Borrowers & Real Estate Agents: Are You Getting the Communication You Deserve?

At the end of the day, all we really have control over is communication.  So, why is it so difficult?

You've applied for your mortgage to buy a home or to refinance, signed the application and turned in all the requested documentation.  Now, you wait and wait wondering what's going on.

When will you be approved so you can schedule the movers?  Are you going to get approved & closed before that low interest rate goes away?  What did the home appraise for?

Tired of waiting, you call, get voicemail so you leave a message.  Then you're back to waiting, waiting, waiting.

Real estate agents go through this same thing, waiting to hear from lenders about the status of the deal they put together.  Will it get approved and close so they can collect their commission check and pay their bills?

Over and over again , the number one complaint in the process of getting a mortgage is lack of communication.

Borrowers buying a home or refinancing AND real estate agents are always complaining that they have to contact the mortgage lender and then wait for a call back - if it ever comes.

As a professional, the one thing I stress to my Team is that one of the few things we really have control over is communication.  We can't control appraised values, interest rate movements, requireed repairs or the numerous other issues that pop up during the loan approval process.  We can pick up the phone or send an email at any time to alleviate apprehension and frustration.

There are two ways to communicate - proactively and reactively.

I'd estimate that around 80% of communication in a real estate and/or mortgage transaction is reactionary.  Someone calls or sends an email (even text messages these days) and it's responded to.

Not a very effective way to exceed expectations!

It's so much better to proactively communicate.  It's difficult to do though without a system and discipline.  Try to do it otherwise and you'll soon end up in reaction mode again.

It's funny that I've never been asked by a client how often our Team will communicate with them throughout the application process.  Everyone wants that low rate in the beginning, only worrying about being kept in the loop once they're well into the approval process.

Even if you do ask about the level of communication to expect, how likely do you think it is that you'll get an honest answer?  Ask about a communication plan and watch the curious looks you'll get - it'll be as if you're speaking a foreign language.

That's because most mortgage lenders don't have a formal communication process!

If this is a concern to you, maybe we should talk.  We do have a formal system of communication.

It all starts with our Weekly Status Reports.   We email these out religiously every week.  We also send them out whenever we get a conditional or full approval.

What's more, they're designed to keep everyone involved in the transaction on the same page.  If there are real estate agents involved in a purchase, they get added to the email distribution list.  Get us the email address of the seller or title company and we'll add them to the distribution list.

Now you may think we're making all this up just to try to get your business.  I encourage you to look below at our Weekly Status Report Template that we use.

Then I challenge you to find a competitor that has something similar.

Michigan, Mortgage, Expert, Birmingham, Bloomfield, Detroit, Rochester, Royal Oak, Troy

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Drew Sygit: CMPS, CMC, CRMS, CMLO, CALO, MBA, NAMB/MAMP Instructor & Speaker
The most Certified Mortgage Expert in the Midwest

Contact him for The Lending Edge
P: 248-356-3739 • F: 866-215-3755 • dsygit@TheLendingEdge.com • www.TheLendingEdge.com