February 18, 2019
Orion’s experienced brokers take their jobs and clients seriously and know that their jobs aren’t done when the loan closes. Top brokers ensure that it really funded and make sure their clients know. As odd as it sounds, others may not. Just because a client signed loan docs doesn’t mean the mortgage funded.
We remind Orion’s brokers that once your client has gone through all the paperwork 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 paid and so on. Orion’s AEs can help if needed!
If a client is due an escrow refund, they should ask. Follow up with the escrow officer to determine if they’ll be receiving a check and where it should be sent. Brokers will tell clients when and where the first payment is due. Don’t mess that one up! Remember, mortgages are paid in arrears, unlike rent, and your client’s first payment will generally be due after a full month of ownership has taken place. Brokers often encourage clients to either set up automatic payments or at least a recurring monthly reminder.
Although you worked with Orion while the loan was processed and funded, there’s a chance it might be serviced by another company. Let your client know they could 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 over servicing duties. Make sure your client deals with the right company when it comes time to make their payments!
Brokers often help clients download/print an amortization schedule to see how much of the payment goes toward principal (actual ownership) and how much goes toward interest each month.
Whether Orion pays it on your client’s behalf (via an escrow account) or your client pays it themselves, make sure your client’s homeowners insurance policy and property taxes are paid on time. If a borrower pays for these items directly, they should earmark funds because they can be quite costly. If Orion releases funds via escrow, the client is still responsible to ensure they do. And they should still pay close attention to what’s going on.
Finally, once a 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 warn them to be conservative to ensure they can handle their new mortgage payments and any other overlooked or hidden costs of homeownership. Secure the property with a security system and/or supplementing one with your client’s own measures, like dowels in the windows and sliding doors, along with cameras for surveillance.
After closing, your client can also “claim” the newly-owned property on websites like Redfin and Zillow. Both offer an owner 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 with anything or answer questions.