Summary
James Madison Mortgage Co. adopts team processing
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Extract
A leap of faith.
Overcoming fear and loathing in the branches, a mortgage company embraced team processing and cut loan approval time dramatically. Many loan officers balked, but today the program is paying big dividends.
On February 21, 1995, James Madison Mortgage Company had the closing papers ready for settlement on the Bradleys' new home - a property in Washington, D.C. At midafternoon, the Bradleys' real estate agent contacted James Madison Mortgage to say the deal was off. The Bradleys had pulled out of the contract. A problem had arisen with a survey that indicated that restriction lines had been violated on the property the Bradleys were planning to purchase. The Bradleys immediately put out a contract on another house. They needed to settle on the new property in two days. On February 21, James Madison canceled the loan and immediately began processing the paperwork for another mortgage with the new loan amount, new property and new program. Corresponding by fax and Federal Express, James Madison approved the loan package on February 22. On February 23, the Bradleys closed on the new property they had placed under contract only 48 hours earlier. In front of real estate agents and other parties, the Bradleys applauded James Madison's services as worthy of the Guiness Book of World Records. The quick settlement allowed the Bradleys to save money on the transaction and avoid a hotel stay because of an expired lease on their apartment. In today's market, every deal counts. To better accommodate unique situations like the Bradleys - which are becoming more commonplace - and to better process loans coming through in the normal course of business, James Madison changed its mortgage origina...See the full content of this document
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