In October, new lending rules were put into place.  As a result, most lenders who aren’t always on top of their game were exposed without the education and systems in place to handle what was coming.

The evidence of the inability for many lenders to handle the new rules came in the form of extra long closing times.  Industry experts warned everyone to prepare for closings of up to 45 days or even more.  Gone were the 30 day closings, or so it seemed it would be.

However, some lenders simply got it right, and continue to get it right, providing much better service to the buyer, closing in the more familiar 30-day time-line.

There are two questions you should start with when you’re looking for a lender, aside from “do you like the loan officer.”

1. Are you a mortgage banker, or a mortgage broker?Mortgage brokers hunt for banks for you, and then pass off the work to those lenders.  You have very little connection to the lender, and very little influence over whether or not they’ll make it difficult for you to meet critical contract deadlines
2. What is your average closing time-frame now that TRID is in place?Loans can still close in 30 days.  Find a lender who can fund their own deals and who has complete control over the decision making process.  Make sure they’re local, and that you can actually meet them face to face to develop a real relationship with them.

One company that I have worked with in the past that I would recommend all day long is VIP Mortgage.  So far, I have developed a relationship with two of their loan officers, and both of them stand tall in their industry as reliable, hard-working characters that have your best interests in mind, and who know their stuff.

If you’re looking for someone to help you get started with the home-buying process, give one of them a call today!

Ryan Halldorson

Individual Licenses National: 216632 | AZ: 0911658 | CA: DBO216632

8388 E Hartford Dr, Ste 100
Scottsdale, AZ 85255

Office: 602-793-7204Fax: 602-288-9415

ryanh@vipmtginc.com