Digital Signature Legality for Mortgage in Mexico - Simplify Mortgage Transactions with eSignatures

How to eSign a document: digital signature legality for Mortgage in Mexico

hi I'm Alex Cooper CEO of moxie really excited to be here today with Chris Childress our head of retail sales uh and we're going to talk today about a very exciting topic and that is mortgages in Mexico uh so Chris thanks so much for being here today absolutely how long does the process take like how long does it take to get a mortgage in Mexico um what what do you what do you think about that that's a million dollar question that's the million dollar question so you know the the best answer I've got for that Alex is is going to be you know the speed at which we can get this thing across the finish line for everyone is directly associated with the engagement of all parties right so that starts from the very beginning the you know from the time that we're on a discovery call with the borrower um all the way through the process so you know the time at which we can get the credit approval done is directly associated with how quickly we can get a complete application from the borrower with all the information we need as well as supporting documentation that we request so that we can get into get in front of an underwriter and get a quality and thorough credit decision issued um you know assuming everything comes in you know for example if I have a application interview or Discovery session with a borrower today um they fill out the application this evening and say they get me all the documents um over everything we request over today or tomorrow in general really takes our front end team about a day or so to kind of work through the documents get everything structured and turned in and then moved over uh to to the credit department but we can we can arrive at a full credit decision within just a few days generally less than a week and that's from the date that we have the application come in and receive the documents to an actual credit decision issued and we're able to schedule a follow-up call from that right so the engagement is crucial and then the legal transfer part is directly associated with the engagement of all parties being really more on the seller side and the organization of the seller side and those guys so assuming that the sellers got all their property documents in order and readily available they're able to get it back to us quickly respond if there's questions and all that kind of stuff it's you know that's directly related generally speaking we see these things take 60 to 90 days our internal Target is 45 to 60 days for a closing to be quite candid I've seen some disorganized Sellers and issues where we've had some things with title where we've had transactions take over a year and that's really been just working through through the process of either Gathering that information if they weren't quite organized or in some cases we've found instances where the seller had situations like we were talking about a few minutes ago where something wasn't recorded properly in a previous transaction and we got to work our way through you know cleaning those things up so to answer your question Alex you know we generally Target 60 to 90 days most often we see around the 90 120 day Mark to really get through you know working with all parties and that kind of stuff um again being well organized in the front end and being engaged in the process will certainly speed that along yeah those are all really good points I think yeah it's it's interesting because there are controllables um as it relates to you know Moxie certainly but also the buyer and getting their um diligence documentation and tax returns bank statements so on uh and then there are um controllables as it relates to like the legal property transfer when we send the kyc information you have to fill it out and send it back uh you'd have to send your passport copy and so on um but then there are some uncontrollers some some things totally outside of the control of uh the buyer right so sometimes that's seller related sometimes it's properly related if a property is currently in a feta commisos the feta camiso will the fiduciary bank that currently holds the feed of commission will they release it for um for substitution or uh how quickly can they process the cancellation if the property is currently owned by a Mexican entity you know how long till you get the Secretary of Foreign Affairs permit so all sorts of different variables and factors um I think probably like uh most candidly like borrowers really uh can rely on Moxie to represent them through through this status but to the extent that they can be active and engaged um and push their agent and or the seller's agent and or the seller to also be active and engaged and turn things back um uh when they're requested I think that that makes all the difference right that's where we see I think a record closing was in a non-restricted Zone was 23 days it's the fastest we've ever done it um but it's kind of funny to think like the actual loan itself takes less than a week to make right it's really all those extra days are related to the legal property transfer from seller to buyer and preparing that to do it in a secure way which ultimately protects our customer right so absolutely yeah one key point is you know with Moxie you've got you know a couple hundred years with a combined experience you know Alex you've been you know a couple of decades or more right in in c-level leadership in the mortgage industry and you know for for a long time I've been close to 30 years now you know in the mortgage Arena um you know everyone on our team has got uh tons of experience in the U.S credit market so we've got a lot of experience also in in the in the you know Mexican legal area of that but uh you know when it comes to um underwriting and credit qualifying U.S borrowers we've got that down we've got the experience and we can do that very efficiently um in-house um where where we see the the delays and the and the things that tend to take more time is is 99 in the legal transfer portion of the process yeah and I can tell you that Moxie is you know in our investors we are as interested if not more so in making sure that it's done properly and legally um for the sake of the security of our borrower as well as for us as a lender yeah a related question to that um we will often have clients prospective clients come to us who are entering into a new construction contract for a property that's going to be ready in 2025 and we're recording this video in the middle of 2023. um what would you recommend to someone watching this video who is uh buying new construction property it won't be ready for a couple of years should they should they go through the process with this now should they kind of wait until they get a little closer to closing well it really you know that's a loaded question right because you know you don't want to start too early because there's really nothing that you know that our team can do from a legally transfer work perspective right until we're about 90 days out right until the till the development is just about ready for you know the delivery that's the keys and walls up right um that last 90 days generally um is you know the Finish you know the the dot in the eyes crossing the t's and then making sure the legal documents are ready for legal transfer so that's really when we're able to get involved from a legal um