How can a lender be quick to fund but not hurry the transaction?
John Wooden, world renowned and legendary UCLA Basketball Coach and Author of the “Pyramid of Success” said “Be Quick but Don’t Hurry” to his players. In other words, do the right things, but learn how to do them quickly. Author Andrew Hill recounting his playing days with Wooden, says, “Life, like basketball, must be played fast—but never out of control.” In today’s competitive global workplace, lack of quickness results in competitive disadvantage while hurrying causes mistakes. Balance is one of the keys to agility. “John Wooden’s genius was in helping his players find and maintain that razor’s edge between quickness and hurrying.
This quote also applies to the Hard Money Lending business and the below table shows what Lenders do that apply and live by this quote: The table below shows what it means to “Be Quick” in the left column and what characteristics are inherent in a “Don’t Hurry” approach in the right column. You may want to consider these facets when choosing a Hard Money Lender (HML):
|Quick Preparation||Preparation is paramount. Make sure your HML has the required Real Estate Broker and NMLS License. Compliance is required across the origination spectrum and all facets of the loan process.|
|Quick Decision on Scenario||Is the HML available? Responsive?|
|Quick Communication||Email, text, phone, social media, anywhere anytime access to loan and due diligence files|
|Quick Valuation||Does the HML use all available valuation tools including AVM’s BPO’s, personal Drive By’s, and Appraisals in order to render a quick valuation and loan quote?|
|Quick Underwriting||Be Fast but not Reckless. Thorough underwriting requires, automated checklists, diligence to acquire the necessary documents, experience on what documents are necessary.|
|Quick Problem Resolution||Does the HML wiggle away when a problem arises with the file? Good HML’s don’t duck problems but deal with them directly and fairly. Direct communication, understanding of situation. Address the issue.|
|Quick Loan Documents||Online docs? Current compliance? Accuracy the 1st time crucial.|
|Quick Closing||Online ordering for Title and Escrow? Quick Preliminary Title Reports in 24-48 hours? Online transaction management?|
|Quick Servicing||Fast response to inquiries, online access, borrowers multiple ways to pay their mortgage, quick response to payment issues|
Mortgage Vintage, Inc. applies a Be Quick but Don’t Hurry philosophy and practice. We work hard to facilitate an ecosystem of fast and professional service. How do you apply this Wooden Quote in your business? We would like to know.