Many of our customers have questions about the mortgage process. In fact, that’s one of the most common inquiries our team members get from new and prospective clients. And it makes sense for people to wonder about something so crucial to their lives, but that can appear quite convoluted to those who don’t work in the industry.
Our loan officers act as a single point of contact for clients from beginning to end. Each officer is typically working on several loans simultaneously and working hard to gather all the documentation for each one. Doing multiple cases at once is an efficient technique for delivering the fastest service to all our customers. Our team members are always taking calls, receiving referrals, and checking back with people who contacted them and expressed an interest in working with Accelerate.
The first step of a typical mortgage process involves gathering information from the client. This phase means collecting all the standard documents required by law to begin the mortgage application in earnest, like W-2s, financial statements, personal information, and more. We always make time during this step to thoroughly discuss the customer’s goals about homeownership and long-term financial security. Part of this conversation touches on credit and potential qualification factors that will be dealt with in later stages of the process.
If there’s conditional approval, then the application is cleared to begin the closing phase. Many players take part in the entire journey from beginning to end, including our Accelerate loan officers, title companies, and others. As noted previously, regardless of how many professionals work on a customer’s mortgage, Accelerate makes sure that each applicant only deals with one point-of-contact person throughout. That’s one of many ways to make things more convenient for applicants. If they have questions at any point, they only need to contact one individual to get an answer.
Sometimes we need to re-set the loan process in mid-stream when rates change, or customers hit financial roadblocks with credit or financing. It’s important to remember that not every customer is aiming to purchase a new home. Many are focused on refinancing the home they already live in. Our loan officers are always on top of each phase of the mortgage process, whether customers are looking to buy a home or refinance one. In a given week, month, or year, each officer processes many mortgages and always works with multiple clients at a time.
A key measure of efficiency in the mortgage business is how long it takes for an application to be processed, from start to finish. Amid the recent COVID pandemic, for example, processing times have lengthened by about two weeks. From the loan officer’s point of view, there’s obviously a lot that goes into every application. Besides the amount of time spent on a case, there are costs associated with staff support, licenses, doing research, verifying financial information, arranging all the necessary documents, and checking to see what government and other special programs clients might qualify for.
One of the most crucial factors of every application is seeing to it that the process complies with all legal guidelines and Accelerate’s company policies. Compliance checks make sure that every piece of the puzzle meets the high bar set by laws and by our own company’s strict rules. These periodic checks are an excellent way to be sure that every loan we write is legally compliant, professionally processed, and protected from any defects.
Accelerate loan officers add value to customers from day one. We work hard to make sure everything moves as quickly as it should and that all the individual tasks are attended to in a timely fashion. Our goal for you is to deliver an ideal customer experience, one in which you don’t need to worry about speed, accuracy, or legal compliance. That’s our job, and it’s really what the mortgage process is all about from a professional’s point of view.
Throughout, we take customer phone calls personally and answer their questions and concerns thoroughly and honestly. Even if it’s something as small as getting help with technical details like opening attached email documents or using the docu-sign app, we’re happy to help.
We realize that many applicants, especially elderly folks, often need an assist with computer-related tasks like logging into their accounts, retrieving documents, signing, and transmitting completed forms back to us. At Accelerate, it’s all in a day’s work, and we’re glad to do whatever it takes to move the process along. The more we stay focused on that, the sooner you get the home you want.