Have you Ever Had This Problem

Real Estate Broker/Owner with Real Living/Home Realty 24642

Have you ever had a loan officer change the financing on your contract?  I recently had an offer with a large cash down payment and the balance was to be paid by a conventional mortgage. I kept in touch  with the loan officer to make sure the appraisal was in and we were going to be closing on time.  She kept assuring me everything was on schedule and she did not see a problem closing by the date on the contract.  Two days before the closing I called to see if we had a time for the closing and she told me the bridge loan has not closed and once it closed we would have to wait another 3 days before we could close.  There was nothing on the contract about a bridge loan but she thought that would be a better way for the buyer to finance their home.  The buyer was in breach of contract, the closing was two weeks late and the seller was furious.  What would you do??


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Barbara Delaney
Park Place REALTORS, Inc. - Roanoke, VA

Dear Connie,

I have never had that kind of problem! Smoke would have been coming out of my ears!

Have you used this lender before? I don't think I would ever use her again!

Mar 13, 2009 03:48 AM #1


  We have had some deals come thru their bank before and had no problems however I will be very cautious in the future of anyone using her.

Mar 13, 2009 04:09 AM #2
Lynn911.com ~ Dallas Real Estate Agent Top Team
Dallas Houses for Rent Dallas Apartment Rentals Lynn911.com - Dallas, TX

Connie , not much you can do lending changes per second, I am a realtor and loan officer why I have my partners handle that side of my business I hate second to second changes.  It closed be happy.

Mar 13, 2009 03:31 PM #3
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Hi Connie, Oh, I wouldn't have been happy about that at all either.  Don't throw a wrench in the deal just before closing.  I hate that.  Have to think long and hard as to whether to use this lender again.

Mar 14, 2009 10:43 AM #4
Nevin Williams
Fairway Independent Mortgage Corporation - Cary, NC
Senior Mortgage Advisor

Hi Connie,

               I am a mortgage broker and a branch manager.  What this loan officer did was borderline a violation of their fiduciary responsibility to their client.  The loan officer also has a duty to notify the agent of any changes that could affect the outcome of the purchase/sale in a timely manner.  I think this LO was a rookie.  Common sense tells you there is a lot at stake when handling legal contracts.

I would bring it to the attention of the LO's supervisor/broker.  I would also find out who recommended the loan officer and if they too are a real estate agent I would make sure to share this info.

I blame the LO's management for poor training and lack of accountability.  They are tarnishing their reputation with industry professionals that could have brought them more business.  Worst of all their incompetence hurt the seller and could have had legal consequences for the buyer.  At this point not much you can do if the loan and sale has closed but I personally would hold the management accountable and let them know if this repeats itself you will make sure to share with others in your community about your experience with their company. 

Mar 17, 2009 01:47 PM #5

Thanks for responding.  We are working on getting things like this corrected with this company.

Mar 18, 2009 01:25 AM #6
Rich Dansereau
Positive Real Estate Professionals - Knoxville, TN

I think it is very important to keep the buyer and their Realtor informed about what is going on or what stage the loan is at when it is in process. With that said, loan officers are only allowed to share so much information with someone who is not technically their client. While I try to keep everyone informed, if the buyer wants all the financial details kept between them as the buyer and me as the loan officer, then I can't really breach their confidentiality by divulging info to another party, even their Realtor. Of course I have no idea whether the buyer instructed the LO to keep their info confidential or not but this could be the case. Any LO who divulges private information that is not expressly authorized to do so puts themselves at risk of litigation.

Mar 18, 2009 09:26 AM #7
Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

Connie, I hate to say it because the loan officers are kind of calling the shots right now. It has happened twice to me. In my 2 last transactions...

Mar 18, 2009 04:10 PM #8
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Connie, this is certainly one of those occasions that justifies putting gum in her hair.

Mar 20, 2009 09:25 AM #9
Sharon Simms
Coastal Properties Group International - Christie's International - Saint Petersburg, FL

Sounds like some potential liability to me. Both the buyer and the lender should keep you appraised of any changes.

Mar 21, 2009 10:35 AM #10
Ann Hayden 636-399-7544
Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri - Chesterfield, MO


I would think twice before using this person again.  There are so many good loan officers why settle for one who does not keep you in the loop?

Ann Hayden in rainy Wildwood, Missouri

Mar 24, 2009 02:50 PM #11
Gabrielle Kamahele Rhind
KGC Properties LLC, Tucson Property Management & Real Estate - Tucson, AZ

HI CONNIE!  Typically, when lenders say, "No Problem" - I start looking for some right away and ask a ton of questions!  Good luck!  -- Gabrielle

Mar 26, 2009 04:31 AM #12
Respect Realty LLC
Respect Realty LLC - Milwaukie, OR
Brokers - Oregon / SW Washington Real Estate

Is this one of your normal preferred lenders? If it is I would put them on notice that if they don't keep you in the loop, they will be taken off that short list of preferred lenders. If your client loses this house, I bet it will be you that takes the fall, not the loan officer.

Apr 11, 2009 09:41 PM #13


    We did get this one to the closing table but it was not a pleasant experience. Have a nice Easter.

Apr 12, 2009 12:12 PM #14
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Connie Lou Barnett

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