Comments on: How Long Will It Take To Close My Loan? http://www.phoenixrealestateguy.com/how-long-will-it-take-to-close-my-loan/ Phoenix Real Estate - Anything & Everything About It. Plus Random Musings... Fri, 10 Feb 2012 03:19:15 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Ten Day Close: How The Magic Happens | Mortgage Rates Canada http://www.phoenixrealestateguy.com/how-long-will-it-take-to-close-my-loan/#comment-76165 Ten Day Close: How The Magic Happens | Mortgage Rates Canada Fri, 02 Apr 2010 10:54:33 +0000 http://www.phoenixrealestateguy.com/?p=3172#comment-76165 [...] literal text on the Best Damn Real Estate Blog On The Planet [...] [...] literal text on the Best Damn Real Estate Blog On The Planet [...]

]]> By: Ten Day Close: Is It Possible? | Real Estate Industry Blog http://www.phoenixrealestateguy.com/how-long-will-it-take-to-close-my-loan/#comment-76096 Ten Day Close: Is It Possible? | Real Estate Industry Blog Fri, 02 Apr 2010 04:04:28 +0000 http://www.phoenixrealestateguy.com/?p=3172#comment-76096 [...] I went ahead and got on one of the bigger Phoenix real estate blogs and said these exact words: So if you are planning on buying a home in Arizona and find yourself in this situation – who do [...] [...] I went ahead and got on one of the bigger Phoenix real estate blogs and said these exact words: So if you are planning on buying a home in Arizona and find yourself in this situation – who do [...]

]]> By: Ten Day Close: What It Takes To Make It Happen http://www.phoenixrealestateguy.com/how-long-will-it-take-to-close-my-loan/#comment-76086 Ten Day Close: What It Takes To Make It Happen Fri, 02 Apr 2010 03:01:50 +0000 http://www.phoenixrealestateguy.com/?p=3172#comment-76086 [...] I gave them the benefit of the doubt and said this exact thing on one of the Best Damn Real Estate Blogs On The Planet: So if you are planning on buying a home in Arizona and find yourself in this situation – who do [...] [...] I gave them the benefit of the doubt and said this exact thing on one of the Best Damn Real Estate Blogs On The Planet: So if you are planning on buying a home in Arizona and find yourself in this situation – who do [...]

]]> By: The Ten Day Close: Why Other Lenders Whine About It | Latest Mortgage Rates and Mortgage News in Canada http://www.phoenixrealestateguy.com/how-long-will-it-take-to-close-my-loan/#comment-64956 The Ten Day Close: Why Other Lenders Whine About It | Latest Mortgage Rates and Mortgage News in Canada Thu, 04 Feb 2010 15:04:13 +0000 http://www.phoenixrealestateguy.com/?p=3172#comment-64956 [...] then I picked myself up, got on the large and best shit actual realty journal on the follower and wrote every most it — for the concern to see.  After all, I was bushed of my income movement to customers at the [...] [...] then I picked myself up, got on the large and best shit actual realty journal on the follower and wrote every most it — for the concern to see.  After all, I was bushed of my income movement to customers at the [...]

]]> By: Jeff the FHA Expert http://www.phoenixrealestateguy.com/how-long-will-it-take-to-close-my-loan/#comment-64983 Jeff the FHA Expert Thu, 04 Feb 2010 11:23:15 +0000 http://www.phoenixrealestateguy.com/?p=3172#comment-64983 Look.. not here to bust chops... but you make this statement several times. Here is how we close loans in ten days: o My bank has a clean record with its investors. o My bank does not have problems obtaining the funds needed to actually close the loan. o My team has a sense of urgency from start to finish. o My team is all located under one roof. I can agree that having everyone under the same roof helps, but the part about having a clean track record with your investors "does not" close your loans any quicker. It helps you fund your loans quicker. If you are telling me that you underwrite and close your own loans, why do you keep bringing up your track record with investors? I have an idea why this is mentioned... it's called marketing and making yourself look stronger to the average person who doesn't understand the whole mortgage process. Hence why you are pushing 10 day closings. And this is easily accomplished if you aren't closing that many loans and if they are all DU approved. These are just my opinions from 17 years in lending. But I will say this, using the phrase "guaranteed 10 day closings", even if you can do them, is very scary. Just like those that can close loans under 620 credit scores to 580... yes, it's on their matrix on what kind of loans that they can close, but it doesn't mean that they can close them. Overall, I hate to assume, but the loans that you are closing in 10 days are deals that aren't hard... need credit work... missing some assets... Are you telling me, when I client calls you then, that the guarantee sticks? Or is the guarantee offered after you scrub your client down to their underwear to make sure your guarantee will hold up? Hey, just asking the questions because of how I read this... Look.. not here to bust chops… but you make this statement several times.

