Looks like the mortgage game may be getting more competitive.
Think it had to, frankly the current mortgage process is absurdly slow for no good reason... all of the electronic verification and communication that can be done these days and yet it is still traditional timelines from decades ago.
Just dumb, and with Rocket Mortgage leading the way others have to step up.
Just dumb, and with Rocket Mortgage leading the way others have to step up.
@Anonymous wrote:21 days. How do do title and appraisal inthat amount of time
Appraisal is pretty easy to get done quickly now in my experience: it's been pulled way up in the process probably because this is one thing that can absolutely wreck most mortgage applications.
Title should also be a lot easier in the vast majority of situations: everything started moving online a decade ago even with big giant behemoths that aren't very technical like LA County... I can't imagine there are that many common applications that run into ridiculous crap like a trust that a condo I was interested in acquiring had two owners that had some stupid disagreement over price. That plus a couple other things kept me from making a several hundred thousand dollar mistake, thank you process.
I suspect really it's gone the same way as background checks: unless you actually need to talk to a human being, they move at light speed now... secret clearance even from the government is like 30 minutes of actual run time, and the standard financial background checks going to work for banks get turned in around a few days now and those are arguably more cumbersome than many title checks.
Ultimately it's a marketing thing: if you figure call it 5% (probably high) go beyond 21 days how does that compare to the additional originations you had walk through the door?
@Anonymous wrote:Here the state's tax website and CRS only pick up deeds. Title seacher pick ups all the judgments/ liens but not so good on deeds. Sometimes we get asked for a mini title job and have to run both to get all the info.
Generally wouldn't most deeds and property records be under county jurisdiction?
I guess it varies by state but they've had decades to resolve this: a simple decision tree based on what state the property is in probably is enough to catch 98% or whatever of the common cases, then just need a robust enough system to untangle the mess that is the other 2% or just chalk that up to the 22+ day miss category.
Seems solvable honestly, I mean as a society we've done far harder things than that from a records integration and analysis perspective.