Thursdays Thoughts – Balance your file!

#ThursdaysThoughts – It’s been a processing week, and we went over all stages of a wholesale loan.  Today is one of the most important, it’s #BalancingYourFile!  This means you make every match from the lenders system to your own.  You double check your cash to and from the client, and see that the lender matches your numbers.  The biggest downfall is when LO’s don’t balance their file and then have to make last minute changes due to not having the right structure.

Sure things change in a loan from time to time, with low appraisals, to addendums with seller concessions changes.  These should be registered on your end so you know exactly how the file should shake out, and there’s no question on your end what the loan should look like.  When you’re ready to submit the last of the last conditions to CTC your file, my biggest suggestion is to send the lender a “mock” CD or HUD showing the exact breakdown of your file.  That way the structure is verified in the process and you have no closing surprises or last minute changes.  Especially after the CD goes out.

Balancing the file is so important at the end, and easier to do if you set up the loan right to begin with.  Double check your lock and details of transaction, and provide the lender a “golden platter” to make an easy exit to docs! #ThursdaysThoughts #StayJUICY #SellWell

 

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