Here is how we close loans in ten days:

o My bank has a clean record with its investors.

o My bank does not have problems obtaining the funds needed to actually close the loan.

o My team has a sense of urgency from start to finish.

o My team is all located under one roof.

I can agree that having everyone under the same roof helps, but the part about having a clean track record with your investors "does not" close your loans any quicker. It helps you fund your loans quicker. If you are telling me that you underwrite and close your own loans, why do you keep bringing up your track record with investors? I have an idea why this is mentioned… it's called marketing and making yourself look stronger to the average person who doesn't understand the whole mortgage process. Hence why you are pushing 10 day closings. And this is easily accomplished if you aren't closing that many loans and if they are all DU approved. These are just my opinions from 17 years in lending. But I will say this, using the phrase "guaranteed 10 day closings", even if you can do them, is very scary. Just like those that can close loans under 620 credit scores to 580… yes, it's on their matrix on what kind of loans that they can close, but it doesn't mean that they can close them.

Overall, I hate to assume, but the loans that you are closing in 10 days are deals that aren't hard… need credit work… missing some assets… Are you telling me, when I client calls you then, that the guarantee sticks? Or is the guarantee offered after you scrub your client down to their underwear to make sure your guarantee will hold up? Hey, just asking the questions because of how I read this…

]]> By: Real Estate http://www.phoenixrealestateguy.com/how-long-will-it-take-to-close-my-loan/#comment-64718 Real Estate Tue, 02 Feb 2010 22:58:19 +0000 http://www.phoenixrealestateguy.com/?p=3172#comment-64718 @stevelines: Nice comment. Additional reading but worth the time! @stevelines: Nice comment. Additional reading but worth the time!

]]> By: Joe http://www.phoenixrealestateguy.com/how-long-will-it-take-to-close-my-loan/#comment-60644 Joe Tue, 17 Nov 2009 17:33:27 +0000 http://www.phoenixrealestateguy.com/?p=3172#comment-60644 A 10 day close in this market is nothing short of AMAZING!! I have an investor that has 24 hour underwrite times but that is AFTER everything is in which takes almost 10 (if you include weekends) to get in most cases. HVCC appraisals are another thing that is making the market painfully slow here in San Diego. I was on a webinar with one of the big guys at VanDyk Mortgage this morning, he was speaking about how your company looks at clients and the market in general. 100% class organization !!! A 10 day close in this market is nothing short of AMAZING!! I have an investor that has 24 hour underwrite times but that is AFTER everything is in which takes almost 10 (if you include weekends) to get in most cases. HVCC appraisals are another thing that is making the market painfully slow here in San Diego. I was on a webinar with one of the big guys at VanDyk Mortgage this morning, he was speaking about how your company looks at clients and the market in general. 100% class organization !!!

]]> By: stevelines http://www.phoenixrealestateguy.com/how-long-will-it-take-to-close-my-loan/#comment-60431 stevelines Thu, 05 Nov 2009 18:42:01 +0000 http://www.phoenixrealestateguy.com/?p=3172#comment-60431 Sorry, that was supposed to say "valid questions", not "valid questions?" Sorry, that was supposed to say "valid questions", not "valid questions?"

