This will be the first spring season since the new TRID regulations went into effect, and many lenders are still struggling to keep transactions moving forward. One of the best things you and your clients can do to ensure timely and efficient closings is have a solid preapproval in place from a trustworthy lender.
“Some lenders don’t allow their loan officers to collect verifying documents prior to writing a preapproval letter, which means these loan officers will need to rely on information the borrower willingly volunteers in order to avoid triggering TRID’s three-day window for delivering initial disclosures. We do not take this approach,” said Esther Phillips, senior vice president of Key Mortgage Services. “Our preapproval letters tell you exactly what type of review was done and whether or not your loan officer has reviewed documentation provided by the prospective buyer. We want to remain as transparent as possible so that you are confident in a potential buyer’s financing capabilities.”
If you want to ensure a smooth transaction, have your clients take advantage of the Key Mortgage Second Opinion program and earn a $100 Visa gift card. To participate, clients will need to provide a preapproval or prequalification from another lender; obtain a preapproval or prequalification from a Key Mortgage loan officer; and provide a fully executed contract to purchase within 60 days of meeting with Key Mortgage. They do NOT need to obtain financing from Key Mortgage to earn the $100 gift card.
Contact a Key Mortgage loan officer today to learn more.