1)
Excluding details about your financial
profile
We need to know everything at the onset since
seemingly innocuous actions can become a significant delay; in addition we need
to know about all of the borrower’s real estate, assets and income.
2)
Not providing every single piece of
information:
These days’ borrowers are required to provide
a lot of documents. We are very good at
know what the underwriters need, one of the biggest causes of at Close of Escrow (COE) delay is a
borrower who challenges us on every request and takes their time in getting us
the requested information. We can’t do
our job without the document just as a mechanic can’t repair your car without
tools.
3)
Not sharing offer details with the lender
We need to know everything about the purchase
contract or any pending potential changes.
Last minute addendums can kill a loan approval.
4)
Being unrealistic about rates.
You can’t lock a rate before you’re in
contract because the rate lock runs with a borrower and a property. Internet rates: many internet rates publish
may look low, but when you read the fine print they are often with points or
other caveats. For the most part we all
draw from the same well and usually a significant difference in advertised rate
means there’s a catch—remember if it’s too good to be true…
David Colarchik
Branch Manager NMLS #300510
775.832.6522
264 Village Boulevard, Suite 2B
Incline Village, NV 89451
TahoeLending.com
Text ‘Dave’ to 313131 to
download my mobile app
Disclaimer:
The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Supreme Lending, and do not necessarily represent the views and opinions of Supreme Lending. In no way do I commit Supreme Lending to any position on any matter or issue without the express prior written consent of Supreme Lending’s Human Resources Department.
Branch Manager: David Colarchik
Main: 775-833-7100 | Direct: 775-832-6522 | Fax: 775-833-7108
264 Village Blvd Suite 2B, Incline Village, NV 89451
David.Colarchik@supremelending.com