Borrowers in contract often get overwhelmed with requests, paperwork, disclosures and decisions, and they want to take time to think about things. Unfortunately there is simply no time. The loan approval process is very complicated with numerous steps and everything needs to get rolling immediately if we are to close on time.
We need loan disclosures back ASAP before we can submit a file to underwriting. We are required by law to prepare a very elaborate set of loan disclosures. We go to great lengths to explain them as much as possible, and make them as simple as possible. But unfortunately, regulations have made them so complex, they will always be cumbersome. In spite of this, borrowers need to digest them, sign them and get them back to us as soon as possible if we are to close on time.
Borrower’s are also off-put by our requests for seemingly ridiculous loan conditions (“paper-trailing” $500 deposits for example), and they are slow to get them to us. Unfortunately, inane conditions are just the nature of the business nowadays. And we need those conditions ASAP, once again, if we are to close on time.
We have had several transactions severely delayed recently b/c borrowers “sat on” disclosures and condition-requests far too long. It is imperative that all parties (Escrow and Realtors too) involved in a transaction realize how important it is to get us all requested info as quickly as possible.
Founder/Broker | JVM Lending
(925) 855-4491 | DRE# 01524255, NMLS# 335646