I'm in the middle of a transaction that was supposed to close yesterday, not a big deal, just some last minute funding issues that will only delay the close by 4 or 5 days and with the way it has been lately, I will certainly be happy with that!
But, when the listing agent's clients were introduced to their mortgage broker, their mortgage broker clearly wanted to make more money from the deal, rather than keep the clients best interests at heart. (Fiduciary responsibility?)
What happened may you ask? The sellers were under the gun to find a new home, now that it looks like theirs was going to sell. We had a closing date and they went a put an offer on another home and it was scheduled to close the same day as ours, but the problem was that the mortgage broker didn't plan for any problems. She locked the clients in on a 20 day lock on a 19 day close! Why did she do this? At her own admission so she could make more money! (Oh, but don't tell my clients that.)
She thought she could get an extension if a problem came up and guess what the bank said to her...Oh, sorry no extensions on that 20 day lock, didn't you read the fine print on that lock? I'm guessing she didn't, all she saw was the dollar signs that came when she did a 20 day lock versus a 30 day lock or even a 45 day lock.
Will her clients or her agent ever hear about this? Nope, not until it has cost them money and the deal closes and I tell their agent what really happened and why the lock couldn't be extended. I feel sorry her clients, but I also feel sorry for mine as they are now being rushed to get things done because their underwriter is changing the rules during the game also.
So, please don't let greed and unethical behavior cost your clients. If you do decide to put your interests in front of your clients, at lease step up and admit what happened and pay the difference rather than have them pay for your mistake in judgment.