Loan Rep / Realtor Relationships - Who Makes the Call?

By
Mortgage and Lending with SMC Home Finance

When speaking with a Realtor yesterday, she said something that I have heard a few times now.  She is working with a client who has chosen a local lender for her financing (not myself, but we're still working on that!).  The loan officer calls her, the Realtor, to let her know that the client needs to sign an additional document that is now required by the bank.  The Realtor agrees to give the client the document to sign, but later feels uncomfortable when trying to explain it.  Hence the Realtor looks uninformed and the buyer feels uneasy about the signing the form.

It is certainly understandable that there are new forms popping up left and right these days, but I believe that it is the mortgage rep's job to MAKE THAT CALL to the client!!!  It is certainly a practice in my office to handle all mortgage business directly with the buyer.  I think way too many lenders try to hide behind the phone and basically throw the agent's under the bus because they are not well versed on many of the lending disclosures.  Do you agree/disagree?

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Anonymous
CT

TOTALLY AGREED!

Jul 18, 2008 03:25 AM #1
Rainer
29,595
Ken Graczak
Guaranteed Rate - NMLS#2611 - Equal Housing Lender - Woodbury, MN
VP of Mortgage Lending - Minneapolis / St. Paul

I Agree also... I have never heard of having the Realtor do the job of the Loan Officer... 

Jul 18, 2008 03:34 AM #2
Rainer
155,671
R. B. "Bob" Mitchell - Loan Officer Raleigh/Durham
Bank of England (NMLS#418481) - Raleigh, NC
Bob Mitchell (NMLS#1046286)

The loan rep NOT making that call would be a red flag to me regarding that lender....

 

Bob Mitchell

ValueList Real Estate Services, Inc.

Jul 18, 2008 03:43 AM #3
Rainmaker
637,664
Associate Broker Falmouth MA Cape Cod Heath Coker
http://www.CapeGroup.com & http://www.REindex.com - Falmouth, MA
Heath Coker Robert Paul Properties Falmouth MA

Not to mention the liability for the lender and the real estate company with privacy/disclosure issues.  Not very businesslike

Jul 18, 2008 03:46 AM #4
Rainmaker
978,814
Ginger Harper
Coldwell Banker Sea Coast Advantage - Southport, NC
Your Southport~Oak Island Agent~Brunswick County!

I think you need to be careful and not get sued.. 

Let the loan rep sink or swim.

Ginger

Jun 18, 2009 09:19 AM #5
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Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
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Jan 28, 2016 01:35 PM #6
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Rainer
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Jason Wade

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