Why Some Real Estate Agent's Loans are Delayed at Closing

Real Estate agents work hard to get borrowers business and help them get their loan sent into a lender and off to closing the deal. Since the industry has been increasingly changing and becoming tighter as far as regulations go, agents need to make sure that their loan documents and selling practices are up to standards in order to make sure they close their loans without many hold ups.

According to FHA guidelines listed on http://www.fha-home-loans.com/, here are a few potential reasons why some real estate agent's loans may be delayed when it comes to closing time. Hopefully, this can be of some assistance in assuring that agent’s loans are submitted correctly in order to close their loans quickly.

·     Improperly signed documents- may cause a delay of 1-3 weeks

·     No pre-qualification of borrower for motivation- may cause delay of 2 weeks

·     Lack of returning client and broker/lender phone calls- may cause delay of 1-3 weeks

·     Agent transfers to another office- may cause delay of 1 week

·     Overall lack of communication with borrower- may cause delay of 1-4 weeks

There are many parties beyond the agent that are included in closing a loan such as the lender, Title Company, and home inspector. Even so, the borrower typically deals directly with the agent so making sure that the paperwork and overall loan process is tidy and easily transferrable from the beginning will almost always guarantee a faster closing in the end. This will result in the satisfaction of not only your borrower but all the other parties included in your closing deal that will also benefit from a quick and easy closing.