Deb Bodnar is a mortgage loan officer with Mortgage Network, Inc. in Westford
Every week, we ask a real estate professional for their Short List, a collection of tips and recommendations on an essential topic in real estate. This week, we talked with Deb Bodnar, a mortgage loan officer with Mortgage Network, Inc., about how agents can prepare for the upcoming CFPB regulations.
3. Know Your Buyer – Do they have a pre-approval from a trusted lender? Does this pre-approval include a full application, credit, and documentation of assets and liabilities? Or is it just an educated opinion of a loan officer based on a cursory review? Just because it says “preapproval” doesn’t mean it’s truly been pre-approved.
2. Tell Them to Trust Their Lender and Do What They Say Promptly – CFPB regulations will require pauses for the customer to review and consider between each step of the process, so delays in providing documents can potentially delay a closing. If your client provides all the paperwork as soon as possible, it will make for a much smoother transaction. Remember – the lender absolutely does not want to review any more documentation than is required so if they are asking for something, it is because they need it to approve the loan.
1. Be Thoughtfully Deliberate When Scheduling a Closing Date – With the new proposed timeline of 3 full business days between the final HUD and the closing date, contracts that are less than 30 days will be possible but not executed as easily as in today’s world. Additionally, lenders will have their hands tied by the CFPB regulatory timelines and may not be able to step in and rescue the deal so it can close on time. So give a buffer of time when possible, given all the lives at stake with potential domino closings…
Talk to your trusted lenders to find out what their companies are doing to prepare for the new world that will be imposed in August. Preparation now by lenders will make for a smooth transition when the new rules take effect. Remember the words of Benjamin Franklin….”If you fail to plan, you are planning to fail.”
Deborah L. Bodnar is a mortgage loan officer with Mortgage Network, Inc. in Westford. A specialist in working with first-time homebuyers, Deb has a CMPS designation (which is held by less than 2 percent of loan officers nationwide), and she’s been involved in the real estate community since 1980.
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