Helping your clients navigate the mortgage approval process has to be one of the most important things you can do today, given the hard time buyers are having securing mortgage financing. What we’re hearing is that even households with pretty good credit backgrounds are having a tough time getting their loan applications approved. Lenders want more paperwork, more documentation, and it seems like the hurdles they’re erecting are getting higher, despite the fact that underwriting standards are already too tight today.
It’s good that the exotic mortgages that fueled the housing bubble are gone. But, as analysts say repeatedly, the pendulum has simply swung too far in the other direction and now lenders, in part because they don’t want Fannie Mae, Freddie Mac, or FHA demanding that they buy back their loans, are taking extra precautions to prevent anyone from getting a loan who can’t really afford it.
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The problem is that even responsible, creditworthy borrowers are getting caught in this overly tight environment and that’s threatening, at best, applicants’ patience, and at worst, their ability to get a loan.
To talk about his bank’s underwriting standards and loan approval process and how you, as an agent, can help your clients get through the process, a Chase bank executive is joining NAR Government Affairs in a webinar on Tuesday, Sept, 4, at 11 a.m. It lasts an hour and it’s free.
Kevin Watters of Chase will talk about what his bank looks for and what home buyers can do to be in the best position to get their loan application approved as quickly as possible.
The goal is for you to take away even just a few things to help your clients get the loan OK’d and then get to closing. If you register for the webinar and can’t make it, you’ll still be able to see it (although you won’t be able to ask questions, as you can at the live webinar). We’ll send you a link to the recorded version of the webinar after it’s over. That way you can access it even if something comes up that prevents you from attending.
The webnar is called “Help Clients Navigate the Mortgage Approval Process.” Register for it now, and pass along the link to others you think might find it helpful.
Again, it’s Tuesday, September 4, at 11 a.m., Eastern Time.
Why would it take an hour to say…
“Take your client to someone else who actually wants to be in the mortgage lending business…if you can find someone that obviously lacks the financial acumen to calculate the ROI vs. borrowing at 0% and investing in treasuries.”?