Trouble - Unfair Advantage???

By
Mortgage and Lending with Homes2gorealty

Has anyone else heard this rumor about many of the larger real estate firms requesting that all of their agents send thier buyers to www.SelectBestRate.com to get prequalified?

I understand that this website is linked into a team of FHA Gurus that are getting tons of buyers approved through the use of in manual underwriting specialists, and getting buyers approved to 100% with credit scores even below 580.

Not to complain, but this seems like a very unfair advantage to most of us regular mortgage guys. Having one company that creates a FHA monopoly utilizing highly flexible manual underwriters puts them in a position to create a monopoly

Comments (8)

Kim Sellers
Lake Arrowhead, CA Coldwell Banker - Lake Arrowhead, CA
Lake Arrowhead Realtor - BRE#01412099 - Lake Arrow
Well first off, I would never send my clients straight out to the wolves.  I stick to my trusted lender and someone I know has perfect track records with my clients. My reputation is on the line and I want my deals to close.
May 05, 2008 10:30 AM
Brent Thomason
Homes2gorealty - Atlanta, GA

I agree, but it is killing me, those guys arfe getting buyers approved and closed that i could never get done. But i guess its just the nature of todays industry. And i guess i can't blame agents for using them. After all, the agents job is to take care of the buyer.

Thanks for the response.

May 05, 2008 10:35 AM
Krista L. Walker
Coldwell Banker Pro West - Medford, OR
Oregon- Homes & Real Estate for Sale
Yes, this does sound scary.  I thought we are all done with this sort of thing after the "real estate" slow down happened.  I agree with Kim - only send to trusted lenders.
May 05, 2008 10:36 AM
Denise Shockey
RE/MAX Aerospace Realty - Cocoa Beach, FL
Cocoa Beach, Brevard County Florida Real Estate
Brent-I agree with Kim, I'll stick to my trusted lender who I know and work with on a regular basis.  Sounds too good to be true.
May 05, 2008 10:36 AM
Thomas Taylor
Top Tier Realty - Poulan, GA
Yea I have used them, they are actually very easy to work with. I know at times that some of the technology people use, and sometimes teams get together and create what seems like an unfair advantage, but the idea brent is to re invent yourself, and rise to the challenge. I actually had four buyers that my regular lenders could not get financed, so i sent them there, and they got approved, and are now happy home owners. Its a great resource for first time homebuyers. But hang in there, you will create another niche, we are in a ever evolving industry...
May 05, 2008 10:50 AM
Brenda Ayers
Ayers Lending - Cochran, GA

Don't sweat it!

We had a sales meeting just last week, and this group selectbestrate was introduced to us, and yes they are getting a lot of buyers approved, but i have not heard of any brokers requiring that their agents send thier buyers to get prequalified, it's always just an option, and a lot of the agents in my office are just sending buyers there that thier regular loan officers can't get approved. If you do a good job for your agents, you will most likely stay the first on th list. Hold your head up and smile...

May 05, 2008 11:14 AM
Kristina Yorke
www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert - Saint Petersburg, FL
Don't let this get you down...Use it to improve your business and maybe try to seek partnership with lenders that offer similar benefits...Do you offer FHA products?  They are the going to be the wave of our mortgage future!  You can do this!!  Use this competition as your motivator! 
May 06, 2008 03:28 PM
Anonymous
Yomama

I happen to have it on good record that Brent was wearing a thong two sizes too small in the picture in the right hand corner.

Jul 29, 2008 02:29 PM
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