getting work done type perspective however you know if if the borrower is in a position where they're going to buy this property and they and they need financing um you know in order to achieve this um I think it only makes sense to at least have the conversation right to at least have the discovery session it's 30 minutes you know to have a conversation get an idea of what we're working with learn about the requirements and guidelines and the borrower can decide at that point in time if it makes sense to um go through the official query approval process right which involves the documents and some fees and things along those lines to get an approval in place which we can certainly do but then also that borrower needs to understand that they're going to have to maintain that credit picture right in order to for to be able to deliver on the funding 18 months out does this make sense so um you know it's kind of a my thought would be is you know if if you're 100 confident I'm bulletproof don't have to worry about it you know here's here's the guidelines let's talk you know 120 days out let's get things started um most of our borrowers you know when they enter into a an agreement like this and they're going to be funding the full construction of a project expecting to be reimbursed you know in just a couple of years and you know then they might have more confidence in having the answers that they need before uh pulling the trigger on that we're here to help in whatever way works best for the borrower yeah I think those are those are great points um and it really just depends on the Comfort level of the of the client um and I know you spoke extensively a couple minutes back about new construction and about the fact that Moxie really can't fund alone until uh legal transfer takes place which could be at the time property delivery um uh but hopefully hopefully the legal transfer of the property happens at delivery at the same time that would be ideal ideal scenario um but not always the case right yeah right good good points yeah uh but generally at least 90 to 120 days before anticipated delivery and transfer date would be the time to apply and reach out to us you brought up another really good point maintaining the credit qualification throughout the escrow period so setting aside for just a moment the actual uh new construction purchase and just thinking about a regular resale purchase let's say you have a client that is entering into a contract it's a 70-day escrow period um and uh they apply for their Moxie loan today uh and gonna close in two months uh what are some suggestions you have as it relates to maintaining credit quality qualification throughout that 60 70 day process to ensure no surprises at the end yeah um you know you'd be surprised at how little this question is considered a lot of people will apply for a mortgage they'll say hey I got the approval and and go crazy right or you know or go start buying furniture and financing furniture for the home that they're not going to move into for six months but you know and just whatever the case is so you know first and foremost um you know the the loan approval uh process is we're going to look at the entire scenario for the borrower issue a credit decision based on that but um you know what borrowers need to really be clear on is that uh they have to meet these requirements at the time of closing and funding it's not just to get approved right so we got to make sure that whenever you know our agreement with our end investor in order for us to close this thing and and you know and have it um a fully finished deal that has to meet our credit policy guidelines right at the time of closing and with the you know in the U.S you know 30 45 day turn generally speaking you know you got to really make an effort to mess it up right in that sort of period of time but you know here with a longer life cycle you know life happens you know you use your credit card to pay bills you have a car need or whatever the case may be um so a lot of people just don't think you know of of the impact of those things you know just a couple of inquiries to to get a new car loan could wreck a credit score and put you into a whole different qualification bucket or interest rate bucket even so to answer your question the key thing is is that when you apply and you and your issue uh uh conditional loan approval from knoxy Moxie one of the first things we're going to do is host what we call an ICD call with you we have a lot of acronyms in our business that just means initial credit decision and we're going to jump on the phone and we're going to discuss the conditions the terms of the approval hey we've approved this loan based off your current 750 credit score your current debts income ratio of this so forth and so on right and then you know we basically have to have the same criteria in order to fund at the same terms of that loan approval if something changes we have to we have to to adjust the approval for that so if we have a credit score reduction that means interest rate could go up or loan to value could go down the key thing is when you make your your application when you get your loan approval we've got a clear picture of exactly where you are and what your how your loan was approved at that time it's your responsibilities to borrower to make sure that we maintain that same credit picture moving forward and if you have any questions anything crazy that happens during the process call your mortgage advisor before making a move that way we can navigate the waters together those are great points so to summing it up like don't go buy a really expensive car and finance or lease it during the time of your escrow period right uh purchase a bunch of furniture or maybe large purchases really that are going to appear in your credit report um escrows get delayed we might need to re-pull credit we're definitely going to do a refresh at the end um that won't affect the score but we're going to know about all those things so don't um stop paying a bill try not to have a collection appear on your credit report try not to go apply for new credit uh those are all really good reminders the other is about like income and employment uh we and these are all based on situations that we've actually seen live so I'm not just making it up right but don't change the way that you're paid you all of a sudden decide that you're going to switch from W to employee to independent and contractor uh and start operating your own business in in the middle of the 60-day escrow that's going to potentially impact your approval on your ability to even get the loan in the first place right so I think those are other really important um yeah we've had it happen someone's either bought a new car or or you know like you said change jobs um you know any craziest things happen out there but yeah changing jobs is fine by the way but but we're going to uh no no retiring in the middle of retiring in the middle of escrow or are you know selling half of your company in the middle of yeah yeah that's right taking it Taking a 40 or 50 000 vacation and putting it on your on your Visa you know those you know those things will kill the deal quickly if you're not cautious so yeah great just want to be aware you know make sure we closing fund uh with the same credit picture that we were approved at is is the the ideal objective awesome all right well appreciate that so much thanks so much Chris thank you sir [Music] thank you foreign