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4 Pitfalls to Avoid When Setting Borrower Expectations

With fewer qualified leads comes the temptation to over promise just how long it takes to close their reverse mortgage. After all who wouldn’t want to promise a quick turn around when the prospect is shopping with several other lenders? It’s not the desire to promise a quick closing that’s unethical or misleading but rather the fact that such promises are dangerous and can backfire down the road. Case and point I received an email from a veteran reverse mortgage originator Jim. Jim states that the promise of loan approval in 30 days is preposterous.

Here are just a few points we should each consider before making any promise of how quickly we can close loans.

1- HECM Counseling . While beneficial to the borrower in providing core information about the HECM loan counseling can also considerably slow down the process. Many require borrowers to receive, read and acknowledge receipt of required booklets and disclosures, prior to the actual counseling session. Also many prospective borrowers are encouraged to shop …

Download the video transcript for this episode here.

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