In my 12+ years in this business, I have salvaged many closings by picking up the phone from closing and calling the correct party within the lender (meaning I am not put on hold, making both Realtors, all buyers and sellers, attorneys, title agent, builder rep, etc wait).
Wire confirmation, receipt of the signed documents by the lender's closer, etc are all scenarios that have occured to ensure a smooth and timely closing. Some other customer service adds that I provide at closing are:
Explanation of auto-pay (setting it up, advising on best practices, etc)
Escrow (setup, analysis, who gets paid what, how to forward bills, etc)
How to contact the lender (in my case, they always call me first)
Where and how you can pay your bill
TRANSVERSELY, I have heard many, many stories of internet brokers with no physical presence where there is an issue with the closing and it sometimes requires the entire closing to be rescheduled.
Thank you for that question!
As an agent I like the bank/mortgage rep there at closing to explain any discrepancies that may arise, and to explain why there are any delays in funds arriving at the closing. I am always nervous with companies that don't have anyone present as those are usually the settlements where there are issues that arise.
It's impossible to predice what type of problems counld be encountered at the closing but the fact remains that they do.... in view of the fact that these last minute challenges are often associated with the funding relative to the closing, it's nice to have an advcate present that can support the transaction.
Hope this is helpful.
The mortgage representative does not always attend, but it is nice to have them there to go over the mortgage papers with you. All your financing should be discussed and agreed upon before closing, however having them there to answer any specific questions can't hurt. The majority of the papers signed at closing are mortgage related so overall, it could be beneficial to everyone.