With the financing end of real estate transactions getting more involved as time passes, your relationship with your lending professional is more important than ever. Here’s what you as a real estate professional need to know about the care and feeding of your lender partner.
Communicate, Communicate, Communicate
The highest-regarded lending professionals in the world are of little use to you if you are unable to reach them or if they don’t give you timely and accurate information on your client’s file. If you are working with a new lender for the first time, be sure to set your expectations of the level of communication you need right at the very beginning of the process.
Note that few lenders send out regular updates to clients unless something new comes up, such as a problem that the client needs to be aware of and perhaps handle.
Help Them Help You
The flip side of the lender who is too busy to help is the lender who is truly doing the job but the client is unresponsive. Most home buyers, especially first-time buyers, are unable to grasp the enormous level of detail that must go into each file to get it to the closing table. Do your lender a favor and explain that to clients.
Seemingly small things can hold up or stop the mortgage process. You need to work with the lenders to keep it moving, as they want to get to the closing table as much as you do.