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In this day and age of the real estate market, we NEED to make sure that the loan officer they have chosen is telling us, the Realtors®, that our client is not just borderline by the hair of their chinny chin chin.
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18 Comments on Releasing Personal Information About Clients
Sally,
Ideally the buyer's agent will attend the application with the buyers! I always did as a REALTOR and as a LO I invited them, my regulars came! If you're going to give advice about the biggest financial investment of a person's life you'd best know everything! As a fiduciary you should make sure the clients understand the LO and that they tell him what they told you. The best deals are done as a team pulling together.
Now let all the slackers claim privacy issues to get out of an extra hours work! What's privite between a buyer and his agent?
Bill
Bill: Of course you have a great opinion when it comes to ethical practices. Not always do the buyers want me there but I am there the majority of the time. I do give my opinion and make sure the client understands what the loan officer is talking about. Bottom line ...if it's 'private'...too private to discuss with the 'team' involved...then there must be something they're hiding...
NICE TALKING TO YOU BILL!
Sally - good post and important information about being completely knowledgable regarding your client's position. Best to find out in the beginning as opposed to finding out closer to the end!
Wouldn't it be nice if all clients would use the mortgage folks that we know we can count on? :o)
Sharon: That is the whole thing...we need to ALL work together to get a client prequalified...and there are no ifs ands or buts.
Ann: It would be nice but it's not always that way. There is no reason why we can't communicate regarding our client.
I am wondering why we can't do the same as the listing agents do, ask them to also get pre-approved by our lender of choice. They don't have to use them :)
Jane: I just think in order for everything to run smoothly everyone have their cards on the table.
Sally, you are so right. Why waste time with clients who are not qualified. It's frustrating for everyone involved! Hope you have a good Easter weekend!
I always make sure the client is okay with it - usually I am working with a realtor that referred the client to me so we are all working as a team. If the listing agent wants, I give him/her not only a pre-approval letter detailing the exact qualifications of the client but also a copy of the DU findings, the credit report, the income and asset docs (with sensitive info blacked out of course). Most will be very satisfied with that enough to accept the offer. A plain, vanilla prequal letter just doesn't cut it any more and for good reason!
Russell: Exactly! So why do some play that hush hush game?
Cari: I like that....it's exactly what all concerned need to be aware of. In most cases for REO's they are asking that they are preapproved with their lender of choice because of these ones that won't give out details if need be. For certain ones with cash funds we ask for proof of funds as well. So, bottom line if some would just get authorization they don't have to worry about hiding pertinent facts.
Sally:
Making sure we have approval, or the loan officer has approval certainly makes sense. I wonder how many actyualyl GET written approval. There are certainly releases signed to obtain informaiton from employers, banks and other creditors. I expect some do and some don't.
We are seeing more and more REOs request that approvals come from a particular lender, even if the buyer already has an aprpoval.
I always ask about sharing information and I take notes, but I have to say it is not always in writing.
Jeff
Jeff: Bottom line is that when some LO's want to be secretive (using the privacy act quote) then it obviously means that the LO did not get authorization to begin with...has no intention of working together for the client....or hiding something? In any case, it's not someone who I believe I would work well with.
Sally most of my referrals come from Realtors that I partner with. When one of their Buyers contacts me and I Pre-Qualify them, they are usually anxious to have me follow up with the Realtor to let them know what they qualify for. On the rare occasion that they don't ask me to inform the Realtor, I get their permission to do so. After all that is the reason why the Realtor sent them to me to begin with, to make sure they are not wasting their time showing houses to someone that cannot purchase them. If I send a Borrower to a Realtor, I tell them that I will inform the Realtor of what they qualify for. I have never had a Borrower ask me not to share their purchasing ability with the Realtor, after all we are a TEAM.
On the other hand I am very guarded with their information when I get a call from the Listing Realtor. My first response is to ask if my Borrower or their Realtor is aware that they are contacting me. Even if the Borrower or the Borrowers Realtor gives me permission to talk to the Listing Realtor, I am very care of what I will share, because I want to make sure that I am not an obstacle in the negotiations.
Having a really good lender contact is a huge time saver in the end. A good working relationship is the keystone to a successful transaction without wasting time. There just isn't enough time in the day to waste any.
George; And that's how I've been team playing with all these years. And our contract allows sellers agents (on behalf of the seller) to contact the LO even during the transaction for status on the loan. But I'm talking about when representing a buyer like you were saying....after all...WE ALL ARE A TEAM. Thanks for your input George...I value your opinion! :)
Nate: It sure is and if not for a good working relationship then how does one expect to have a successful transaction?
Personally I think it always make sense to have a conversation with the loan officer to know exactly where you stand.
Sally - I have a couple of loan officers that I work with that are really great - they give me all of the information I need and work with me each step of the way!
Federal and state privacy laws are a funny thing: necessary, but also applied in some ways not conducive to the real estate transaction.
In Kentucky, home inspectors cannot talk to anyone else about the home inspection without the express written permission of the client. I've had a few clients that don't want me to speak with anyone else. But most clients defer to me with regard to releasing information to others. I encourage them to allow me to speak with the real estate agents and lenders involved in the event questions about the inspection come up.
Open lines of communication between all the entities involved in the real estate transaction are important. This post is a good reminder of that.
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