by Mary Kladde
Whoever said “the devil is in the details” was probably a mortgage banker business owner or executive.
I think this for two reasons. One is that the mortgage lending transaction has always been detailed, on its way to becoming even more detailed. The folks at the top of a mortgage lending enterprise typically see themselves as detail conscious but mortgage lending has not traditionally attracted or retained truly detail-oriented individuals.
The second reason I believe mortgage bankers are bedeviled by details is that they turn to companies like mine to ensure that loan file details are reviewed and correct. By outsourcing their back office or part of their back office, mortgage bankers unload some of their risk. And on some days, they hate us for doing it. Yes, lenders sometimes find attention to detail irksome and become irritated by dogged commitment to getting it right.
