Subscribe to Answers
Nope, and about 6. Different lenders for different products in my market. We have leaseholds and only some lenders do each type.
Paul S. Henderson, RE...
Our team gives 3 choices to the buyer. For the sake of the buyer getting a "choice" and also if they maybe cannot reach one at a convenient time for them.
There is a list that I have. All clients have different needs and I narrow it down fom there. I always recommend at least 3 and ask first if they have someone at their bank or credit union.
I work with multiple lenders and will refer buyer to one, along with Wells and Chase, as their specific needs dictate.
I have an FHA go to.
I have a portfolio go to.
I have a low cap go to.
I have a bad credit go to.
I have a foreign buyer go to.
I have a private money go to.
I don't like to 'guess' regarding the lenders to who I refer those who trust me, I need to be sure.
Mortgage lenders are not all the same. I have always preferred to have several favorite loan officers.
For example, some loan officers are not familiar with FHA 203(k) financing and some do not handle reverse mortgages.
We never refer clients to a single souce for anything. Too much exposure to liability. Always provide at least 2, preferably 3 or more references.
We do not refer to loan officers. They can get their own on their own.
We work with several. When our daughter bought her condo this winter, we gave her three to choose from.
No way! I believe in the power of 3! I use to work for a company who required us to use just one company, can you spell RESPA (I guess I can't)
I give to those that give back
I advise buyers to ask for recommendations from family, friends, etc. I also provide a few names and tell them to choose whoever is the best fit for them.
I have 2 preferred lender I referr to. They get the job because they have proven that can close tough situations.
It depends on what the buyer needs: VA, FHA, VHDA, Doctor Loan, etc. I have a list of a half dozen,