Our survey respondents shared their thoughts on the following question: “If you had the power to change the mortgage system, how would you change it?
“Eliminate repeated requests for previously submitted documents. It should not require more than 30 days for approval. Rejections should be obvious at the time of the initial application.”
“Lenders need to be held accountable for their delays and mistakes. They also need to have transparency in their process and updates.”
“I would like lenders to give clients and agents weekly updates on the transaction without having to ask. I would also like them to be more pro-active about finding inspection credits, because they usually forget to ask.”
“The system is inefficient. Buyers are frustrated with the daily requests for new documents. There should be an initial checklist of everything the buyer needs to submit. Lenders seem to continually ask buyers to submit documentation through the day of closing.”
“Regulations and requirements are fine; the way they are implemented can be improved.”