On Friday, we provided tips to help refi guys close purchases now that rates are up. The tips included rush appraisals; reviewing contracts for addenda, reports and condition issues; and hiring a skilled appraisal manager.
Several people, however, chastised us for “giving away JVM’s playbook.” We responded by saying: A. We always like to help; and B. There are so many steps required for a smooth purchase that those five “plays” are only the tip of the iceberg.
Here are few more tips for refi guys:
1. Have a fully trained and licensed team to make sure every step is competently covered, and communicated. This is probably the most important step of all.
2. Know how to get “Closing Disclosures” out early (key for all rush transactions).
3. Know how to fund with an emailed funding package (another key for rush transactions).
4. Know how to coordinate all the players – Appraisers, Escrow Officers, Buyers, Selling Agent, Listing Agent, Seller, Contractors, Inspectors, etc. This takes more skill and experience than most people realize, and we have learned that it cannot be left to others.
5. Build an air-tight system to ensure no step or check is missed. This is the hardest tip to implement. Most lenders wing it and get lucky with simple transactions. But when transactions get sticky, things go awry every time.
Anyway – bring it refi guys. We’re ready.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 310167