That's not to say that the on line lending phenomenon is not an incredible innovation within the mortgage industry. Loan originations and approvals have been known to be incredibly quick on-line. Closings remain a challenge, however, when hard copy documentation is necessary and original signatures are required. And then, there's the privacy factor. A lot of people have a tough enough time buying items over the internet using their credit cards, let alone inputting extremely sensitive personal information for a disembodied mortgage loan officer.
Builders are definitely into accountability.
They want real live loan officers to make themselves available to meet buyers and potential buyers at their subdivisions, attend their sales meeting armed with loan statuses on their buyers, and be available for last minute closing frenzies. Builders want some kind of control and assurance from their loan officers that they are indeed building a home for someone who is going to make to all the way to closing, avoiding as many hitches as possible. A loan officer known to the builder as one with a good track record tends to minimize their risk in the long run. A veteran of the homebuilding industry, Dena Amoruso is a recognized real estate columnist and author, specializing in new home issues, trends, products and designs. She also invites readers to visit her Web site at NewHomesMedia Check your credit in the Credit Center.