This video, presented by Dave King of Mortgage Sales Manager, covers the topic of how to work with couples at the mortgage signing. This an extremely important topic for those in the mortgage business. Mortgage loan officers predominantly deal with one person in the couple as opposed to both. Frequently, this person is the family bookkeeper and they have a better knowledge of their finances than the other individual. Unfortunately, many couples do not communicate very well about money matters. A recent poll shows that almost three-quarters of people believe that they communicate well with their partners about money, but over 40% of them did not know how much their partner made. Of those who believed they did know how much their partner made, 10% of them were more than $25,000 off in their estimates. Also, 25% of these individuals weren't sure how much was in their partner's 401K or other retirement funds. This is very important information as we're typically working with the person who's providing us information on the other person. Remember to keep this information in mind when you're working with couples and proceed with caution so that you can ensure that everything is handled appropriately.
With this quick video, you'll learn a little bit more about what to take into consideration when it comes to working with couples. Most of the time, mortgage loan officers will be working with one individual or the other but not both. Ideally, the person with whom they're working is the family bookkeeper and has a good idea of their finances as well as their partner's finances. However, couples don't always communicate well when it comes to money or financial matters. In a recent study, it came to light that while over 70% of people believe they communicated well with their partners when it came to money, 43% of these individuals didn't even know how much their partner made. Ten percent of those people who thought they knew their partner's salary were off by more than $25,000 in their estimates. In addition, a quarter of these individuals didn't know how much their partner had in retirement accounts. As it's important to get a clear financial picture from your clients, remember to keep these statistics in mind. Proceed cautiously to ensure that your client's needs are properly addressed.
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