Special offer

Corrupt and misleading lenders? Or Not!

By
Real Estate Agent

This post is aimed toward all of my "mortgage friends" on the network.  While I'm sure none of you are apart of this, some of your local competition is.  We agents always have a few deals fall through a year, due to a lender Pre-Qual or Pre Approving a prospective buyer for a home who never had any business buying in the first place.   The lender I recommend my buyers work with has NEVER given me a problem.  They work in house with the underwriters and can tell me right away if the loan will work or not.  The problem is when we get a contract on a listing of ours.  We as listing agents are always at the mercy of the buyers lender.  Sometimes even after weekly calls, pre-approval,pre-qual, promises, etc, the loan is denied.  The excuse is usually simple and phrased like this, "We are sorry, but underwriting has denied the loan due to fact that they had a B.K. 6 months ago or they haven't paid there Discover Card bill in 2 years!  How was any of this not found out in the beginning of the process.  Sure, sometimes this info can be looked over or lied about, but as many times as it happens, we as agents wonder what is going on.  The buyer usually gets thier earnest money back.  And seller has pulled there home off the market for however many days due to a loan that never existed.

I know that there is always two sides to the story, and most mortgage lenders work very hard and do a wonderful job.  The first thing I usually tell new agents is to find an EXPERIENCED loan officer and treat them right, it may be the best business decision you ever make.

Mr. Brian Brady, I await your comment...lol

 

Posted by

     Twitter Atlanta Real Estate     Facebook Atlanta Real Estate         Linked In - Atlanta Homes         Active Rain Atlanta Real Estate

Jennifer K Giraldi, REALTOR®    Solid Source Realty Atlanta     678-469-9519    Atlanta Real Estate & Atlanta Homes 

CopyScape

Ray Saenz
Exit Realty Laredo - Laredo, TX
Homes for Sale in Laredo, TX - Texas, Realtor

Jenniffer,

Yes, a good loan officer or loan originator can save you time, effort and money :).   they are less to make mistakes.

 

Oct 20, 2006 02:26 PM
Home Design
Alpharetta, GA
Home Design and Real Estate
As you can see, I totally agree :)
Oct 20, 2006 02:33 PM
Brian Brady
Matthews Capital Markets - Tampa, FL
858-699-4590

What kind of comment can I make, Jennifer?  When you're correct, you're correct.

I will say that even the experienced LOs get caught sometimes by faulty advice from an underwriter or get tripped up on the obvious guideline.  Underwriters dislike doing pre-approvals because they aren't full packages.  (Now please don't deny this my lender friends;  they really don't like doing them).   Now that doesn't mean that the pros won't do them. The pro underwiters always do them, they jsy do them reluctantly.

I had a tough Manufactured Home Loan a couple of months ago.  I ran the file through the Deskstop Originator program and received an "accept".  I e-mailed the file to the underwriter, she e-mailed back, "NO PROBLEM".  They found a home, I ordered title and appraisal, and submitted for final approval.  A new underwriter cam on board and caight something.  I failed to click the property type as "Manufactured" instead of "SFR" and the first underwriter missed it also.  Stupid but easy to do.

Anyway, I closed the loan.  It was two weeks late.  My first missed COE in 3 years. I think the good experience was that the Realtor (while new and hungry for the commission check) was professional, understood my problem, and accepted my mistake.  I fought very hard for that file because I knew he was understanding.

Experienced LOs will always save you money but even the best of the best can blow it.

Oct 20, 2006 03:45 PM
Home Design
Alpharetta, GA
Home Design and Real Estate

Definatly Brian, I totally understand that occasionally those things happen.  My main purpose of writing this post was to stress the fact that Experience counts when handling mortgages.  Without good LOs, Realtors hands are tied!  You make that mistake once every 3 years where some will make it once a month!

Oct 20, 2006 04:34 PM
Anonymous
Anonymous
Sue the lender for damages.
Mar 09, 2007 03:23 AM
#5