Sounds simple, but a good vetting process which is reviewed and updated periodically can save a lender time and money in the long run. Your partners don’t just help you deliver a loan product. They’re also your face to the borrower in many cases. Carefully qualify your new settlement services and mortgage partners, and audit them regularly. Check references. Check their tech. Then, check again. Do they know the geographic market you are asking them to service? Are they experienced with the non-traditional lines of business such as default or commercial REO—or did they just add the services when the refi boom ended? Ask your customers how that vendor is performing. A good vendor can have a real impact on your margin. The “cheaper” option may end up costing you far more down the road.

Mortgage and real estate lending success begins with the little things. From time to time, we’ll let you know what we hear from our lending partners, and refresh you on the details that make a good mortgage lender great!

 

I know the economy isn’t hitting on all cylinders right now. I know that we all have to work a little harder these days. But I can’t help but wonder how much our economy stutters when the media chooses to focus on the negative day after day. I’ve heard that the stock market, in particular, is as much psychology as science. Investors work with numbers, statistics and….hunches. “Confidence” is so important to our economy that the Consumer Confidence Index is actually a key economic indicator. But I can’t imagine many out there feel confident in making investments or purchases right now when they’re bombarded with negative reports and, worse, commentary. This is not to suggest that the media shouldn’t cover these things. However, we all know that how it’s covered, how often it’s covered, and how it’s analyzed by the talking heads has a real impact on the viewer.I, for one, would like to hear a little good news now and then. It’s out there. We’re just not hearing about it.