Amy Tierce (NMLS# 15695) is the regional vice president for Wintrust in New England.

Boston Agent (BA): What are your expectations for agents in 2016, as you begin the loan process with a client?

Amy Tierce (AT): Agents need to stay close to the mortgage process. We like to say it takes a village to close a loan, in making sure that all the necessary components happen on time, from the home inspection, to the signing of the purchase and sales agreement, to the scheduling of the appraisal. To hit deadlines in the mortgage process, all parties have to work together and communicate closely – if dates change or if anything in the agreements change, the lender needs to know right away.

The most effective way to keep the communication flowing is to start with a conference call between agents, buyers and the lender to discuss dates for performance and timing, along with expectations and needs. If the property is a condo, have the correct information on the property and contact details for management company and insurance provider. If the property is a single family, have the buyer obtain insurance quickly to take it off the list of things to do, and to eliminate one of the items that can cause a delay in the closing later on.

BA: What are some ways that agents can improve their relationship with lenders?

AT: Talk with the lender while putting the transaction together. Ask good questions to insure that the lender did a thorough evaluation of the buyer, and is aware of any potential concerns surrounding loan approval. Make sure that all expectations are reasonable at the beginning of the process, and help the buyers understand what they need to do and by what date in order for the transaction to close on time with low stress.

Provide the lender with required information quickly, including the agent’s license information and the brokerage license information; we are required to collect that data, but they are not always east to find online. If there are any concerns about the property itself, let the lender know; hoping that any issues will not be discovered during the mortgage process is not a good idea – everything gets discovered. Going into the transaction aware of any potential concerns means that those concerns can be addressed up front, not come up later as a surprise.

BA: Finally, what should agents tell their clients to adequately prepare them for the loan process?

AT: Make sure that the buyers are truly ready to take on homeownership. There are many buyers out there who are looking at housing for the wrong reasons, many because the media keeps telling everyone that now is the time to buy due to low interest rates; yet, they are not fully committed to the process. Those are the buyers who make many offers but none high enough to actually win the house in question. Be sure that buyers have had a full mortgage evaluation so they know that they will be able to achieve their homebuying goals.

We continue to be surprised by how many buyers make offers who have never been vetted by a mortgage professional. With more buyers than inventory, be sure you are working closely with buyers who understand the market and are ready to commit quickly when they see the right house. Remember that financing is challenging today. The buyers need to know the following: that the process is complicated and demanding; that the main message they need to hear is that they have to respond with speed to all requests from the lender; that this is a very serious process; and that they need to understand that there are no short cuts to getting to “yes” in today’s mortgage approval process.

A 25-year veteran of real estate, Amy Tierce (NMLS# 15695) is the regional vice president for Wintrust Mortgage in New England; a division of Wintrust Financial Corporation, Wintrust offers a full product menu of programs, and Tierce is excited to grow the Wintrust footprint in the Greater Boston area while exploring new talent, recruiting new individuals and creating a team of dedicated individuals. Before joining Wintrust, Amy built Fairway Mortgage into one of Massachusetts’ top lenders.

Wintrust Mortgage is a division of Barrington Bank & Trust Company, N.A., a Wintrust Community Bank NMLS #449042, an equal housing lender.