As a realtor, you work closely with your clients to make sure everything goes smoothly from the minute they contact you about buying or selling a house until they sign all the paperwork at the mortgage closing. But how do you maintain a professional relationship with clients after the closing so that the next time they need a realtor, they contact you first? Here are five ways to connect with clients, soon after the closing and months later, so that they think of you the next time they, friends, or family members need a realtor.

1. Call Soon after the Mortgage Closing If you do not attend the mortgage closing in person, call your clients later the same day or the next day to determine whether everything happened according to their expectations. This shows that you care beyond getting your commission and make you aware of any issues that arose so these can be avoided in the future.
   
2. Give a Memorable Gift  If you’re like many realtors, you deliver or send a gift to your buyers and sellers soon after the closing. For the buyers, it’s customary to give them a housewarming gift to celebrate their new home. Instead of providing a bottle of champagne or gift certificate to a home goods store, they offer them something that they will keep for a long time. How about a decorative fruit bowl, a nice piece of cookware, or a set of coffee mugs? These are items that will remind them of you every time they see or use them.
3. Send a Feedback Survey  Soon after each closing, follow up with your clients to get valuable feedback. Not only will you gain insights about what you’re doing right and ways you can improve, but this lets the clients know that you care about their experience and want it to be the best it can be every time. Surveys can be done via mail, email, or online applications that let you easily create and send surveys over the Internet.
4. Send Emails and Newsletters  After each closing, be sure the client is added to your email marketing list so that they get any regular emails you send. Try to make sure these emails contain helpful information such as general information about your area that would interest new residents, decorating or ideas for DIY projects for new homebuyers, or housing statistics for the area so that residents can keep up with the value of their home and housing trends where they live. You may also want to send your past client’s newsletters in the mail, but consider doing this less frequently than emails, perhaps quarterly rather than monthly, as some clients may get tired of getting unsolicited mail that they eventually have to discard too often.
5. Mail Cards on Special Occasions  Personalized cards can be more effective than impersonal emails and newsletters, especially if you send them to mark special occasions, such as birthdays, wedding anniversaries, or the anniversaries of when they moved into their new homes. Your past clients will appreciate your thoughtfulness and might remember you and the personalized attention you gave them when they or someone they know needs a realtor.

A Better Way to Close with BNN Services

 Since 2008, BNN Services has been trusted by title agencies, mortgage lenders, servicers, and consumers to perform loan and document signings in multiple languages across the country.

 Unlike other signing services, BNN Services “touches” every file 8 or 9 times to ensure the process moves forward free of delays. That’s why we’ve completed over 250,000 signings in all 51 jurisdictions and maintained a closing ratio of 96 percent.

 Ready to experience the BNN Services difference? Get started today!

How Does IT play into Remote Working?

When the COVID-19 pandemic started preventing people from coming to the office, working from home became the norm. Now, more than a year after the start of the pandemic, many companies are sticking with remote or hybrid models. Evidence suggests that this trend will continue even after the pandemic effects have subsided since employees and employers alike have taken a fancy to remote working operations.

In many cases, technology has had difficulty keeping up with such a rapid shift in working norms. As companies embrace remote and hybrid working solutions, they need their computer software and digital systems to remain just as effective as ever. A quick overview of how businesses responded to the pandemic shows the importance of considering IT when developing a hybrid working environment.

Issues With Technology At Start Of Pandemic

When the pandemic first struck with such little warning, many businesses lacked the IT infrastructure necessary to adopt remote working models. Most offices were using on-premise software that employees could not easily access from home. Companies that already had cloud-based software fared better since workers could reliably and securely connect from their home offices.

Security Concerns When Employees Work From Home

The rapid switch to remote work also posed severe security challenges. In their haste to renew operations after the original shutdown, many companies looked for the quickest way to start working remotely. Many of these solutions lacked security measures that businesses need to keep their data and systems safe. Without multi-factor authentication and secure data transmission procedures, these hastily-constructed models were unacceptably vulnerable.

Necessary Technology For A Permanent Shift To Hybrid Models

To safely and effectively incorporate remote work as a significant component of an overall business model, companies need to invest in certain IT products. For one thing, businesses should present their employees with company-owned computers. Allowing workers to access company systems from their own devices presents serious security issues since there’s no way to account for the protections in place on each device.