]]> By: stevelines http://www.phoenixrealestateguy.com/how-long-will-it-take-to-close-my-loan/#comment-60428 stevelines Thu, 05 Nov 2009 17:26:34 +0000 http://www.phoenixrealestateguy.com/?p=3172#comment-60428 Can the ten day close be trusted? Will it cost you more money? Valid questions? Here are three points to consider:1. Why can I do it faster?Perhaps because the banker that I work for is better capitalized and has a better track record with the investors that it sells its loans to. So, our investors have developed a satisfactory level of trust with our quality controls.2. Does the fact that they can complete the loan transaction in 10 days imply that they are "rushing through the important parts"? First, you need to ask, does a longer loan processing time equate to higher quality control? The answer is no. With every loan that I close I obtain and review supporting documentation, independently verify income, employment and assets, review credit for compliance with FNMA or FHA standards (including the removal of "authorized user" accounts to ensure the validity of the credit history), obtain written statements that no new credit has been obtained that is not on the credit report, obtain an independent appraisal according to HVCC or FHA standards, obtain copies of tax transcripts directly from the IRS and compare to documents provided, and review the purchase contract for nuances and pitfalls. Then it is submitted to a DE underwriter who does that again. The question is how long does it take to do that with a residential loan file? It doesn’t take more than two days to actually perform the review as listed above so the question is how good are my logistics and communication related to gathering the required information to underwrite the file and moving the file from processing to underwriting to closing? I can tell you that it makes it a lot easier and faster when my processor sits across the hall and my underwriter and closer are down the hall.Here is how we close loans in ten days:o My bank has a clean record with its investors.o My bank does not have problems obtaining the funds needed to actually close the loan. o My team has a sense of urgency from start to finish.o My team is all located under one roof.o 2009 technology for communications.3. Who is the “you” that you are referring to when you ask “will it cost you more money”?If I overlook something and close a loan that should not have closed, what are the consequences? o The loan becomes uninsurable by FHAo The loan becomes unsalable to an investoro I am not compensated for my work o My company incurs losses from the unsalable or non-performing loan. o I lose my job and/or my credibility. So, I am -- and my bank is -- the “you” that you are referring to. I bear the risk. Fortunately, I work for a company that is well capitalized and is willing to bear their portion of the risk. Respectfully,Steve LinesSenior Loan Officer and Ex “Big-4” Auditor Can the ten day close be trusted? Will it cost you more money? Valid questions? Here are three points to consider:1. Why can I do it faster?Perhaps because the banker that I work for is better capitalized and has a better track record with the investors that it sells its loans to. So, our investors have developed a satisfactory level of trust with our quality controls.2. Does the fact that they can complete the loan transaction in 10 days imply that they are "rushing through the important parts"? First, you need to ask, does a longer loan processing time equate to higher quality control? The answer is no. With every loan that I close I obtain and review supporting documentation, independently verify income, employment and assets, review credit for compliance with FNMA or FHA standards (including the removal of "authorized user" accounts to ensure the validity of the credit history), obtain written statements that no new credit has been obtained that is not on the credit report, obtain an independent appraisal according to HVCC or FHA standards, obtain copies of tax transcripts directly from the IRS and compare to documents provided, and review the purchase contract for nuances and pitfalls. Then it is submitted to a DE underwriter who does that again. The question is how long does it take to do that with a residential loan file? It doesn’t take more than two days to actually perform the review as listed above so the question is how good are my logistics and communication related to gathering the required information to underwrite the file and moving the file from processing to underwriting to closing? I can tell you that it makes it a lot easier and faster when my processor sits across the hall and my underwriter and closer are down the hall.Here is how we close loans in ten days:o My bank has a clean record with its investors.o My bank does not have problems obtaining the funds needed to actually close the loan. o My team has a sense of urgency from start to finish.o My team is all located under one roof.o 2009 technology for communications.3. Who is the “you” that you are referring to when you ask “will it cost you more money”?If I overlook something and close a loan that should not have closed, what are the consequences? o The loan becomes uninsurable by FHAo The loan becomes unsalable to an investoro I am not compensated for my work o My company incurs losses from the unsalable or non-performing loan. o I lose my job and/or my credibility. So, I am — and my bank is — the “you” that you are referring to. I bear the risk. Fortunately, I work for a company that is well capitalized and is willing to bear their portion of the risk. Respectfully,Steve LinesSenior Loan Officer and Ex “Big-4” Auditor

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