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Kristal Kraft, Real Estate Pro in Lone Tree, CO

Sometimes lenders fail to perform. When can you drop them and find one that will?

Asked by Kristal Kraft, Lone Tree, CO Mon May 21, 2007

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Lenders should be dropped as soon as it becomes apparent they are not working in the clients best interests. As Roberta mentioned, nothing beats a direct lender. As Kristal mentioned a great lender is worth their weight in gold as is witnessed in the article I have linked to here:
2 votes Thank Flag Link Mon May 21, 2007
If the client is agreeable, do so immediately. We recently had a sticky situation where a major lender failed to perform. We moved the loan to another direct lender, who paid the point differential for the client and closed the loan in 24 hours. This is the importance of the real estate professional maintaining professional independence. By remaining independent, we are able to guide and counsel our clients with clarity.
4 votes Thank Flag Link Mon May 21, 2007
Roberta Murp…, Real Estate Pro in San Diego, CA
MVP'08
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As Roberta mentioned, your client is the ultimate decision maker. You, as a Realtor, do have a responsibility to counsel your client. I issue a mortgage loan commitment, reflecting a rate loan and underwriting approval FOR THE BORROWER, 5-7 days after application and document collection. That way, the only issues become property related (apparaisal, title, condo cert., etc), I think you should have one within 10 days of application (two weeks) or it's time to move on.
Web Reference: http://brian-brady.com
3 votes Thank Flag Link Mon May 21, 2007
Roberta ~ lenders that can pick up the slack and perform like that are worth their weight in gold!
3 votes Thank Flag Link Mon May 21, 2007
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