When we bought a new boat and took everyone's advice of how to launch it on the boat ramp. After hearing all the info on what TO DO.... I went on You Tube and searched" boat launch failures".....wow!!! That 2 hours of entertainment was engraved in my mind of how to avoid many failures and what to do in case of the mishap of failure!
When I entered the mortgage world, I did exactly the same self education course. I read the how to, and then I studied every failure I could find. I went through old closed files and read the conditions that were given on various mortgages, and then I created a check list. My check list allowed me to know which conditions would be requested so I could present them first. This helped me close loans faster, and made many people very happy.
Why did mortgages fall out of escrow, especially late in the process? The more you research and prepare in the beginning, the less surprises you will have. Unless a client quits their job, buys a new car, changes a tax return or their financial profile, a loan should never "fall out". We can not control everyone, but we can try to coach the client on the process to avoid common failures. Crossing t's and dotting i's are essential in this business. While studying processing and underwriting mistakes, I found not checking a box on the tax transcript created a 10 day delay!! 10 days? Thankfully I read about that mistake so I never have to make it. My first mentor repeated, "measure twice, cut once". Great words to live by in the mortgage world!You do not need to fail to succeed, as long as you learn from failure that has already happened. - Cindy Chaisson
If an escrow falls out, I usually say the MLO is to blame, and that would be me pointing at all people that do my job, as the ones that should be blamed. That's rough...but honestly, if there is a mistake in the real estate contract, I should catch it, if there is a bank statement not accepted, I should not have submitted it. Nothing gets to a processor or an underwriter that did not touch me, or someone I put in supervision of that role. If an inspection creates chaos, I have a rehab loan to fix it. If an appraisal is low....it is not my fault! That one there is nothing I can do to control, and takes extra prayers.
Do I never fail? Of course I do, but I avoid it as much as possible, especially when I have two Realtors, a title company, a lender, and two families counting on me to carry their home loan to success. There is nothing better than a room of smiles as the keys to a new home is passed from the Realtor to the client.
Cindy Chaisson
Florida and California Licensed
Originator NMLS #1385534
Powered by Edge Home Finance NMLS
891464
561-246-9586
