We all probably prefer to recommend our clients to lenders and mortgage brokers that we work with on a regular basis, but what happens when they come to us already "preapproved," and what if the bank that they are already with is one that they feel comfortable with?
This could be a good scenario if the bank is worth its salt, but what if its no better than a piggy bank? There is a certain firm that has an extremely flawed business model, which pretty much encourages its loan processors to only make contact with the borrower, and according to them, communication with the agents is unnecessary. What a load of crap!!! In addition, loan officers are non-existent- they just use different levels of processors.
Buyers don't do this every day, and keeping agents out of the loop is an ingredient to a recipe for disaster!! Besides things not being coordinated the way they should, we have to worry about the buyer not comprehending what is taking place, and even worse, misleading us about the status of their loan.
So, if you have not been unfortunate enough to do business with this very large piggy bank, I envy you, because they seem to have no desire to provide decent levels of customer service. If the buyer is getting a great deal on their loan package, that's one thing, but if not, kindly direct them to another lender.