A great video discussion we had about requiring buyers to double-app......

Ralph - I completely agree with Nancy in that as my clients LO, I will typically do whatever I can to work with the sellers designated lender to provide them with the necessary documentation in order to pre-approve my clients.  I have already collected all the supporting documentation, run DU on them, verified their funds to close as well as their employment and income so I can assist them with whatever they need in order to pre-approve my client.

However, with one particular client, who I've been working with for about five months.  During this time, he has been trying desperately to get into escrow and making dozens of offers with many of them where he had to pre-approve with other lenders.

During this time, he has had his credit pulled nine times, only twice by me.  These other seven times were from lenders who absolutely refused to work with me and simply would not accept my credit report as proof of my clients credit score.  As a result, his credit score has dropped, not enough to effect his pre-approval with me but it has dropped.  Needless to say, he has instructed his Realtor to not show him anymore properties where the designated lender refuses to work with me.

On another note, I'm going to disagree with the sellers lenders who say they only require this so that they can be assured that the client is truly qualified and can close.  Many buyers LO's who have been through this before know for a fact that in many cases, the requirement to double-app with the sellers lender is nothing more than a marketing ploy for the sellers bank rep to pilfer other lenders approved buyers.

In July, I had a client who wanted to make an offer on a property but he had to get pre-approved with this specific BofA rep.  As I typically do for my clients, I called the BofA rep in an effort to provide her with documentation on my client.  She absolutely refused to speak to me and told me she does not speak to buyers lenders and only speaks directly with buyers.  I relayed the message to my buyer.

My buyer called the BofA rep and got pre-approved at which point, the Bofa rep started in on my client about getting him to go with her for his loan.  My client politely told her he already had a lender and wasn't interested in switching.  My clients offer was eventually accepted (that's a whole other story).

Right up to the day before we ordered docs, this BofA rep hounded and harassed my client about switching his loan from me to her.  Every time this woman called, my client would tell her not to call again and she ignored his requests and continued to call.

While some may think these are isolated cases, I assure you Ralph, me and my clients are not the only ones experiencing this kind of nonsense from bank sellers LO's.

Anyway, it was a good video and I'm sure Nancy doesn't operate the way a lot of other seller LO's operate.