Homebuyers obtaining a loan from Residential Finance Corporation (RFC) can rest assured their mortgage will close on or before the date specified in the purchase contract, particularly since RFC recently appointed a dedicated team of employees to focus solely on purchase mortgage transactions. Dubbed the “Purchase Loan Quick Reaction Force,” the new group ensures that all purchase loans close and fund on time, according to Daniel Jacobs, managing director, retail branching division.
Effective immediately, the group of veteran employees will continually monitor RFC’s purchase pipeline to identify and head off any potential issues with a mortgage loan before they happen, rather than waiting to react to problems when they arise.
“By establishing our Quick Reaction Force, we are taking a proactive approach to make certain we provide an outstanding customer service experience for borrowers, loan originators and real estate professionals,” Jacobs said. “The mortgage market has been dominated by refinances in the last few years, and many lenders have become less accustomed to the time-sensitive nature of home purchase loans. Purchase loans are a different transaction, and require a different mindset. Refinances are usually optional, and there’s not the same time pressure there is with purchase loans.”
And, as many markets in the country turn into sellers’ markets, meeting contingency deadlines will become even more critical, Jacobs said.
“There’s more competition for homes and there may be multiple offers. Missing a contingency deadline and delaying the closing can mean the buyer will lose out on getting the house they want,” said Jacobs. “For loan originators, having a team behind you that is focused on those deadlines and other important details can make the difference between keeping referral sources and losing them to a competitor.”
RFC “truly cares about helping people get into homes,” said Danny Kettle, a real estate professional and owner of Help-U-Sell Legacy in Layton, Utah. “Best of all, their turn-time is great! Even during the busy holiday season, one loan closed in 10 business days. Residential Finance is absolutely my go-to lending resource for my clients who don’t already have a lender selected.”
RFC has staffed the new Quick Reaction Force with the company’s “best and brightest,” according to Jacobs. “This group epitomizes our operations team's operating principle of ‘fast, accurate, no excuses.’
“While many lenders say they’re focused on the purchase market, the creation of the Quick Reaction Force proves we have a strong commitment," said Jacobs. "The team works hard to make sure all loans move through our pipeline seamlessly, and most importantly, close on time. That gives a greater level of comfort to all parties involved: Homebuyers, loan originators, real estate professionals, and other referral sources."