The Top 5: What Bankers Love to See From Their NYC Real Estate Attorney

December 11, 2018

Our firm has represented a multitude of lenders in NYC real estate transactions over the years, working closely with loan officers and borrowers to see all parties to a smooth and successful closing.

While each lender works somewhat differently, our experience has given us significant insight into what bankers love to see from their attorneys. From conversations with the loan officers we represent, we have compiled a list of “best practices” below, which we hope will help bank attorneys provide the best level of service to their clients.

Without further ado, here are our top five tips!

  1. Proactive Weekly Updates:

No matter how many files are assigned to a specific bank attorney, it is helpful to the loan officer to provide an update once a week on the status of all of their open files. By providing this, the loan officer and bank attorney can ensure they are on the same page. Often, this will force further updates which help keep the rest of the team informed.

  1. Invitation to the Closing:

Many loan officers have expressed to us that they like receiving a calendar invite with the date, time, and location of the closing once it is scheduled. This way, they have the information readily available if they are traveling to the closing, or their client asks them to confirm it, or if they are simply having a hectic day.

  1. Aztech Package Delivery:

If a transaction is for a co-op, and the lender requires the bank attorney to draft and send the Aztech forms to the client, a quick email to let the loan officer know (as well as the buyer’s attorney if the transaction is a purchase) can go a long way to avoiding any potential delays. The address that the package was sent to and the tracking information should both be included. This way, everyone can make sure that the clients receive the forms, as unfortunately packages can sometimes be lost, stolen, or not delivered.

  1. Keeping Connected:

With so many people working together on a transaction, from loan officers to processors and underwriters to the bank attorney, it often happens that someone is not included on an important email. The bank attorney can help by being aware of this, and adding anyone who was excluded to the chain. It is best to keep the entire ‘team’ on every email—even if a particular email does not immediately pertain to everyone, it may hold information that is relevant to them later in the process.

  1. The Post-Closing Check-In:

Sometimes a loan officer is not able to be present at a closing. In these cases, we find that they appreciate an email afterward advising that the closing is complete, along well as any ‘color’ or ‘play by play’ as to what happened at the closing table. This information helps the loan officer prepare to follow up with their client afterward, particularly if any issues occurred during the signing process.

By now, you’ll have noticed that all of these tips share a common theme: communication! Being proactive and keeping your client updated at every point in the process is a tried and true way to provide the best possible service.

Did we miss anything in our list? Let us know! We’d love to hear your suggestions.

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