Most consumers are focused on interest rates. While getting a “good” rate is obviously very important, getting good service is equally important. This is especially true when rates dip, and lenders are now very busy. The industry is already struggling to deal with the expanded regulatory burden imposed by the government over the last few years. More to the point, the other parties involved in the mortgage process are very busy as well: appraisers and title companies. As turnaround times stretch, it becomes more difficult to close on the expected date.
Part of my job as a mortgage consultant is to keep an eye on turnaround times at different lenders, appraisers and attorney/title companies. I recently had a borrower insist on a 30-day lock for a refinance despite the fact that I recommended using a 45-day lock. Now, the lender’s appraisal management time is quoting several weeks to get the appraisal done. Unfortunately, the government decided to take appraiser selection out of the hands of loan originators; therefore it’s more difficult to control that part of the process.
In another transaction, a purchase transaction, the attorney didn’t complete the Closing Disclosure in a timely manner despite our urgings; perhaps they are just too busy. That closing may be delayed now. We are not sure who picked that attorney, but we do recommend certain ones.
My goal is to deliver to my borrowers the best possible rate/fee combination while ensuring we meet the necessary deadlines by coordinating the whole “team”.
If you know anyone that is thinking about buying a new home or saving money on an existing mortgage, please contact me at mfrank@americanuntiedmtg.com or 404-797-3500.
With warm regards,
Michael Frank
