.

"The loan process is one of discovery designed to find any and all financial inconsistencies."

"The loan process is one of discovery designed to find any and all financial inconsistencies."

Anger drove me to action….

I was so agitated one night that I could not fall asleep, all because I had
learned about a buyer who had their loan application denied and I could not do
anything to help save the transaction. You see, the buyer was NEVER going to
have their loan application approved because the condo association where the
property was located did not meet lending requirements.

I was so angry I was inspired to draft the Fairway Promise, an
outline of my branches commitment to truth, transparency and integrity
throughout the loan process. This in turn led to the Weekly Promise e-newsletter
to help keep Realtors© and consumers informed about the mortgage industry, loan process, and the rules and regulations now guiding the industry.

I never again wanted to learn of a buyer who had spent time, money and energy
pursuing a transaction that was never going to work; or of a seller confident
that their property was sold, making plans for the next phase of their lives,
only to have the deal fall apart; or a real estate professional budgeting their
commission income only to learn weeks into the process that the transaction
would not close at all because someone neglected to ask one simple question on
day one.

The Fairway Promise is our commitment to the real estate community
to tell the truth, to dig deep and get the facts, to engage early and require
complete documentation prior to issuing a pre-approval letter, to communicate
effectively and consistently throughout the mortgage process, to ask all the
required questions to determine condo qualification, borrower qualification and
seller needs on day one.

In the past few years since I was moved to draft the Fairway Promise
and e-newsletter, the real estate industry has improved, and the
marketplace has self-corrected. The less competent loan officers and real estate
agents are out of the business. However, there is still room for
improvement…

I read an article recently in Banker & Tradesman 2/10/2013 issue about a
local couple trying to refinance their home and 5 months later, after much
effort, expense and frustration they still have not closed on the
transaction!!!

There is no excuse for this situation… Nothing in this story indicates that
the loan does not work, only that the lender’s systems have failed.

ALL borrowers deserve better treatment…

There are multiple stages in the process where there can be mortgage
‘gotchas’ no matter how thorough the initial interview is.  The loan process is
one of discovery designed to find any and all financial inconsistencies. However, in light of the lack of a viable financial explanation, there is no reason for a loan to drag on for months and not close other than lender incompetence.

All of this has inspired me to take a new look at our Fairway Promise, to
update it and enhance it to better reflect our efforts to stand out in the
industry.  It will include a new piece on refinancing, and additional built-in
performance guarantees that will challenge all professionals in the real estate
community to raise the bar for professional expectations and quality service for
the consumer; buyers, sellers and refinancers.

I look forward to sharing this with all of you in the coming weeks, and
welcome your feedback as we strive to create a better marketplace for
all.

For more ideas on how to stand out in real estate in 2013, read the
KCM Crew's 5 Quick Tips for March

Do you know the difference between a  pre-approval and a pre-qualification? Are you confident that you or your clients understand what they can reasonably afford before they venture out to look at houses? In a competitive marketplace borrowers need to be prepared to move fast! For a thorough pre-approval and credit analysis contact us at 781-719-4664 or www.fairwayne.com

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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