This time I want to talk about the different closing experiences. In working with Primary Residential Mortgage, I have got to be honest, this is big, this is one of the things, people don’t really know to think about, but it’s big So, look, the way it traditionally works is this: You show up at the title company, sometimes the attorney but usually the title company, and you sign a whole bunch of paper. Then you are like… “GIVE ME THE KEYS!!”, and they are like…” NO YOU CAN’T HAVE THE KEYS….”, “you need FUNDING AUTHORIZATION”.
What the heck is funding authorization? What normally happens is the title company or the attorney will take a whole bunch of signed papers, and send them up to the lender. The lender will verify that everything is signed properly. Then they will give permission to disperse. Meaning, You can get your keys. We, that process sucks, so we don’t do that. We fund all of our loans the day before. So you are not waiting for your keys. You can be in the position where you are done signing in the last signature, you get your copies, you get your keys and you are on to moving.
I think that makes a huge difference for people because I can’t tell you how often it is that they are so stressed out. Sometimes that funding authorization can take hours. If you are closing at 10 in the morning, it is not a big deal, but what if you are closing at 4 PM? What if you are closing at 4 PM on a Friday? C@#p! You are not coming to your house this weekend. Oh, man! You have movers set up… oh man, you had a guy coming in to do work on the house on Saturday…All of that gets messed up! Because it wasn’t funded immediately
And that is why WE fund it immediately. Another scenario that comes up a lot of times, in fact, this is common in Southwest Florida. Because you’ve got people from different places, you got people from up north or whatnot. We are one of the first companies, the first company that I know, that allows electronic signatures at closing. It’s incredible. That’s considered new technology in my industry. And electronic signatures enable 2 people to be in 2 different places. Both sign and you close, we are not FedExing packages all over the place
I remember this one time I had this closing and the person was in China, and the only way for them to sign the papers was in the American Embassy. They called the American Embassy in China
and they asked for an appointment and it was 7 weeks out, 7 weeks delayed for them to get in front of the notary. All of that goes away with electronic signatures. That is just one example, we can really make the end of the process much smoother and much more pleasant for you.
I’m Scott Digregorio, Your Mortgage Guy
Give me a call, I’d love to be there to help you, take care