Realtors keep asking, so we will tell you: Why your buyer should consider RMN for VA financing even if they are already pre-approved with a different VA lender.
Unfortunately, many buyers, sellers and Realtors alike don’t understand the importance of working with an experienced VA lender until things go South. That's when we get the call to pick up the pieces. Our current owner opened the doors of RMN, Inc. in 1987 with one specific goal: to have better government lending for borrowers. He worked at a bank and was tired of all the red tape. Most Realtors know it’s our specialty – and we are proud of that!
When you start working with a lender for a VA loan, ask them these questions: Do you have an in-house underwriter? Is the underwriter physically located at your office? If the answer to either of these is “no”, you run the risk of the process taking longer and you, as a buyer/seller/Realtor, spending far too much time on following up with the loan process.
As lending rules have changed, large institutions often struggle to process, underwrite and close loans in a timely manner. Even if the loan officer is local, they don’t actually do the processing or underwriting locally. That’s a lot of calls/scans/faxes back and forth to get things done.
Some local lenders (banks) have finally realized the huge advantage to the VA loan program, but because they are relatively new to the program, they have not committed to the expense and risk of hiring an underwriter and seeking the requisite VA approvals for prior-approval. Our underwriter has been underwriting for over 30 years – he is trusted by VA and he knows how to get them done. RMN’s entire lending staff is highly trained on the specific requirements of the VA loan program. We are able to detect and resolve potential issues at the front end of the loan process, whereas other lenders may take weeks before a VA underwriter will even review a loan file. From there, the underwriter, who isn’t local, struggles to communicate effectively with the loan officer and processors, creating even more delays in the closing process. To cover their own inefficiencies, these lenders will incorrectly tell realtors and customers that VA (and other government) loans take at least 45 days to close.
At RMN, we simply walk down the hall to talk to our processors and our underwriters, so things get done immediately. There isn't a better way to explain it – it is just that easy!
Aside from the simplicity and knowledge associated with our process, our closing costs and interest rates are competitive. If you have a buyer struggling to make the switch – just ask us for a quote!