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-	GET Money Till PAYDAY! . . . $100 OR Much more . . . Fast." The ads are on the radio, television, the Web, even in the mail. They refer to money advance loans or a payday loan - which come at a quite high cost.	+	What Is a Transaction Coordinator?
-	Check cashers, finance companies and other folks are producing tiny, short-term, high-price loans that go by a variety of names: payday loans, money advance loans, verify advance loans, post-dated verify loans or deferred deposit check 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:
-	Usually, a borrower writes a personal check payable to the lender for the amount he or she wishes to borrow plus a charge. The organization offers the borrower the quantity of the check minus the charge. Fees charged for money advance loans or a payday loan are generally a percentage of the face worth of the check or a fee charged per quantity borrowed - say, for each $50 or $100 loaned. If you extend or "roll-more than" the loan - say for another two weeks - you will pay the costs for each and every extension.	+	1. Responsible for processing of all contracts through closing.
-	Beneath the Truth in Lending Act, the cost of payday loans - like other kinds of credit - have to be disclosed. Among other info, you need to acquire, in writing, the finance charge (a dollar quantity) and the annual percentage rate or APR (the expense of credit on a yearly basis). Loans secured by a personal verify - such as a payday loan - is quite costly credit. Let's say you write a personal verify for $115 to borrow $100 for up to 14 days. The check casher or payday lender agrees to hold the verify till your next payday. At that time, depending on the specific strategy, the lender deposits the check, you redeem the verify by paying the $115 in money, or you roll-over the check by paying a charge to extend the loan for an additional two weeks.	+	2. Coordinating appointments for inspections, appraisals, and closing.
-	In this instance, the price of the initial loan is a $15 finance charge and 391 percent APR. If you roll-over the loan 3 occasions, the finance charge would climb to $60 to borrow $one hundred.Exactly where to Complain If you believe your lender has violated the law, you may wish to speak to the lender or loan servicer to register your concerns.	+	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.