) almost 3 years ago

Gene, this is a very easily understood analogy. I encourage my Buyer to work closely and quickly with the Lender. Delay can be painful. Thanks

Posted by John Wiley, Lee County, FL Real Estate GRI, SRES,GREEN,PSA (Right Move Real Estate Group- EXP Realty) almost 3 years ago

I have had some very frustrated buyers this year that got so frustrated with their lenders. Part of it was routine items but much of it was the lender kept losing paperwork. In the end they found it but it still made them look bad.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) almost 3 years ago

That is such an important point Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com , Agents and mortgage people have to make that point clear. Get those demands for paperwork handled quickly.

Posted by Toni Weidman, 26 Years Selling Homes in New Port Richey, FL (Sailwinds Realty) almost 3 years ago

I hear ya, Tammy Lankford ... and righting is really futile.  You either comply .. or there's no loan.  Totally elevates the stress too.  So listen .. act .. and Close!

Good, sound advice, Joan Whitebook ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 3 years ago

Pretty much sums it up, Troy Erickson ... definitely increases their chances ...

The better they understand the importance of their actions and the entire process, the better Joe Petrowsky ... I'm sure you see that too ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 3 years ago

"MUST be done" ... very well said, Wayne Martin ...

True, John Wiley ... for ALL involved ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 3 years ago

Wow ... things happen.  But when it happens multiple times and in a consistent basis, it's time to seek a new lender, Debbie Reynolds ... I cringe when I hear these things ...

You raise a great point, Toni Weidman ... the agent's assistance in stressing this important aspect of the financing is unbelievably valuable.  To the client(s) ... but as a Lender, I appreciate it greatly too ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 3 years ago

Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com 

Really nice post you play a key role in the process and we appreciate it. 

Posted by Alan Kirkpatrick, Alan in Austin (Austin Texas Homes) almost 3 years ago

Gene

Thanks for sharing your professional insight.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) almost 3 years ago

Hello and congratulations on your featured blog post! Well done and hope to see you have many more featured post. 

Posted by Mery Fernandez Empire Network Realty Luxury Brokerage, The Rise of An Empire, Let's Build Yours! (Empire Network Realty INC.) almost 3 years ago

Good Thursday evening Gene. Congratulations on the featured post. Your professionalism shows.

Posted by TeamCHI - Complete Home Inspections, Inc., Home Inspectons - Nashville, TN area - 615.661.029 (Complete Home Inspections, Inc.) almost 3 years ago

Gene, for the most part I think our clients listen to us and aide a great deal to help smooth out what sometimes can be a "bumpy ride". Unfortunately things can also happen after the transaction that got them into their home and if they would once again listen to those who know, that ride can also be smoothed out...a little cryptic, but you know what I'm referring to...thanks.

Posted by Nick T Pappas, Madison & Huntsville Alabama Real Estate Resource (Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Huntsville AL) almost 3 years ago

One of the best analogies I've ever seen here, Gene.  I've been lucky enough to close several transactions recently - all done quickly and pleasantly.....then there's one that's dragging along with borrowers piece-mailing items, not responding, etc......and it's SO painful.  

Posted by John Meussner, #MortgageMadeEasy Walnut Creek, CA 484-680-4852 (Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA,) almost 3 years ago

Good news fast, bad news faster!!  Set proper expectations and communicate often.  The game has changed and you are so right, underwriters are now asking more questions, covering more areas than ever before.  It doesn't matter if you are a first timer or a seasoned pro, be prepared to document, document and then document some more.  Another great post Gene.

Posted by David A. Weaver, 24 years helping folks finance their dreams. (Peoples Bank & Trust Co.) almost 3 years ago

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