By Ron Blessey, Senior Mortgage Banker, Peoples Bank
At the forefront for all providers of real estate related services should be their level of service on the mortgage side of the process. I have seen advertisements and flyers from a variety of online lenders and mortgage bank branch offices that tout low rates and promise the moon to anyone who contacts them for mortgage financing. It is not as simple as all that, however. If the service provider cannot deliver or does not have the experience or availability to provide what is asked for, all the talk in the world will not make a difference. Borrowers do not want to hear that as they approach the end of their transaction.
There is a saying that most aptly applies to great service: “Quality in a service or product is not only what you put into it but what the customer gets out of it.” As a mortgage banker, the foundation for the service I provide is many years of experience and expertise coupled with the Bank’s lending platform. In this challenging lending environment, it is not as simple as quoting a rate and giving empty promises. It requires the analytical ability to look at each situation on its own merits and then determine what loan program fits that borrower’s specific needs. Also, as important is being able to think ahead based on my knowledge of the new qualified mortgage rules. Having a complete grasp of what underwriters require and how every detail associated with the borrower can impact the success or failure of the deal.
On the customer side, taking the lead of the loan officer, being educated in the process, cooperating, and asking questions throughout the underwriting timeframe is your responsibility. You should never go through with a real estate transaction and ignore what you think may not be important only to find out later that you should have asked a question. Being educated in the process and asking questions will make your borrowing experience successful.