There's No 'I' in Mortgage
I have a confession ...
I am a "Sportsaholic". Anyone that knows me knows that to be true. Especially my wife.
Name the sport. I probably watch it or follow the outcome of its competition/games. Football, golf, baseball, basketball, hockey, bull riding, tennis, more ... all of them pretty much at all levels. Local kids teams to professional.
It probably comes as no surprise then, that I've caught a few of the NHL Stanley Cup playoff games played over the last couple of weeks. Okay .. admittedly more than a few ... and that number even though my beloved Chicago Blackhawks aren't involved this year.
While I've watched those games, it's become obvious to me that the old saying, "There's no 'I' in Team" is true. The teams that have played the most cohesively as a group have won their games.
It's also hit me that much the same could be said of mortgages ... "There's no 'I' in Mortgage". Because in today's mortgage lending, there's simply no one person that can originate a loan from start to finish without the help of a "team" of people.
As an Example: In the typical Illinois/Chicagoland transaction, there are many people (occupations/team members) that normally take part in the facilitation of a mortgage transaction. Those are:
- Mortgage Originator
- Buyer
- Seller
- Realtor (or Builder)
- Home Inspector
- Attorney
- Title Company (Company & Agent)
- Loan Opener (Orders Appraisal, Verifications, Moves File to Mortgage Processing Department)
- Loan Processor (Collects, Reviews Data & Submits loan files to Underwriting)
- Appraiser/Appraisal Management Company
- Management Company/Homeowners/ Association (if transaction applies)
- Underwriter (Reviews & Approves File)
- Loan Closer (Prepares Documents/Funds)
- Title Company Closer (Coordinates Buyer/Seller Documents)
- Homeowners Insurance Agent
- Mortgage Insurance Company (if applicable)
Teamwork between all of the above is ESSENTIAL to the fluidness and 
success of the transaction ...
If even one of the people mentioned above doesn't complete their portion or task within the processing of the transaction ... or doesn't perform it in a timely, thorough manner ... the deal can derail. Get off-track. Temporarily or permanently.
This speaks to the importance of this fact for Buyers and Sellers ...
Taking the time and making the effort to find and select their transactions' "Team" members can't be overstated. The choices made can have a huge impact on their transaction's outcome.
No matter the sport or endeavor, the ability and talent to work as a "team" is typically very important. That is definitely true in today's mortgage financing.
There's no 'I' in Mortgage ...
* Looking to Buy or Refinance a home or buy an Investment property in the New Lenox - Will County - Chicagoland/IL & WI area?
Contact me today! I'll put my 40 years of mortgage expertise and experience hard to work on your behalf.
I can be easily found at:
Gene Mundt
Mortgage Originator - NMLS #216987 - IL Lic. #031.0006220 - WI Licensed
American Portfolio Mortgage Corp.
NMLS #175656
Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 1.815.524.2281
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!
I think every successful transaction is the result of a team effort. Well said, as usual, Gene.
And as an agent I feel that the mortgage person on any given deal is part of a team as well as the inspector. The best possible outcome is NOT even always a closing, but what happens to be best for the mutual client.
Hi Gene - Another saying comes to mind from reading your enlightening description of a correctly done mortgage process - it takes a village...
You scored a double eagle with that one! The real estate transaction is more than a single player for sure.
Great post here, Gene. This also brings to light the importance of an experienced, well-networked LO ---- we have the resources to make a transaction much better than someone sitting in a cube with a headset, and no real team to help keep things moving smoothly.
Happy to see this Featured!
Excellent post and great information!
Nice analogy, Gene. And, nice to pay due respect to all of those that make every successful transaction a reality. Have a great week!
This also includes the buyer or seller being a part of the team, which is on the list. Anyone slacks, everyone feels it
Genee this an awesome post! There is no I in TEAM. And that is so true in our industry. Most of the folks I work with are very good at team playing. Only a few fail miserably. We think our our office as a TEAM as well and we all work really well together.
Gene you hit it right on the nose. A sure way to have a loan fall apart is to try doing it all on your own.
Gene
Well you have knocked one out of the ballpark with this post. This should be everyone's mantra. A successful real estate transaction IS the result of a team effort.
Jeff
It is why we believe in a "lender list" when all the players are at the top of their game...and understand it IS a team effort....everyone wins !
Exactly, there's no "I" in real estate. It's all about teamwork!
Hi Gene. Very interesting blog. So many cogs that have to mesh in a transaction.
I love the post. Congratulations on the feature. Have a good day.
And that is why being able to manage and coordinate a team effort is so important.
"I" stands alone. "We" work together!
The list is good when the file is in processing but to market and get it there a team may also be necessary...Go back to work people
Gene,
Great blog! I like how you tied this all together with basketball and teamwork. And I agree, it takes all the professionals you list working together as part of a team to get the deal closed or get a slam dunk as it relates to real estate.
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi - goes without saying, a team can achieve more - most of the time!
And that's why, no 'I' - loved the title.
What a clever post, Gene! I am bookmarking this information to share with those seeking a mortgage, so that they can further understand the complexity of securing a mortgage.
Same with our job, we can not tell: I closed the deal, it is always a large team who helps our principals to sell/buy.
Good communication is essential to completeing a transaction. Great post.