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So You Think Your A Lender... Your Not!

By Chris Mamone

Mortgage and Lending with Keller Mortgage NMLS#1239544

August 21, 2015 09:51 AM

Dear Realtor who thinks they are a lender,

You almost cost me a client and a few thousand in commissions because you "know" about FHA loans and escrow holdbacks. Here are some simple reminders for your next transaction:

1. Your a realtor not a lender. Don't try to be a lender. Communicate and be professional with me the lender and our client. Ask questions. Get the right information. You will create turbulence in the process if you don't do this.

2. The Mortgage Industry Is Regulated. My job isn't easy balancing guidelines and regulations. There is no such thing as a simple yes or no, or "wing it" getting a loan. You know what they say when you assume. You make an a** out of you and me. Keep that in mind next time you know more than me.

3. Working as a team vs. Your Ego. Our client is relying on us communicating the correct information every step of the way to make informed decisions involving hundred's of thousands of dollars of their money. Work together as a team to ensure our client is happy and we'll all have a good transaction.

"You need me and I need you. We both need happy clients.

Don't make things harder than they have to be."

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Kristin Hamilton CA REALTOR

Berkshire Hathaway California Realty - Beaumont, CA

(909) 557-6966- Specialize 55+ Communties Banning

I do agree we need to be careful what we say to our clients but must be able to work with the lenders. I work consistently with 3 lenders who I recommend to my clients. I always tell them they need to ask their questions to the lender and not to me as I am not a lender but a Realtor. But I do need to be kept in the loop.

Recently I had a bad experience with a buyer couple who wanted me to represent them on one of my short sale listings. The bank approved the deal 5 weeks later and then I find out the lender had been covering for their bad credit history, lates, prior forclosure within 2 years, repo cars, overextended credit cards/cars, and reduced FICOs. I had to immediately cancel and try to find a new buyer. Luckily another agent in the area had a cash buyer so we closed fast. The calls gushing over these buyers from the lender and their letter of approval meant absolutely nothing. Luckily I got the short sale closed and my seller is very happy now and so is the bank. Luckily they accidentally cc'd me on an email discussing looking for another investor who would take high risk loans......WHAT!!! We must work together to get the deals closed and then repeat it over and over again as a team.

Aug 21, 2015 10:29 AM

Jenna Dixon

Momentum Real Estate Group LLC - Marietta, GA

55 & Over | New Constructions | Horse Farms

Even when I know the answer to the question, when it comes to financing, I refer the client back to the loan officer. Why? Because I don't need to do two jobs or be responsible for different/changing information that I may miss. I'm a real estate broker, not a loan officer.

Aug 21, 2015 10:35 AM

So You Think Your A Lender... Your Not!

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