At M.B.I. Group, we realize a lender’s job never stops. You are a constant force in motion whose only priority is getting your borrowers’ dreams to come true. Sometimes things just aren’t within your control though. After all, you can’t move the interest rates yourself right? You can’t make your borrowers have great credit.
Unfortunately, sometimes the borrower doesn’t understand that, or doesn’t want to understand because they’ve become frustrated with the process.
Control what you can control as the lender
We’ve seen situations play out when the market is going haywire and the borrower’s interest rate increases more than a full point just a month before settlement. When that happens, it makes the other variables in the process that much more important if you still plan on closing the loan — for example, the homeowners insurance.
Regardless of how many times you try to explain these things to borrowers, most of the time, all they’re concerned about is what their final monthly payment will end up being, and whether they can afford it. Homeowners insurance can be a big part of that and could potentially make or break a settlement if the borrower’s escrow payment is unexpectedly higher than anticipated.
Educating your borrowers can be hard
You know there are many variables that go into it, but borrowers may not see the bigger picture. How much they put down, what their interest rate is, do they have PMI, how much is their homeowners insurance — these are all things that go into their monthly payment.
Because M.B.I Group is an independent agency, we have access to a wide range of insurance companies, which means we can find the absolute best homeowners insurance policy available for your borrower.
Are you a mortgage broker who is looking to partner with a trusted insurance agency, who will go above and beyond for your borrowers? Our goal is to provide you with ease-of-access to our agency for your borrowers’ quote requests.
Please complete the form below, and a member of our team contact your borrower to get the process started as soon as possible.