New Program Ensures Quality, Reliability And Speed
Throughout The Entire 203(k) Loan Process
River Edge, NJ – July 13, 2011 – (RealEstateRama) — National mortgage lender, Real Estate Mortgage Network, Inc. (REMN), is bringing their retail FHA 203(k) program in-house and introducing a new initiative to better manage the experience for homeowners, home buyers, real estate agents and contractors. The recently launched REMN 203(k) Concierge Service will now support the entire 203(k) loan process with a dedicated team of REMN account managers who will be involved every step of the way, from the loan’s origination through payments made to contractors.
REMN does not view their Concierge Service as an extra expense, but rather as an investment in the satisfaction of the loan’s recipients, as well as that of the local real estate agents and home improvement contractors in REMN served communities. The additional attention the Concierge Service will devote to 203(k) loans will help to ensure that everything moves as smoothly possible for all parties involved.
Most lenders do not offer 203(k) loans because the complexity of the product often leads to unexpected problems. To help forgo any issues, REMN assigns one of their trained 203(k) Concierge Service Mangers to each loan transaction, right from the start. From origination to the end of construction, the borrower has one main contact person who acts as a liaison between the FHA consultant, the contractors, the appraiser, the draw team and everyone else involved.
When a lender chooses to transfer the home improvement portion a 203(k) mortgage to another lender, issues can arise if the multiple parties involved are not on the same page and committed to a clear timeline. By underwriting the entire 203(k) loan and dedicating an in-house support team to oversee it from start-to-finish, REMN can ensure that everything stays on track.
“It’s fairly easy for things to go awry during the course of a 203(k) loan, especially with all the parties involved. If a payment to a contractor is delayed or expectations aren’t clear, work on the home can come to a screeching halt or other issues may soon arise,” commented Steve Marshall, REMN’s Retail 203(k) Director. “A dedication to quality and customer service are two of the principles REMN was founded on more than 20 years ago. The best way for us to ensure quality with our FHA 203(k) loans is to manage the entire process ourselves and leave nothing to chance.”
The individual Concierge Service Mangers initiate the process with a pre-loan conference call that walks the borrower through the entire operation, giving them an estimated timeline for completion, things to expect and otherwise helping the borrower to navigate any potential issues that may arise in the future. The Concierge Service Manager acts as a bridge between production, operations, and servicing, and helping to make certain everything progresses according to plan.
REMN currently has more than 30 retail offices licensed to originate loans across the continental US. Home buyers, existing home owners and local real estate agents looking for more information on FHA 203(k) mortgages can find their nearest REMN office by calling (800) 386-3791 or by going online to http://www.remn.com.
Real Estate Mortgage Network
Founded in 1989 and headquartered in River Edge, N.J., Real Estate Mortgage Network serves the lending needs of home buyers and home owners, real estate professionals and builders across the country. Our associates are passionate about fulfilling the American Dream, and realize they are the key to unlocking the mortgage process. REMN’s Web site is located at www.remn.com.