Michelle Moberg

Hi All~

What do you look for in a processor? What type of help do you think that they should give? What are some of the things that frustrate you? How do you determine if a processor is right to meet the demands of the loans you have? Have you thought about outsourcing to a contract processor?

Give me your thoughts!

Michelle Moberg

Moberg Processing

510-MB-39986

510-LO-39986

Hi All~

I was just thinking that it would be great to find out what Realtors look for in a Lending partner. What are the most important qualities when you are looking for a lender to send your customers to? What are some things that you wished they wouldn't do?

If we don't work together as a team to build the perfect relationship how can we take care of our mutual customers to the best of our abilities?

Hope to hear from all of you!

Michelle Moberg

Processor

Moberg Processing

Do you have a steady working relationship with a certain loan originator? Are they keeping you up to date on industry changes? If not, then how will you know what to expect when your customer goes to buy their first home or possibly their 5th or 10th?

I used to market for a local Mortgage company before I went out on my own as a Contract Mortgage Loan Processor. There would be times when some realtors would ask me why certain things were holding up their customers transaction from closing. Surprisingly all it took was a little education as to what the Loan Origiantor might be facing concerning the lending industry.

Just like now as well all know getting a loan from the time of application to funding is taking a considerable amount longer than it used to. There is a reason for that. The mortgage industry is going through and has gone through many guideline changes from Fannie Mae, Freddie Mac not to mention individual lenders changing their guidelines or products and having different lenders close their doors or at least exit the wholesale lending industry.

Anymore the only types of loans that are going to get done are full doc loans. Stated income loans are only for truly Self-employed borrowers. Also recent changes with FHA concerning the removal of the Down Payment Assistance Programs is going to affect not only the mortgage industry but the real estate industry as well. But there is always a way to get a loan done. It might take a little more research and a little more attention to detail but nothing is impossible.

So what type of education as Realtors would you like to receive from your Mortgage Industry partners? Something to think about....

My name is Michelle and I am a Contract Processor. Over the last year I have seen many Realtors and Loan Originators in the State of Washington become frustrated because they either have a buyer or borrower who writes an offer for a house and then during the loan process the issue arises that the borrower can not qualify for the house that they want. Or the unexpected happens and the lender changes their guidelines at the last minute or worse yet they are no longer in business.

This can be simply avoided by pre-approving the borrower for the maximum loan amount they can afford before they shop for a home. Pre-approving is different than pre-qualifying someone. To obtain a pre-approval means that the borrower has gone through the process of becoming credit qualified with a lender for a certain loan amount. Also the Loan Originator could have the borrower pre-approved with more than one lender in case the unfortunate happens and one of the disappears or no longer offers that specific product which has happened lately with increasing frequency.

What does that mean for Loan Originators and Realtors? Simple: An easier transaction due to the fact that the borrower has all ready met the credit qualifications and all that needs to be done now is qualifying the property with the lender.

So why waste time showing homes to potential clients if they have not been pre-approved for a loan? It will mean money in your pocket faster if the borrower takes the time to become pre-approved instead of waiting until they find the home of their dreams and then realizing that they can't afford it or can't get approved for that large of a purchase.

I welcome in comments or suggestions as to how we can all work together to make the purchase of a home easier for all involved.