During these turbulent times, trying to qualify for a mortgage/loan can be nerve-wracking. So it’s imperative that you keep lines of communication open with clients.
One way to minimize the stress is to be forthcoming and open with your communication, this goes for the client as well as the professionals involved in the transaction. Lending guidelines are fluctuating constantly so we have to be vigilant. Professionals should try to anticipate any bumps in the process, advise the client, and be ready to navigate to success.
We have to be willing to make the call to our client, with good news, bad news, or no news. The client is depending on us to guide them thru this incredibly intimidating time in the mortgage lending market. We have to try to translate and decipher large amounts of information and then explain it to our clients in a digestible and efficient manner.
This is a synergistic collaboration, the clients responsibility should be to try to give the professional as much information as needed, so that they have the best chance or closing their transaction. We will be pulling credit and doing background checks, anything that we should know will become evident. Transparency and speed of information is key during this time.
If the client does not have sufficient credit, or assets, or income, it is our responsibility, as professionals to guide them and coach them on how they can cure a deficiency.
This transaction is a relationship that will be remembered forever. If your goal is to truly be great (as a professional) and give the client the best experience, then it should be given the attention and respect it deserves. No matter how long or short it is.