I just wanted to see if any of you are having the same problem with lenders and their privacy policies as we are. Currently, we have two lenders that are refusing to give us information on the loans that they are processing. In one case, we are representing the buyer and in the other, we represent the seller and buyer.
As I'm sure you are aware, the P&S has a built-in release at the bottom of page 3 that gives us the right to obtain information from the lender. We were told by one of these 2 lenders that they had their legal department review this document (NH P&S Agreement) and that it was determined that they are not a party to the agreement and are therefore not bound by it. Their conclusion was that they would stick by their privacy policy and not give us any information on the loan and also told us not to call them anymore!
This is obviously putting a great deal of stress on our seller clients as they are required to be out of their house by closing, which is less than a week from the commitment date. At this point, we don't even know if the properties appraised out.
I have posed the question to the Legal Hotline, but thought I would check with you all to see if anyone else is having this problem and of so, have you found any way around it? Maybe we're just very UN-lucky.
Thanks,
Katherine
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