Borrowers Should Postpone Vacations During Short Escrow Periods
We have a surprisingly large number of borrowers who use our fast closing periods to get their offers accepted, but then somewhat cavalierly wander off on vacation after their contract is ratified :).
This makes it all but impossible for us to close on time if we have an escrow period under 21 days.
Hence, we try to educate borrowers in regard to the need to stay put during short escrows, and we are asking our Realtor partners to do the same.
We recently blogged about the “11 million steps” necessary to close after a contract is ratified, and 7 million of those steps (give or take) require the borrower’s assistance.
Steps requiring the borrower include: 1. discussing rates and giving us permission to lock; 2. providing updated documents; 3. signing disclosures; 4. providing “conditions” requested by the underwriter; 5. signing the “Closing Disclosure;” 6. signing loan documents; and 7. bringing funds to escrow.
The above is only a partial list, but in short, we definitely need borrowers at the ready and local if we want to close on time.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646