Companies should also invest in cloud-based software that allows for a paperless workplace. Not only will employees be working from home without access to copy machines, but leaving printouts lying around at home poses a security threat. Secure tools for closing deals and signing documents electronically will allow employees to conduct essential business activities from their homes safely.

Security Considerations

Having employees working from home complicates the cybersecurity landscape. Instead of simply protecting data within the office space, companies now have to concern themselves with data that’s traveling to the homes of all their employees. This creates a complicated situation in which innumerable endpoints for the systems exist. With no way to control the individual devices, each of which is its endpoint, companies need to invest in robust security solutions that can handle remote work dynamism.

Web-based software in the cloud rather than on individual devices is a safer, more efficient option for a hybrid workplace. Companies should also implement multi-factor authentication for all their systems and contract an IT company accustomed to providing remote security. With the right IT solutions, a remote or hybrid model can be both secure and effective.

A Better Way to Close with BNN Services

Since 2008, BNN Services has been trusted by title agencies, mortgage lenders, servicers, and consumers to perform loan and document signings in multiple languages across the country.

Unlike other signing services, BNN Services “touches” every file 8 or 9 times to ensure the process moves forward free of delays. That’s why we’ve completed over 250,000 signings in all 51 jurisdictions and maintained a closing ratio of 96 percent.

Ready to experience the BNN Services difference? Get started today!

The COVID-19 pandemic has caused millions of people to experience a significant decline in their incomes. Although the CARES Act allowed homeowners to seek mortgage forbearance for up to 12 months, that protection is set to expire for most borrowers by the end of April 2021. Despite this, few financial professionals expect a significant number of foreclosures to occur in the near future.

Many Borrowers Didn’t Actually Need Forbearance

According to a survey conducted by MBA, 30% of those who took forbearance as of May 2020 were making their mortgage payments. This suggests that some borrowers simply took advantage of this option to provide themselves with financial flexibility during an uncertain time. Furthermore, data indicates that most borrowers could remain current on their mortgages as restrictions were lifted throughout 2020.

Foreclosure Can Be a Tedious Process

Depending on where a person lives, it can take up to three years to complete the process of foreclosing on a property. During that time, a lender will likely need to spend a significant amount of money on legal fees. Therefore, a mortgage provider typically prefers to work with a borrower to make it easier for them to stay current on an existing loan.

In some cases, a lender may agree to defer payments for several months until a borrower is in a better financial position. A loan provider may also decide to extend the term of an existing mortgage to reduce its monthly payment. Alternatively, the interest rate may be reduced to make each monthly payment more affordable.

Homeowners Could Choose to Sell Their Properties

In recent years, an increase in real estate prices means that homeowners are more likely to have positive equity in their homes. Therefore, those who cannot afford to keep up with their mortgage payment may choose to sell their properties. They can then use the proceeds from the sale to repay their lenders without experiencing any negative impact on their credit scores or histories.

Short Sales Could Be an Option

A short sale may allow a borrower with negative equity in their property to walk away from a mortgage before foreclosure occurs. As a general rule, a person who engages in a short sale will experience a steep drop in their credit score. However, it can be preferable to foreclosure as it indicates to future lenders that a borrower made a good faith effort to handle an outstanding debt balance.

Foreclosures Will Still Occur In Some Cases

Although it is unlikely that there will be a steep uptick in foreclosures in 2021, not everyone will avoid having their properties repossessed. This is why those who work for mortgage companies are encouraged to invest in the tools necessary to account for any extra volume that they experience over the next several months.

A Better Way to Close with BNN Services

Since 2008, BNN Services has been trusted by title agencies, mortgage lenders, servicers, and consumers to perform loan and document signings in multiple languages across the country.

Unlike other signing services, BNN Services “touches” every file 8 or 9 times to ensure the process moves forward free of delays. That’s why we’ve completed over 250,000 signings in all 51 jurisdictions and maintained a closing ratio of 96 percent.

Ready to experience the BNN Services difference? Get started today!

Home sales during the pandemic are strong, and buying will only get easier.

