The number of sources of data and the ease of transferring data has come full circle. I find it a whole lot easier if I just look at a checklist and compare documents manually as I clear the items on the list. In a typical Real Estate transaction you have several parties involved. First you have a Real Estate Contract with a Realtor. This is done mostly electronically today by signing through an electronic process. How many people actually read this binding contract. I have seen plenty of data errors in the beginning step such as name misspellings, addresses incorrect, and even numbers put in incorrectly.
The next step is loan approval. Simple things like phone numbers, socials, addresses etc. All these things have to match exactly for data to go through without a hiccup.
Next is Title. Title has to match the data from both the lender and the Real Estate Contract.
Next is appraisal. What an issue if a box is checked wrong somewhere on the appraisal. All kinds of data transfers through the transaction from the appraisal.
The list goes on and on. I think this new technology for making everything simple is causing us all to be less detail oriented. The reason transactions get stalled is typically due to some small item that was not properly assessed during the transaction.
Ron Yarbrough's (NMLS #263379) Personal Mortgage Information. I believe that though information and proper planning anyone can benefit from a mortgage. A mortgage is an investment not a debt. I will continue to monitor my client's mortgage forever and will always teach consumers how to become the bank. The sooner you can borrow from yourself the better off you will be when you retire. Debt free really has several different meanings. Ask me.
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Ron Yarbrough
913-579-4939
kansasmortgageplanner@gmail.com