We talk a lot about managing expectations for our business associates and our consumers. This is really challenging in the mortgage industry. People don’t want to hear about the complexity of the process and what can cause delays, they want their loan approved, clear to close and done… no matter what. It does not matter how we explain the process, in writing, verbally, face to face, with video or all of the above, everyone has internal expectations in this process that we cannot seem to influence.
In the mortgage approval process there are multiple entities that we have to work with in order to validate data and ensure that the loan meets all requirements, here is a list of companies and individuals we depend upon during the approval process:
Appraisal Management Companies
Condo Management Companies
Condo Boards of Trustees
Internal Revenue Service
Building Departments/Zoning Departments
Each individual or company on this list has a role to provide in the mortgage process on most files, if one entity is away or unavailable, or an individual makes a mistake on a required document that necessitates a correction days can be lost.
How do we properly manage expectations when we do not fully control the process?
Remember when you get a call that a commitment might be delayed, there are many moving parts and people engaged in the mortgage approval process. Our job is to work with the providers who get it done right from the start when we have a choice, however in many areas we have to work with communities and government agencies and we have no control over their response times.