It’s no secret that COVID-19 has left a trail of economic ruin in its wake. From sky-high unemployment rates to ongoing bankruptcies, the global pandemic has wreaked serious havoc on the U.S. Fortunately; there’s some light in the darkness.

With favorably low mortgage rates and promising refinancing options, the housing market is booming. In fact, during the third quarter of 2020, roughly 67 percent of Americans owned a home, which is the highest this figure has been in 12 years. As the coronavirus continues to plague our communities, here’s how the real estate market is expected to respond positively.

Interest Rates Likely Won’t Change

The Federal Reserve forecasts that interest rates will remain close to zero until 2023. According to Jerome Powell, a chairman of the Federal Reserve, these figures won’t shift much until the economy is well on its way to recovery. This prediction bodes well for a fortified labor market. What’s more, the Fed’s transparency regarding lower interest rates is proving a godsend to mortgage lenders. More specifically, it’s allowing them to plan for the prosperous year ahead.To keep up with growing demands, some lenders are expanding their workforce. These expansions highlight the growing interest in purchasing real estate. Unfortunately, though interest rates aren’t likely to change, home prices are. These increased rates will make homeownership less accessible, but it’ll be a more viable option than renting. In essence, rosy interest rates will combat elevated home prices, inspiring many to refinance or buy a home.

Less Mortgage Forbearance Requests

When COVID-19 reared its contagious head, there was an uptick in forbearance requests. Since April, these requests have gradually decreased, and experts believe that this downward trajectory will continue. However, millions of American homeowners are still on a forbearance plan. As a result, lenders must maintain a relationship with borrowers so that they can stay afloat.As these numbers stay on a constant decline, homeowners have demonstrated their unwavering resilience during this economic hardship. As more funds become available to those with coronavirus-related financial problems, these same homeowners will be rewarded for their ability to overcome unprecedented hurdles. Not only will this impact borrowers, but it’ll also be advantageous to lenders.

Lenders Are Putting A Premium On Customer Service

The ins and outs of obtaining a mortgage are undoubtedly intricate. With so many moving parts to account for, lenders were forced to develop creative solutions when COVID-19 took hold. This adaptability ushered in a new era of customer service, illustrating the importance of catering to clients’ ever-evolving and unforeseen needs. During these times, that meant finding safe alternatives to face-to-face encounters.When traditional operations changed, it led to an increase in remote online notarization services. Simply put, RON allows consumers to notarize documents electronically. In addition to being wildly convenient, this modern replacement also promotes a streamlined process. As mortgage lenders continue to devise sensible substitutes, they’re displaying their commitment to client satisfaction. These efforts make it easier for aspiring homeowners and borrowers to receive quality services without compromising their health.

A Better Way to Close with BNNServices

Since 2008, BNNServices has been trusted by title agencies, mortgage lenders, servicers, and consumers to perform loan and document signings in multiple languages across the country.

Unlike other signing services, BNNServices “touches” every file 8 or 9 times to ensure the process moves forward free of delays. That’s why we’ve completed over 250,000 signings in all 51 jurisdictions and maintained a closing ratio of 96 percent.

Ready to experience the BNNServices difference? Get started today!

The Digital Revolution Is Permanently Changing the Real Estate Landscape

The COVID-19 pandemic has caused a fundamental shift in how home sales are conducted. Instead of visiting a home in person, buyers are more likely to take an initial tour virtually. Furthermore, buyers and sellers are more likely to ask that documents be sent, edited, or signed digitally. Although the pandemic may have spurred these changes in consumer preference, this new normal is likely to remain in place even after it’s safe to venture outside again.

People Routinely Complete Transactions Through Digital Platforms

While real estate professionals have only begun to adopt digital tools, consumers have been completing transactions online for years. These days, it isn’t uncommon to order a pizza, buy a computer, or finalize a car purchase without going to the store or the dealership. Therefore, the average person isn’t going to be intimidated by completing a form on their phone instead of completing that task in their agent’s office.

Early Adopters Can Gain an Edge Over the Competition

By the end of 2021, there is a good chance that most real estate transactions will be conducted via online portals or similar tools. Therefore, now is the time for agents who want to expand their client base to start using them. Doing so can make an individual look like a savvy innovator who will do whatever it takes to meet a client’s needs.

