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Communication Is Key
By C. J. Coury
Now more than ever it is critical to communicate with your buyers who are purchasing with the assistance of mortgage financing. Mortgage lenders have developed many new processes with the intent of eliminating as much fraud as possible. This increased scrutiny includes the utilization of electronic resources to help verify much of the information contained in the loan application. It is therefore paramount that the mortgage applicant is as honest, open and thorough as possible with the lenders Loan Officer. It is also imperative that the Loan Officer take the time to conduct a full and complete interview with each potential borrower and to communicate clearly with them that they will continue to be reviewed and monitored throughout the process.
Borrowers should be given a clear understanding of the importance of checking with their Loan Officer prior to making any changes in their financial position as it may adversely impact their loan approval. These include, but are not limited to, change of employment, depletion of assets, additional credit requests, or financed purchases such as a car, boat, furniture, appliances, etc.
The mortgage lender will most likely conduct a second verification of employment, credit and asset account balances just prior to the closing date. Significant changes might not only create last minute issues but can actually cause an approved loan to be declined.
Communicate the above facts clearly with your buyer to ensure a smooth and trouble free mortgage approval process and closing.
C. J. Coury is a Vice President with HomeBanc and oversees the Greater Sarasota market. He has been a mortgage finance professional since 1983. C. J. may be reached at (941) 730-2444 or by email at cj.coury@homebanc.com [2].
Copyright © 2010 REAL Magazine
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