You can’t remember everything. The good news is you don’t have too! One of the key coaching points I share is to have your process well defined, and then laid over a timeline specific to that transaction. Every market is different; sometimes loan programs have different requirements that can cause a different timeline from other transactions. As the lending expert, it is your job to be in control of the process and the timeline. Setting up simple timeline reminders can make your life and your business much more manageable.
When you set the expectations for each specific transaction, it is important that you set the transactional timeline for each step of the process. A step by step, day by day, deadline by deadline for you to manage and for you to share with everyone involved to be sure things flow as they should. And if they don’t, you are there to respond quickly to get things back on schedule.
TRID has been a hassle to many and a blessing to a few. Those that saw TRID as an opportunity to differentiate them from the rest of the market have now begun to see the rewards. More and more people are frustrated by the delays and extended timelines are seeking those professionals that are mastering the process and still closing in less than 30 days. This doesn’t happen by accident, it happens with planning and schedule discipline. That discipline can be simply accomplished by setting up timeline reminders so you are on top of your files. If something is delayed, your reminder lets you know and get you back on track. These reminders can be programmed into your electronic calendar, or simply written in your day planner. It doesn’t matter how you schedule your success, just that you do it!
Simple reminders to the client and referral partners can also save you stress. Reminding your Realtors® to have sales comps ready for the appraiser at the time of the appraisal to help justify the price, can help prevent short appraisals. Simple reminders also help keep your Title Company and Attorneys on track to have their final numbers to you at a predetermined time so your closer can have time to prepare the CD early for review and quick delivery to the client for approval.
Simple reminders to the client that keep them focused to not make any big purchases, not to apply for any new credit, don’t move any money around or make large cash deposits. These simple things can cause big problems or even the death of the deal in some cases, so why not be prepared with a series of simple reminders that help keep everyone on track, and focused on a successful transaction?
It won’t take long to look at your file flow process and set it up. Once you have them complete, it’s just a matter of scheduling them for delivery when you set the transactional timeline. The old saying “an ounce of prevention is worth a pound of cure” really resonates with me on this one. Take some time and get this done. The deals and stress you save will be your own!