How many of us have had closings delayed or canceled due to lenders failure to perform their jobs in adequate time or not at all? There have been so many excuses since the economic crisis and I don't understand why they are not being held accountable. Some of the things that I have experienced lately and seem to be becoming prevalent in our industry are:
Lender says the buyer is golden only to find out they are not so "golden" after all, causing either a last minute shift to another lender and a delay of closing after a moving truck has been rented, sellers have moved, etc. or no closing at all, leaving everybody in a very bad position.
Lenders blaming underwriting, USDA, the kid next door, the dog, or anybody else but themselves for failure to get docs done so that closing can take place in a timely fashion.
Lenders saying they missed something on the credit report (how does that happen?)
I could go on and on but my point is, where is the accountability for the lender? We do our job to get the transaction to point closing and rely heavily on the lender to do their job and when we are told everything is moving along, everything is fine, they have received clear to close, etc we have no reason to believe otherwise, nor do we have a way to verify this. If we (Realtors) failed to do something that caused a transaction to be delayed or canceled, I shudder to think of what the end result would be. I have talked with so many other Realtors who have had transactions canceled or delayed and 99% of the time it has been because of financing/lender issues.
I am sure there are several lenders who are called to pick up the pieces from other lenders failed attempts. So please don't get me wrong, I am not saying all lenders are this waynor am I saying every delay/cancellation is their fault, but I question if some of them have compassion/concern for others. So many families lives are being turned upside down, left with no place to go, unplanned expenses, etc and there is no recourse for them.
Everyone should demand the same level of service from lenders that we (Realtors) are expected to give. It is time for change.
I would love to hear your thoughts & experiences.
Comments(0)