Good morning, my name is Tom Heath with the Heath Team at Nova Home Loans. Today is August 24th and this is our weekly installment of mortgage and real estate related matters.
And today, I wanted to talk to you about the volume of refinances that are going through the system. I know a lot of you that are watching this video are real estate agents and your priority right now is on helping your clients close those new purchase transactions. Well, we are seeing a delay across the board in getting transactions done because of the volume in the system.
Now don’t get me wrong with this, we are prioritizing purchases over refinances. We understand and recognize the importance of that closing date. However, the amount of volume is putting a strain on all of the resources. From third parties, like Title and Appraisal, to in-house services, like our Underwriters, Processors and Closing team, the things that we used to be able to get done in a matter of hours are taking a day or two because of the amount of volume in the system.
But I want you to understand that our refinances are important, not just to the client and to us but also it’s an extension of your service. Almost everyone we’re refinancing is someone that you’ve referred to us in the past, maybe six months, year, five, ten years ago. With interest rates where they are right now, everyone in this country just about everyone in this country anyway, could benefit from a lower interest rate. And that is what spiking the volume.
When we close that transaction six months, a couple years or 10 years ago, we promised your client that we would be their mortgage partner for life. And so when this opportunity comes along we can’t neglect that and we are reaching out and we are encouraging our existing clientele that can benefit to apply for a refinance. That is putting a strain on the system. We make adjustments every day from a team, a branch, and a company standpoint to make sure that we are doing everything within our power to close these contracts on time.
For the first time in my 20 year career, we’re seeing a push at the closing date, a lot more stress than we’re used to seeing. The volume is a big reason for that. But please understand we are working through that we’re finding solutions to these unprecedented times. We really appreciate your patience and understanding through this.
We will continue to communicate the good news or the bad news. And we ask that you ask any questions, bring up any comments or concerns so that we can work together to have the best end result for the client, which is what we’re all after.
If you have any questions on this, if you want to chat more about it, please don’t hesitate to reach out. You can also head over to our website https://www.TheHeathTeam.com for more information about a lot of things that are happening in our industry right now. Have a fantastic week!
