You know, all small businesses talk about team work. Big businesses too. When you are rolling up your sleeve and chasing the details over your everyday business, mortgage loans in my case it helps to have everyone singing from the same sheet of music, so to speak.
The biggest challenge in getting loans approved is the stuff we don’t control on the origination side of the business: Appraisals, condo association issues, and underwriters that can often be viewed as “showcasing their knowledge base” can all help create delays in loan closings if not outright declines.
But the chance to make it up comes in managing the stuff you can control. Quickly turning pre approvals for example. Generating compliant docs quickly and efficiently and ensuring borrowers understand the value in a complete application all help in the fight to get to closing quickly.
Teamwork comes into play when originating a mortgage when you, as a customer, have a loan originator, an opener or discloser (topic for another post) and a processor working together to get you to the underwriting stage and fighting on your behalf. If you are shopping for a loan, one great thing to ask is “tell me about your team” and listen carefully to the answer. Your Loan Officer is only as good as those on his team.
