Surely, when a loan officer preapproved a client we are sure that they have gotten permission from the client to release information to the Realtor® regarding their credit worthiness. I mean, we are supposed to be working together while thinking in the best interests of the client and everyone involved, right?
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.
We NEED to know that we are not just going to spin wheels while going through the time consuming effort to show a client 20 properties before they find that special dream home....Only to find out they are really NOT qualified!
All Realtors® hope that the loan officer and lender the client chooses will be on top of it. I wish I could always give the buyer names of a few great loan officers to work with that I have worked with in the past (and know to be forthright and honest) but it doesn't always work out that way. And in the end it's the client's choice anyway.
There will be those Loan Officers who believe that they can't release anything except that they are credit worthy. What exactly does credit worthy mean? Does it mean they are just on the brink of falling in between the cracks should lending criteria change? Does it mean they are REALLY good to go no matter if the criteria changes or not? Are we just supposed to believe every Tom, Dick and Harry without an explanation?
Get your client's written authorization for release of info to the Realtor®.......
..... and to the Loan Officer as well.