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-	Cautious consumers' repayments on credit cards, loans and overdrafts outstripped new borrowing by �305m in February, figures show.	+	What Is a Transaction Coordinator?
-	This safety-first approach had led to a contraction in borrowing through loans and overdrafts for more than three years, major banks said.	+	A Transaction Coordinator is a person who takes responsibility for managing the deadlines and tasks of a real estate contract to closing. Some of the duties include:
-	The figures, from the British Bankers' Association (BBA), showed a slowdown in activity in the mortgage market.	+	1. Responsible for processing of all contracts through closing.
-	It said remortgaging levels were at their lowest for 13 years.	+	2. Coordinating appointments for inspections, appraisals, and closing.
-	'Difficult economic times'	+
-	Despite their cautious approach, consumers still spent �7bn on credit cards in February - a similar level as the previous six months, the figures show.	+	3. Effectively communicates with clients, customers, other agents, lenders, title agents and other service providers throughout the process.
-	Repayments outstripped new borrowing on credit cards by �39m in February. The repayment in unsecured lending was driven by weak demand, and continued payback, of loans and overdrafts.	+	4. Responsible for proper documentation of the file to comply with brokerage policies.
-	Unsecured lending by the banks contracted by 1.8% in the 12 months to February.	+	5. Assures that all post-closing disbursements, filing, and procedures take place.
-	"Businesses and households continue to be cautious about their finances in the face of difficult economic times and this shows up in a reluctance to take on new credit, or where possible, seeking to pay back bank borrowing," said BBA statistics director David Dooks.	+	6. Frees the agent client up to focus on business building activities.
-	Mortgage dip	+
-	In the housing market, gross mortgage lending by the banks stood at �7.9bn in February, which was 1.9% lower than the same month a year earlier.	+	In many offices across the country, there are transaction coordinators on staff who are shared among the office. While this approach seems practical or beneficial on the surface because the coordinator is in house and can be accessed by stopping by her/his desk. It's not always the best or most effective approach when explored further. There are many reasons for that, a few are outlined here:
-	With interest rates set to stay at low levels for some time, the number of remortgaging approvals dropped to its lowest level for 13 years at 18,147. Lenders have also become more choosy about who they accept for remortgaging.	+	a. The transaction coordinator is paid by the office and has a job, which is not always exclusively coordinating transactions. Meaning, they could get pulled away from their job to help the other departments such as receptionist, listing coordinating or what have you. This means they aren't working on your transactions.
-	The number of mortgages approved for house purchases also fell to 33,103 in February. The average mortgage approved was �146,600.	+	b. Interruptions! The facts are clear, it can take more than 20 minutes to get back on task after an interruption. That said, imagine how inefficient it can be if agents are walking in and out of the transactioncoordinators office all day long.
-		+
-	The BBA said that there had been a jump in activity at the start of the year as first-time buyers tried to get on the property ladder before a 1% stamp duty charge for homes valued between �125,000 and �250,000 is reintroduced on Saturday.	+
-		+
-	However, activity returned to more "normal" levels in February, said the group which represents the High Street banks.	+

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Current revision as of 05:35, 9 December 2017

What Is a Transaction Coordinator?

A Transaction Coordinator is a person who takes responsibility for managing the deadlines and tasks of a real estate contract to closing. Some of the duties include:

1. Responsible for processing of all contracts through closing.

2. Coordinating appointments for inspections, appraisals, and closing.

3. Effectively communicates with clients, customers, other agents, lenders, title agents and other service providers throughout the process.

4. Responsible for proper documentation of the file to comply with brokerage policies.

5. Assures that all post-closing disbursements, filing, and procedures take place.

6. Frees the agent client up to focus on business building activities.

In many offices across the country, there are transaction coordinators on staff who are shared among the office. While this approach seems practical or beneficial on the surface because the coordinator is in house and can be accessed by stopping by her/his desk. It's not always the best or most effective approach when explored further. There are many reasons for that, a few are outlined here:

a. The transaction coordinator is paid by the office and has a job, which is not always exclusively coordinating transactions. Meaning, they could get pulled away from their job to help the other departments such as receptionist, listing coordinating or what have you. This means they aren't working on your transactions.

b. Interruptions! The facts are clear, it can take more than 20 minutes to get back on task after an interruption. That said, imagine how inefficient it can be if agents are walking in and out of the transactioncoordinators office all day long.