We often tout our ability to close purchases in 15 days, even though our Processors and Mortgage Analysts hate it. They dislike touting fast closings not b/c we cannot perform (we can, and then some); they dislike it because even a slightly uncooperative borrower, Realtor or escrow agent can delay us by a week, while we take the blame.
In short, we can close in 2 weeks easily, but everyone needs to be on board. “Everyone” means Buyers, Escrow Officers, Selling Agent, Listing Agent, Appraiser and Lender.
Escrow Officers need to get us prelims and estimated fees within a day of going into to contract. We MUST have accurate fees in order to prepare accurate disclosures in a timely manner; signed disclosures are required to submit a loan.
Selling Agents must get us complete contracts and all terms and special concerns immediately. Contracts need to be “clean” too, with no references to inspections, unless inspections are done with no work required.
Listing Agents must meet with appraisers ASAP.
Appraisers must set up the inspection ASAP.
Lenders need to ensure reasonable “turn times” – underwriting in under 3 days; reviewing conditions in under 3 days; drawing loan documents in 1 day; etc.
BORROWERS need to be the most prepared. A complete loan file requires an enormous amount of paperwork, and we need it all immediately before we submit. This is why we say borrowers practically need to move in with us; many borrowers are far too nonchalant regarding “urgency” in rush situations.
Borrowers get frustrated when they give us documents that then spur the need for more documents, but this is the nature of lending now days. Borrowers need to understand this.
Further, borrowers need to be ready to sign an enormous amount of disclosures as soon as we prepare them. Borrowers in rush situations literally need to be at our beck and call.
Rates/Pricing: Borrowers also must realize that in rush situations we cannot “shop” for the lowest rate; we necessarily must focus only on fast turn times and speed.
Founder/Broker | JVM Lending
(925) 855-4491 | DRE# 01524255, NMLS# 335646