Viewpoints: Sarah Valentini, President, Radius Financial Group, Norwell

by James McClister

sarah-valentini-radius-financial

Sarah Valentini is the president of Radius Financial Group working in Norwell.

Every week, we ask a Boston real estate professional for their thoughts on the top three stories from the week before. This week, we spoke with Sarah Valentini, president of Radius Financial Group.

Boston Agent (BA): Is Radius prepared for the upcoming TRID changes, and what aspect of the documentation switch do you anticipate to be most challenging?

Sarah Valentini (SV): We are prepared for the changes. When the delay was announced, we chose to continue moving forward as if August 1 was still the implementation date.  The closing disclosure will be the most challenging component as there are so many moving pieces to a transaction that need to be pulled together within a very short time period prior to closing. While the concept is great, I am certain the reality will prove to be difficult. Unfortunately, the changes may adversely affect the consumers as it is very likely 30 day rate locks may very well go away as the needle will likely shift to 45-60 day locks. A delay in one closing often causes a domino effect that can impact several other transactions.

BA: What can agents do to form better relationships with their lenders?

SV: Agents need to understand reputable lenders are tremendous assets to their business.  Most people who have remained in the mortgage industry have weathered many tumultuous markets and have demonstrated they understand the business and do things ethically and in the best interest of the consumer. Agents need to be realistic with commitment and closing dates. Although we are in a market with low inventory and high demand, we still need to do our due diligence on every loan file as well as need time for appraisals to come in.  Experienced lenders will work as hard as they can to make every viable loan work and in the timeframe requested.  Agents who understand setting realistic timeframes ultimately provide better service and less stress for all involved. We are often provided contracts with pre-determined dates. I would suggest agents might start by asking the lender what realistic dates would be.

BA: What is behind Massachusetts’ continual increases in foreclosures this year?

SV: There remains a backlog of foreclosures as regulations were being finalized. These are not “new” foreclosures but, ones where paperwork was not processed as lenders did not want to risk any missteps.

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