A fast and clean loan process is like a high-quality race. From perfect start, to perfect run or swim, to perfect finish. A small error at any point can mess up the entire race by causing an unfortunate chain of events. Loan process, to be done right, requires these key elements:
- Skillful Project management. Multiple tasks must start and finish at the right times, and the timeline must be optimized.
- Attention to detail. A miscalculation or failure to zoom in on aspects of the file which need special handling can cause the train to get off the rail. And the crash can be fatal.
- Smart Technology. Poorly designed or not properly customized LOS can inflict errors. Untimely or erroneous disclosures can kill the deal.
- Effective coordination. Originator, Processor, Underwriter and Closer must work in synch. Flowed coordination introduces delays.
- Efficient quality control. This important piece must be done in ways which do not pause the process.
SFC successfully combines every skill and talent we possess to run a class-act show, including in-house developed technology which automates tasks and helps prevent human errors. One example of our efficient process is unfolding right now as we are working with a couple buying a home in Bedford, MA:
Thursday 09/15: Pre-approval
Tuesday 09/20: Offer accepted, application submitted, terms are locked
Friday 09/23: P&S is signed
Wednesday 09/28: All docs, including last pieces, are in from the borrowers. Complete and polished file goes to underwriting
Monday 10/03: Title work and homeowner’s insurance are in
Tuesday 10/04: File is Clear to Close. CD goes out, loan can close on Friday Oct 7
Roman Shulman, Superior Funding Corporation, Newton, MA. NMLS ID 11481.