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Closing YourLoan is Only Part of It

Year in and year out, and as we move through September, brokers’ jobs are to help people to buy homes, and Orion is here to help you. Brokers take their jobs and clients seriously and know that their jobs aren’t done when your loan closes. We ensure that it really funded and make sure your clients know. As odd as it sounds, other lenders may not. Just because your client signed loan docs doesn’t mean their mortgage funded.

Orion’s brokers remind clients that once they have gone through all their paper work line by line before they signed and the loan ultimately funded, it can be a good time to sit down and review items at their own pace such as their monthly payment amount, the cost of mortgage insurance, closing costs they paid and soon. Brokers and Orion will help!

If a client is due an escrow refund, the broker is there for them. A client can follow up with the escrow officer to determine if they’ll be receiving a check and where they want it sent. We will tell you when and where the first payment is due. Remember to remind clients that mortgages are paid in arrears, unlike rent. Their first payment will generally be due after a full month of ownership has taken place. We understand that brokers often encourage clients to either set up automatic payments or at least a recurring monthly reminder.

Although your client worked with a broker while their loan was processed and funded, there’s a chance it might be serviced by another company. Your client would receive a letter in the mail shortly after their loan funds with a notice of transfer. This document should include the name of the loan servicer taking overservicing duties. Make sure your client deals with the right company when it comes time to make their payments!

Brokers are good at it, but your Orion AE will help you download/print an amortization schedule. Your client can see how much of the payment goes toward principal(actual ownership) and how much goes toward interest (the security owner’s profit)each month.

Whether the lender pays it on their behalf (via an escrow account) or they pay it yourself, make sure your client’s insurance policy and property taxes are paid on time. If they pay for these items directly, they should be sure to earmark funds because they can be quite costly. If any lender releases funds via escrow, the borrower is still responsible to ensure they do. And you should advise them to still pay close attention to what’s going on.

Finally, once the loan has funded, your client is free to go out and buy new furniture and décor, buy/lease a new car, and so on. Remember to remind them to be conservative to ensure they can handle their new mortgage payments and any other overlooked or hidden costs of homeownership. Securing a property with a security system and/or supplementing one with their own measures, like dowels in the windows and sliding doors, along with cameras for surveillance.

After closing, you can also tell your client to “claim” their newly owned property on websites like Redfin and Zillow. Both offer an owner a dashboard where they can keep track of their home’s value, local sales activity, competition and so on. Best of all, you know that Orion will be there in the future to help you with anything or answer questions.

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