It's Not About "Having" Time. It's About Making Time


It's Not About "Having" Time.  

It's About Making Time 

 

Quote above by:  Rachael Bermingham

 

     

      Mortgage Lenders often catch a lot of grief (and bad press) for Closings that 
don't take place on time ...

 

     As a Mortgage Lender, I think some times that's a bad rap. But I can't speak to others' actions or the level of service they provide.  

 

     I can only address my own professional actions and experiences, my own service level, my own transactions, and what I see take place within them.  

 

     And what I'm seeing more and more often is a very slow and lackadaisical response time in regards to my requests for information and documentation.  People just aren't making their response a priority.  This happened again recently.

 

     An email I received within my inbox contained no written message.  It wasn't signed with a name or provide any other clues as to the sender.  

 

     It did however, contain over 20 pages of attached info.    The majority of those pages contained no names, addresses, or references to any specific transaction I presently had in process.  

 

     But finally:  On the last few pages of the documents received, came a name.  It initially drew a blank, but a light bulb eventually went off fitting the name and a home buying scenario together.

 

     I'd received a phone call late on a Sunday evening almost 5 weeks earlier.  After a rather lengthy conversation, I'd asked the caller to send me copies of some monthly billing, accounts, and documentation.  I thought that info would outline the debt they had, provide some insight into the property they hoped to buy, and also explain why a previous mortgage application they'd made had been declined.     

 

     No documentation arrived.  No further calls or contact of any kind were received.  Even after several attempts to contact them.

 

     Fast forward almost a full 5 weeks to the email I received today ... 

 

     I'm happy that this caller is once again pursuing my mortgage services.  But as it turns out, the original home and contract referred to in the original conversation is still in play.  

 

     And of course, everyone wants to close on the transaction according to the Contract date.  It's urgent they do so.

 

     Uh-huh.  I'm not kidding ...

 

     It's vitally important for everyone within a transaction to understand:  For a transaction and its mortgage financing to move quickly and fluidly, clients ... and each professional that represents them ... must reply, comply, and communicate in a timely fashion.  

 

     Currently, that's proving more and more challenging in too many cases.  And it's interfering with the processing of files.

 

     I believe that I can and will successfully close the transaction for this client.  But it will not be without a Contract Extension in play. 

 

     If you're hoping to buy in Chicagoland, Illinois or Wisconsin ... and are in need of mortgage answers and financing, please contact me.  I'll be happy to assist you.  

 

     We'll all work together towards a successful home Closing with thorough communication and consistent and persistent attention and care ... all carried out in a timely fashion ...  

 


     

     *  Hoping to Buy or Refinance a home in New LenoxWill County, or elsewhere in the greater Chicagoland area?  Contact Me today!  I'll be happy to hear from you and 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

eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

 


  

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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

Email Me .. to be added to my Mortgage & Real Estate Newsletter

Comments

Everything in real estate is time sensitive. Agents or buyers can't complain when their loan is behind when they didn't get the loan officer the information they needed. 

Posted by Nicole Doty - Gilbert Real Estate Expert, Broker/Owner of Zion Realty ZionRealtyAZ.com (Zion Realty) almost 3 years ago

Common sense would hopefully tell someone that, Nicole Doty - Gilbert Real Estate Expert ... but so often it does not.  It can be frustrating ...

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

Hello Gene Mundt,

Thanks for explaining the process. In real estate is all about timing! We also have to have a lot of patience, which involves time too!

 

Posted by Jan Sohlman, RE/MAX Integrity (RE/MAX Integrity) almost 3 years ago

Gene I hear your frustration loud and clear. It's not about lenders. To me the whole team must work together and make sure the process is moving along in a timely and quick progression. 5 weeks is far too long to be finally getting docs to you. As a broker it's my job to educate our buyers and sellers and let them know what is expected. And we do keep track of every little detail and make sure it's on track and on time.

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

Hi Gene - We tell our buyers their two main jobs after getting under contract are their loan and inspection. Looks like your guy has been sleeping on the job.

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

Time, and the management of it is a great topic for this blog.  I look at time, like saving for the future.  If you don't make it happen, it won't likely happen on its own.

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) almost 3 years ago

I have lenders who let me know (not specifics), but just that call and say "waiting on something from the client" when it's in my client's ball park. That way I can push.  I have also had clients who get praised by lenders for being fabulous at getting documents and LO blamming someone else at the bank for delays.  I just had "we're waiting on underwriting" for 3 weeks (can't make that up) and then the loan was denied of debt to income ratios (wait, didn the LO know that).  

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

Good morning Gene. For the most part, folks are pretty good about getting all the necessary document and yes, there are always a certain few that do a poor job getting us what is needed, lots of delays at that point and everyone can start pointing finger.

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

Gene, folks have to understand that without cooperation on their part, no chance of a miracle on your part! Enjoy your day! 

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

Jan Sohlman ... true, a good trait to have!  It can be a balancing act between "need" and "Patience" ...

Thankfully, that is how the better part of transactions transpire, Anna Banana Kruchten .  On this particular transaction, I actually thought the client disappeared and went elsewhere.  I also wondered why the agent didn't step in.  Amazing ...

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

Dick Greenberg ... Unsure if they just don't know and understand ... or uncaring.  All of a sudden, everyone cares.  Mystifies me ...

So true, Myrl Jeffcoat ... you and I both know there are catalysts needed to make the transaction move along.  They were invisible in this particular case ...

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

You make a great point, Tammy Lankford ... the transaction is only as strong and successful as those professionals facilitating it.  In this case, not only the client went disappearing, but I couldn't get an agent to respond either.  Until it came closer to the stated Contract Closing time, they went silent too.  It's unbelievably frustrating when that happens.  

As I said above, I thought these clients had just gone elsewhere and were not telling me.  We really were at the very beginning of any process taking place ... and I understand "things" happen.  But a simple communication of some sort is needed in those instances too.  The lack of communication is becoming a more serious issue in general ... 

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

You're right, Joe Petrowsky ... in the majority of cases, requests are fulfilled more easily or quickly.  For those that don't though, it's going to become a more serious issue in a couple of weeks.  Delays and poor communication result in loss of time.  That will have consequences ...

The "miracle" will occur, Wayne Martin ... but it will arrive a bit later than the Contract had first stipulated.  That could have been avoided ...

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, you are amazing...when confronted with this type of person I might give them one more shot but if they do not comply to my requests I would advise them to seek help from someone else....Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) almost 3 years ago

It is true, it is about making time and sticking to your goals for a day/week/year. There are so many professionals who are very busy, yet, they are not productive at all.

Posted by Inna Ivchenko, Realtor® • Green • GRI • HAFA • PSC Los Angeles CA (Barcode Properties) almost 3 years ago

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