Best Practices for Lenders & the Closing Process

Lenders are, clearly, an integral part of the closing process. So much so, that the difference between a competent and confident one can often be the difference between a finalized sale and a transaction that falls through. As for buyers, it’s good to know what practices being put in place by your lender are reasonable and which may not be. And when it comes to loans, having an experienced Orlando area title insurance manager by your side can be vital.

Closing a transaction on a loan for a property is a complicated business. Factors from the arcane to the rudimentary to the revelatory crop up consistently and at a whim. Of course, taken together, loans, lenders, and buyers make up the critical ecosystem of property sales in this country and understanding that ecosystem can go a long way to becoming a successful lender with a solid track record. It’s not an easy business, and competition will always be fierce. As a lending officer, your contribution is your knowledge of not only the evolving property marketplace, but as a Swiss Army knife of tools and contacts that weave together the entire web of the home sales market. The difference between yourself and a rival lender may boil down to something as simple as the phone numbers stored in your pocket.

But a lender is more than just a human Rolodex: they are customer service representatives of the highest order that know the needs and goals of the buyers they serve. Flexibility and positivity are key assets that instill confidence in a borrower that they are getting both the best deal and the best person to monitor that deal. Transactions are made and lost in the details, and simply following up and having top-level promptness to issues can often make that difference.

A lender is an asset by both knowing the detail of a transaction as it draws near a closing, and being there when those details are disputed. People make mistakes, and as a solid lender, one must factor in the element of surprise and indecision. Being confident in your ability to close a transaction can have transformative powers itself: an anxious buyer often doesn’t purchase, and a vague loan is a poor business. By managing a consistent mental façade and a straightforward artistry in loan-making, a lender expands his or her reputation and makes a critical impression in their market.

Mortgagee Title has some terrific referral services for lenders, please call us at 407-843-400, or feel free to contact us online.

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