Weichert Financial Services evaluated its own performance against those survey findings and, according to Fred Watkins, president, came out “proud of how well we measured up. Assessing our procedures point by point, it was gratifying to see that the investments we’ve made both in technology and in human talent have enabled us to overcome every single one of the industry weaknesses cited by real estate agents.”

According to Inside Mortgage Finance, the five greatest concerns of real estate professionals are as follows:

• Faulty pre-approvals. Mortgage pre-approvals that proved invalid were a major concern. That mirrors an earlier survey which found that 39% of pre-approvals from Internet lenders fell through due to lack of proper verification, as did 27% from mortgage brokers. By contrast, Weichert Financial Services’ pre-approvals are fully verified and underwritten credit approvals that reliably become mortgage commitments once the home selected is acceptably appraised.

• Poor communication. Real estate agents also complained of a lack of timely information about loan status. Countering that, Weichert Financial Services recently introduced a state-of-the-art system that automatically sends e-mail notifications at each milestone in the mortgage process, such as when the appraisal is ordered.

• Closing costs higher than expected. Too often, the so-called good-faith estimates that lenders provide to home buyers turn out to be inaccurate, as unanticipated fees are tacked on. Watkins said that “as a matter of integrity,” the costs that Weichert Financial Services cites at the beginning of the loan process routinely match those charged at settlement.

• Last-minute delivery of settlement statement. In addition to higher-than-expected costs, many lenders fail to deliver those closing statements the 24 hours or more in advance that real estate agents deem important to their customers. Weichert Financial Services said its year-to-date figures show that 94% of its closing packages go out 24 hours in advance of settlement and 8% a full 48 hours beforehand.

• Failure to meet closing date. Delayed closings caused by holdups in getting financing in place also concerned agents. Weichert Financial Services, through its Gold Services Program, offers a guaranteed closing that is backed by a $5,000 Performance Guarantee. Any home buyer obtaining mortgage financing, homeowners’ insurance, and title insurance through Weichert is eligible. As of the first six months of this year, the company had met closing dates 100% of the time for home buyers participating in its Guarantee program – a record of timely delivery it believes is unmatched in the industry.

Edwina Baniqued