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Revision as of 02:59, 21 March 2013 (edit) 173.237.181.25 (Talk) ← Previous diff		Current revision as of 05:35, 9 December 2017 (edit) (undo) 36.37.223.228 (Talk)
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-	GET Cash Till PAYDAY! . . . $one hundred OR Much more . . . Fast." The ads are on the radio, tv, the World wide web, even in the mail. They refer to money advance loans or a payday loan - which come at a extremely higher price.	+	What Is a Transaction Coordinator?
-	Verify cashers, finance organizations and other people are producing modest, brief-term, higher-price loans that go by a assortment of names: payday loans, money advance loans, verify advance loans, post-dated verify loans or deferred deposit verify loans.	+	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:
-	Normally, a borrower writes a private check payable to the lender for the quantity he or she wishes to borrow plus a charge. The firm provides the borrower the quantity of the check minus the fee. Costs charged for money advance loans or a payday loan are generally a percentage of the face value of the check or a fee charged per quantity borrowed - say, for each and every $50 or $100 loaned. If you extend or "roll-more than" the loan - say for an additional two weeks - you will spend the fees for each extension.	+	1. Responsible for processing of all contracts through closing.
-	Below the Truth in Lending Act, the cost of payday loans - like other types of credit - have to be disclosed. Among other info, you need to receive, in writing, the finance charge (a dollar amount) and the annual percentage price or APR (the price of credit on a yearly basis). Loans secured by a individual check - such as a payday loan - is very pricey credit. Let's say you create a personal verify for $115 to borrow $100 for up to 14 days. The verify casher or payday lender agrees to hold the check till your subsequent payday. At that time, depending on the certain program, the lender deposits the verify, you redeem the check by paying the $115 in money, or you roll-over the check by paying a fee to extend the loan for yet another two weeks.	+	2. Coordinating appointments for inspections, appraisals, and closing.
-	In this example, the cost of the initial loan is a $15 finance charge and 391 % APR. If you roll-more than the loan 3 occasions, the finance charge would climb to $60 to borrow $one hundred.Exactly where to Complain If you feel your lender has violated the law, you could want to contact the lender or loan servicer to register your issues.	+	3. Effectively communicates with clients, customers, other agents, lenders, title agents and other service providers throughout the process.
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		+	4. Responsible for proper documentation of the file to comply with brokerage policies.
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		+	5. Assures that all post-closing disbursements, filing, and procedures take place.
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		+	6. Frees the agent client up to focus on business building activities.
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		+	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:
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		+	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.
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		+	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.

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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.