Does Experience Matter Today
The mortgage industry is very complicated right now. It seems like the banking industry almost doesn’t want to lend. Fannie Mae and Freddie Mac, of course, went bankrupt and were taken into federal receivership. They change the rules constantly for what seems like an ever changing mortgage landscape, trying to revise their fee structure and their underwriting guidelines to make sure that they’re up to date with whatever they see as the current mortgage landscape. It is very complicated. I couldn’t begin to tell you, in one short video, the number of changes that they bring at us every day, every week and you really need to deal with somebody whose attention to detail is great, who spends a lot of time practicing their craft and who is very experienced. Otherwise, you’re going to end up with the last minute horror stories that are all too common in our industry and that is something that nobody enjoys going through.
The mortgage world is an ever changing environment. The banking industry and Fannie Mae and Freddie Mac are constantly changing the rules. It’s critical that you deal with somebody with experience and efficiency and transparency to make sure they’re going to guide your transaction all the way to closing.