Independent Banker - April 2017 - 59

Lender Life
intends to be pro-growth. Property
values are up from the Great
Recession, and mortgage rates are
very affordable, even though they
have risen over the past few months.
Current rates are in the low fours,
which to me, with a long memory,
is amazing. Credit-ready borrowers
should be able to get financing, and
community banks are ready to prove it.
IB:
Potential buyers hear
ads saying, " Borrow
now! Rates are rising! " How do
we combat consumer anxiety?
Haynie: You do a lot of counseling
work. Ten years ago, you might have
closed a home loan in three weeks.
Now, it's 40-plus days. New rules
and regulations that are designed to
help borrowers better understand the
U.S. house values on the rise again
Median valuations, April 2007-April 2017
$200k
$175k
$150k
$125k
$100k
Source: Zillow Home Value Index
mortgage transaction also slow down
the process. So manage expectations.
If a realtor tells the buyer they can
close in two weeks, tell them that
unless it's an all-cash deal, they really
can't. Mortgage guidelines are so
complex now. Community banks have
to make sure their staff are trained
and knowledgeable about program
requirements.
You destroy a lot of credibility
when you have to go back to the borrower
several times, rather than tell
them up front all the things you'll
need. Constant communication is not
just good customer service; it's critical
to success. Borrowers want to know
the status of their loan, so simple calls
or messages such as, " We got your pay
stubs today; now we're just waiting
for your W-2s, " go a long way. Don't
go silent or they'll think, " Did they get
it? Is it okay? Is it not okay? "
IB:
How should staff stay
informed about the
shifting marketplace?
Haynie: Most do it via webinars and
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Independent Banker - April 2017

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