Talk to any banker, lender, mortgage specialist or broker about paperwork and one of their biggest frustrations would be “when clients send me their information in bits and pieces over dozens of emails and faxes”. It’s amazing that everyone needs access to the documents and information associated with a borrower but there is no streamlined system or platform for everyone to use to easily share their information other than email messages, faxes and plain old fashion photocopies.
I was reminded today that in our business days turn into months without even noticing it. I have a client that is seeking a refinance of a private mortgage and had expected to have everything completed at the beginning of September. It is now the middle of November and we will be getting our Deal Package out to lenders this week seeking a Term Sheet or Commitment Letter.