Here are some helpful tips for closing that we would like our lender partners to look over.
Ask for Help – If you’re missing information or documents required to keep the file moving through processing, underwriting and into closing, please call us! We want each closing to go as smoothly as you do. If it’s after hours, log in to our Client Access Web Portal and check the Documents Tab. There’s a good chance we have what you need or we’ll help you get it.
Package on Time – As a lender, one of the most important things you can do is to get closing instructions and a loan package to the title company 2-3 days before the scheduled closing. Nothing helps relieve the mounting stress leading up to a closing more than knowing we’re all ready to close. Your client, the Realtors, and the title company will appreciate it!
Funding Approval Prior to Being “Closed” – There are many things that need completion before a transaction is officially “closed.” Sometimes we have all the signed paperwork, all the money has come in, and it seems like the deal is done – but there is one exception. The Lender has a requirement to review signed documents before they will issue a Funding Number. That means although we have received their wire, we do not have their permission to disburse the loan proceeds yet. If you have a requirement like this, we should schedule your closing for earlier in the day to ensure we receive funding approval before your offices close for the evening.
Contracts Expire – Often times a buyer will select a lender who primarily deals with refinance business. The lender may not understand that his client has to close by a certain date or face losing his deposit. Purchase transactions are different and have very important deadlines.