[d]I[/d] just got off the phone with an agent who is giving a loan that she says MUST close in 30 days. As we all know that would have been fine BEFORE Oct 3rd.
But with the new TRID rules- it’s not impossible – but not probable.
What will you say when you get a call like this?
Most loan officers will try to kill themselves and take this deal. They will not set the proper expectations and will therefore be blamed for problems they have no control over. They will be stressed out and unable to bring in new business and their lives will stink until this loan closes- which likely won’t happen in the 30 days.
No one wants to lose a deal or a relationship. But you should never ever set yourself and your staff up for failure either. It’s simply not fair to live up to unrealistic expectations.
Here’s What I Told This Agent.
I appreciate you and your business and because of that I will ONLY commit to a 60 day closing. If that doesn’t work I totally understand but here’s our timeline.
30 days- not likely
45 days – attainable if everyone meets the dates I give you with NO EXCEPTION.
60 days – very very attainable and likely.
So YOU need to write a 60 day contract and if we are able to close sooner of course we will. This way you will be happy and your buyer will too.
WHY DO WE ALWAYS DO THIS?
We always seem to take blame for things we can not control. Our jobs are challenging enough without taking on extra burdens.
So here’s what you should do-
- I created a form that I hand to the borrowers with key dates we must meet and items that are still needed along with the date they MUST be in.
- I have them sign this form- Now it is IMPOSSIBLE for them to say “They didn’t know”
- I then give this form to the listing and selling agents.
BUT I DON’T STOP THERE.
I then created a chart/excel sheet that I refer to daily. This form has all of the important dates for each file and also has the trigger date- meaning a few days before each date that I can still gather any information that is not in.
For Example- financing approval date has a submit by date 7 days prior so if we are still missing documents I have some time to notify everyone and still make those dates.
STOP TAKING ON BURDENS THAT AREN’T YOURS and SET REALISTIC DATES
Brian Sacks – Top Originator/Trainer/Speaker
PS- Want a steady stream of pre-approved buyers and the ability to finally have agents chasing you?
PPS- Want to market to the 7.3 million boomerang buyers everyone else seems to be ignoring?