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Does closing time affect how many clients you get?

Does the closing time that you or your bank take to close a loan affect the amount of business that a loan officer, or mortgage broker, generates? by veroni_213_276 from Santa Monica, California. Aug 7th 2012 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,550 contributions

Right now because of the amount of people trying to refinance under HARP, it's taking 3 times longer to get a refinance transaction closed... some as long as 3 months.. Purchase transactions can still be done inside of 30 days, but in the past they could have been done sooner.. if you're looking to do a HARP loan, beware of loan officers telling you they can close them.. say in 25 days.. it's just not possible... as far as it costing the loan officer business, it could, but the amount of new business coming in is much greater than the loss of a few folks unwilling to understand how the market can effect turn times for a mortgage.... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Aug 8th 2012
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,819 contributions

Not me. Although many Real Estate agents and sellers always want to close escrow yesterday, I have learned that they are usually the ones that are least prepared to provide what is needed to close efficiently. Those that I work with know what is expected, know that we have a super support organization to get it done and they know that at the end of the day, their buyer, and my client, will be ecstatic with the end result. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Aug 8th 2012
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Jesse Olson (jesseolson)
#656 ranked lender in California - 37 contributions

Hello, Yes. The faster the closing time, the faster revenue would be generated and may help to find new business. For a large bank, it won't affect them as much as say a one man mortgage broker. If the loan is taking longer than 25 days, then please contact me at jolson@afnmortgagelenders.com or 949.491.8607. Also, if you have any other questions that I might be able to help you with, then please feel free to contact me as well, thank you.

Aug 7th 2012
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Chris Mylin (chrism_408_673)
#59 ranked lender in Ohio - 32 contributions

as with anything else the more efficient the organization is the more volume they can handle.

Aug 8th 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

People want results quickly, closing in a timely manner will improve your credibility.

Aug 8th 2012
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Larry Gray (lgray_312_247)
#596 ranked lender in California - 1,139 contributions

I felt compelled to respond as well. I agree with the fact that HARP loans are taking everyone a long time. My experience is that the whole way of marketing refinances primarily, has changed. There are many internetads proclaiming the lowest rates, etc. No question about it, every mortgage consultant...perhaps other thanthe big, heavy advertising call centers like Cash Call, Loan Depot, and others...need clients to come back to themand referrals from those clients. I use the word clients as opposed to borrowers because the person has establisheda positive relationship with that person due to regular good communication and handling their loan in the best possible way.If the company or bank does not provide the tools to match the knowledge, experience and efficiency of the loan officerthan they need to find somewhere that does. I have suffered with less than the service I am accustomed to at times inmy career, but always communicate with my borrowers to let them know what is going on. Be truthful and forthright. Evenif poor support cause delays...that regular, open communciation with your borrowers leave a positive impression about you, the loan officer, even if they still have a negative one on the inability of the company to meet their timeline.They may not want to do business with your company or bank again, but when you change employers some might be willingto still give you another try. This is a difficult and imperfect business that we still must meet people's timelines and better, if we want business to keep flowing our way. No one wants to have to have to depend on people shopping for a new lender and pitting 3 or 4 of themagainst each other. On a purchase loan it is a foolish mistake by any borrower to choose based on rate/price quotes. The most educated borrowers always choose quality first on anything so important as a purchase loan. I use my knowledge, experience,and meticulous attention to all the details to fund my purchase client's loans on time. And...I am greatful for any refinance loansmy client's give me or referrals they send my way!

Aug 8th 2012
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