It takes a heck of a lot more people than the average home-buyer thinks.
To start with, you’ve got loan officers, appraisers, processors, lock desk specialists, closers, underwriters — and that’s just in the mortgage process.
In the Closing Transaction
In the closing transaction, you have realtors and you have various inspectors for everything from septic tanks to roof inspections to general home inspectors. Then you have the title companies or the closing attorneys — and they have staff like the title abstractor and the title insurer. (Somebody’s got to review all the documents to make sure that you’re getting proper title.)
You’ve got the people at the courthouse that have to record the deed and the mortgage for the client. You’ve got surveyors who have to go out and draw your property lines. You have homeowners insurance agents, possibly flood insurance agents, and tax assessors from the county.
After closing you have secondary marketing people who make sure your loan gets properly packaged and resold.
When you’re getting ready to move in, you’ve got moving companies, all of the utility companies, homeowners associations, condo associations, insurance companies for those homeowners associations, and mortgage insurance companies.
Remember, all of these companies have teams — it’s not just one person. There’s a team of probably four or five people that’s going to be touching your file.
So if you are curious why home-buying can be such a cumbersome process, that’s it in a nutshell.
Your Lender and Your Realtor Are Like Your Wedding Planners
I’ve lost count of just how many people I listed above. Whatever the number, it’s a lot of people. And they all have got to get their stuff together. There are multiple processes that have to be coordinated. And when you’re talking about closing day, just like a wedding they’ve got this one day to get it right.
That’s why a lot of industry professionals don’t have a lot of good things to say about going the “for sale by owner” route, or not using a realtor, or not using a local lender. The realtor and the lender help coordinate all of these people. They’re kind of like the wedding planners. They’re responsible to get the cake people, the flower people, the music people, and everyone else to get their part done right.
You wouldn’t shop online for a wedding planner, would you? And if you did, would you look for the cheapest rates? No way! You would shop on based on customer reviews — the good experiences of a whole lot of married couples. It wouldn’t be a strictly numbers thing, it would be a quality thing.
So cut down on the headaches and get yourself a reputable, knowledgeable local lender to make sure your closing day goes off without a hitch.
If you have questions about lenders, closing day, the loan process or anything else to do with home financing, hit us up. You can call 205–986–4220, connect with us on social media, or ping our website. We are happy to help you in any way we can.
— Ben Chenault,
Certified Mortgage Planner
MortgageBanc / Fairway Nmls# 2289
Copyright©2019 Fairway Independent Mortgage Corporation doing business as MortgageBanc. NMLS#2289.4750 S. Biltmore Lane, Madison, WI 53718, 1–866–912–4800. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Lender. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, License No 41DBO-78367. Licensed by the Department of Business Oversight under the California Finance Lenders Law, NMLS #2289. Loans made or arranged pursuant to a California Residential Mortgage Lending Act License. Georgia Residential Mortgage Licensee #21158. Licensed Nevada Mortgage Lender.