I am at the end of my rope here folks!  The question of the night is how do you feel about a real estate agent also acting as the loan officer?  I was not aware she was the loan officer until there were problems. 
It's my opinion that there is enough to do in a real estate transaction that you shouldn't muddy the waters by trying to be a lender too.  This is an affiliate office of a major player in the real estate world.  We have four families that can't close because this one agent can't keep her files straight and get the job done.  My clients, as well as her client, are going to file a complaint with our real estate commission.
So, what are your thoughts on being the lender and the real estate agent in the same transaction?  Maybe it's not as bad as I think it is but it seems like a bit of a conflict of interest.  Please share your knowledge and experiences!

 
Posted by Tricia Hoffmann on 03/12/2008 11:43 PM   Comments (4)   , ,  

4 Comments on Conflict of Interest?

I have never met an agent who is a loan officer in my life (thankfully).  If only they also sold insurance, title work, cars, and maybe lemonade.  Now that is what I call a full service agent.

03/12/2008 11:58 PM by Michael Pierce - Overland Park Real Estate - Leawood Real Estate (Prudential Kansas City Realty - Overland Park, Kansas)

In my opinion it is a conflict of interest. Go to her Broker and ask for his/her help to get the transactions closed.  If I'm not mistaken, under RESPA it should have been disclosed up front.

03/13/2008 08:47 AM by Michael Setunsky (Michael's Commercial LLC)

Tricia, it is my understanding that this falls under the conflict of interest paragraph. I have always been told that as a loan officer, you can have no other interest in the file other than being a loan officer. 

03/13/2008 09:09 AM by Danny Thornton (Home America Mortgage, INC.)

I believe her broker is also involved.  How about that!?

03/13/2008 12:46 PM by Tricia Hoffmann (Real T Team)

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Real Estate Agent: Tricia Hoffmann (Real T Team)
Tricia Hoffmann
Highland Village, TX
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Real T Team

Office Phone: (972) 317-5900
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Welcome to Trends With Tricia! It's my goal to assist you with your real estate needs and to just shed some light on the ever-changing trends and world of real estate! I am part of a very talented team, Team Nelson. If you need the help of quality real estate agents who care more about the relationship with clients than just a paycheck, don't hesitate to contact me!

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