I'm an attorney and a lender.  Yes...I'm both, but I don't double dip.  Not that I'm some moral compass that people need to measure themselves against, but I make it a point to not double dip. 

A few years ago, I was contacted by a lender who I used to work with at our prior company.  I really liked this guy a ton.  He's nice, humble and diligent in his work. 

FLASH FORWARD TO TWO YEARS AGO

In 2008, this guy comes to me and says that he wants to work with me.  I have always enjoyed this guy and would love to work with him.  He wants to work with me at Cherry Creek Mortgage as a loan originator.  But there's one major problem  First of all...he's a full time realtor.  On top of that he's a full time C.P.A., oh, and yes, he's a licensed loan officer.    He calls himself a "full service shop."  Me???? 

I call it

 CONFLICT OF INTEREST! 

I end up saying no!  Can't do it.  Our company won't hire folks with outside interests (I know what you're saying...he's an attorney-that's true, but I'm full time at Cherry Creek Mortgage, and do about 3 hours a month, just to keep my license active in case I feel the need to go back to law).

FLASH FORWARD TO NOW!!!!

Here's the scenario...follow closely and pay attention as it's important.  Two buyers.  Buyer A is buying from B and B is buying from C.  I am doing the loan for buyer B.  I get buyer B approved for a V.A. loan to buy C's house....contingent on B selling his home to buyer A.  Realtor for A turns out to be also doing the loan for A.  Of course that's not true.  Someone else in his office is doing the loan, but Buyer A has never spoken to the lender only the realtor.  Let me clear this up.  She has only spoken to the realtor as her realtor and on has spoken to the realtor even though realtor says that Joe Schmo is the lender (but she's never spoken to Schmo as she has to put everything through the realtor/lender.  I know....confusing, but important.

My client, B, is pissed that the realtor/lender (double dipper) has not gotten the deal done over a 4 week period.  Buyer A and Buyer B are concerned because C is now considering to not extend the financing to buyer B.  It affects B and A.  Sooo, this past week I get a call from A who told her story and said that B told her to call me. 

We come in on Sunday, take the application, and get A FULL APPROVAL except for the appraisal within 3 days.  Mind you, this guy has had the file in underwriting for over 4 weeks with two or three different lenders and we're already two weeks past the closing date.  They still don't have a clear to close on this V.A. loan.

Realtor / lender / double-dipper refuses to give the appraisal over or release the case number to me.  I'm not calling the borrower or double dipper.  In fact, I tell buyer A to just stay with double dipper because it's the midnight hour.  Welllllllll, double D still can't get a clear to close and buyer A said that I needed to take over the deal.  We would have been clear to close had the lender released the V.A. appraisal and case number as the buyer requested back on Monday.  Double D says that there's no way we can get it done (we have).....

The Issues?????

Let's be honest.....really honest here.  ETHICS!!!!

Doesn't double dipper have a first and foremost deal to represent buyer A?  Doesn't that mean that if the buyer isn't getting the service from the lender (Even if he's the lender) that he looks out for

HIS CLIENT'S BEST INTERESTS?

He has told the attorney's and the realtors that "Larry Bettag can't close the deal in a timely fashion" even though he knows that I've reported that we're clear to close except for the appraisal and the transfer of the V.A. case number.   She's telling Double D that she wants out, but he says no, no, no....are his actions in the benefit of the client or is it for the protection of double D's double commissions.

FRANKLY, THIS INFURIATES ME BECAUSE:

I've told the buyer that they should just stay with double dipper since he's intentionally dragging his feet on transferring the appraisal and case number to me.  Is that really the issue or is it his use of a Straw Loan Officer so that he appears separate from himself as the realtor, but the borrower never spoke to the loan officer who was on the application...just Double D. 

Secondly, it's a big concern for HUD that lenders have other full time jobs.  I've backed out, but I've been pulled back in.  I understand maximizing your income, but c'mon now....where's the duty to protect and represent the client?  Ridiculous if you ask me.....I think that this realtor / lender / double dipper needs to be disciplined.  The bottom line is that he put his commissions in two "conflict of interest" areas above the client that he serves.  It's really ashame!