Simplify the Process for Your Clients

The process of buying or selling a home can be a complicated one, and it’s an agent’s job to simplify that process as much as possible. One way to do this is to allow a person to complete multiple tasks with a click of a mouse or a smartphone screen tap.

It may also be possible to put related documents into a single file that a person can review, fill out and submit in a more organized fashion. In addition to streamlining completing a real estate transaction, keeping digital copies of relevant files ensures that they aren’t lost or stolen.

Don’t Forget to Focus on Developing Relationships With Your Clients.

The internet has made it easier for your clients to educate themselves about the process of buying a home. In minutes, they can find homes for sale in their area, submit a mortgage application or learn more about how much their agents make after a deal closes.

Therefore, to offer real value to an individual, you must get to know that person on a meaningful level. This can help ensure that your current customers come back to you the next time they want to buy or sell a home. It can also increase the chances that they will refer you to their friends or family members.

Over the next several years, real estate transactions will be conducted using online portals and other digital tools. If you want to remain competitive in a changing landscape, it is essential to learn how to use those tools and make the sale process easier for your clients.

A Better Way to Close with BNNServices

Since 2008, BNNServices has been trusted by title agencies, mortgage lenders, servicers, and consumers to perform loan and document signings in multiple languages across the country.

Unlike other signing services, BNNServices “touches” each and every file 8 or 9 times to ensure the process moves forward free of delays. That’s why we’ve completed over 250,000 signings in all 51 jurisdictions and maintained a closing ratio of 96 percent.

Ready to experience the BNNServices difference? Get started today!

What Lenders Need to Know About Remote Online Notarization Acceptance

Understanding County/State Acceptance Rates With remote online notarizations becoming increasingly more prevalent, lenders have to adapt to this modern technology. Not only do they have to learn the ins and outs of this cutting-edge application, but they also have to grasp the stipulations that come with it. More specifically, acceptance rates, state requirements, and stakeholder dependencies, among other factors. For instance, while RON is taking the industry by storm, each state is required to pass legislation that allows for online notary services.

Though tremendous progress has been made on this front, several states have yet to pass RON legislation. Meanwhile, county acceptance is contingent upon where webcam closing can be done. If more counties adopt this technology, it bodes well for streamlined electronic transfers and faster acceptance rates. However, counties that offer eRecording don’t always accept documents that have been notarized through RON. With that said, it’s the lender’s responsibility to delve into each county’s rules and regulations.

Understanding Industry Stakeholder Roles

Investors It’s up to investors to determine if they’ll accept electronically notarized documents. Unfortunately, many investors are reluctant to buy loans that have gone through the RON process. This trend is most common among investors in the secondary market. Government-sponsored enterprises, on the other hand, are more willing to embrace this present-day alternative. Ginnie Mae, Fannie Mae, and Freddie Mac are some prime examples.

Settlement Companies

If your settlement partners are transitioning to remote online notarization, your keen involvement is required to ensure a smooth implementation. Fortunately, several settlement companies have already started the process, making it simple for lenders to navigate the remaining affairs. RON comes with many complexities, so your settlement partners must have the necessary knowledge at their disposal. Otherwise, they’re likely to make costly mistakes when signing and notarizing documents electronically. To guarantee that everything goes swimmingly, your settlement partners will need certified agents trained in remote online notarization.

Title Underwriters

Unless underwriters are willing to insure RON transactions, you can’t notarize documents electronically. With that said, you’ll need to hash out the details with your underwriter. While doing so, inquire about any requirements they have in place to reduce underwriting risk. By covering your bases, you’ll promote a smooth-running process.

Warehouse Lenders

If you use a warehouse line of credit, you’ll need to check if your warehouse lender accepts eNotes. Without eNotes, you can’t close a mortgage loan electronically, making this a crucial step in the process. If your warehouse lender doesn’t accept eNotes, a hybrid closing may be warranted. This unconventional approach involves RON and a paper note.

While this is a great short-term solution, there are some disadvantages to this method. Not only is it time-consuming to send the paper note back and forth, but it also makes the experience less than satisfactory for the borrower. With that in mind, consider finding a more reliable solution to this quick fix.

For expert advice on the topics covered herein, give us a call today!