Change can be difficult, but it can also be an opportunity. New changes to the loan application form and the challenges that go with it are an issue for a large number of reasons. While any change in the mortgage industry is an issue, most recently TRID, you can always find a path forward.
I follow a few loan originator forums and often contribute when I think I have something significant to offer. Today I just want to point out that the change is here and we all have to live with it until the next change comes along. Complaining about the changes will not resolve the issue. Complaining on how much harder it is to do your job with the new application will fall like a brick. Whining about how it is harder to use your LOS and some of the supporting loan software you may have is a complete waste of your time! The form is here for now so get over it!
Take control of what you can control! The new form requires more specific information and there is no getting around the fact that you will have to work a little bit harder on the front of your loans (pre-approvals) to get what you need for a smooth transition from pre-approved to being in contract to buy. It may cause some borrowers to ask why you need all of this information? The answer is simple, without the information you can’t complete the pre-approval process, which is needed so we can close your application quickly once you are under contract!
Everyone is facing challenges. Your job is to make sure you can guide your clients and referral partners down a path that provides for the best possible outcome in the shortest period of time! Dealing with the new loan application is just one piece of the puzzle. Rising rates, COVID-19, spring buying season, huge numbers of buyers, potential delays in IRS activities, software interfaces, and all kinds of other issues will get resolved either by taking control of the things you can, and accepting the things you can’t. Anything else is counterproductive!
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