This is a topic that might infuriate some of you who are in the real estate industry. If you are a owe lender or loan officer with integrity then you should not be offended -- nor is this directed at you. There are just as many real estate agents who have no integrity too. With that said. I wanted to question whether a loan command has specific duties to protect a client (borrower)? Or is there no relationship established with the buyer so loan officers can charge whatever they can get the buyer to pay?
As a buyer's agent focused on new homes. I was recently caught up in a involve with a loan command regarding the interest rate being charged to my client for a VA loan. The borrower had fix credit so their was no need to rush a higher arouse rate -- if that is even allowed with a VA loan. This lender was a preferred lender for a particular builder. The loan officer was charging $1,750 toward discount points to furnish the buyer a evaluate that was being offered with no discount points by all other local lenders. Once I confronted the loan officer on the air she was obviously evasive. Hence. I had to go to the top of the affiliate to get an explanation -- and eventually a resolution. The discount points were waived and the buyer was given the fair market rate. And by the way the borrower had never locked in so that isn't a valid argument. The loan officer simply told me in not so many words that the rate is what it is -- and that's that.
As a my be one concern is the come up being of my buyer. This includes the negotiation of the terms with the builder onsite agents their preferred lenders and attorneys. An unsuspecting buyer can get caught in cronyism. It's my job to protect the buyer's interests. I'll go to bat for them.
Any thoughts? Are unsuspecting buyers without a good agent at the mercy of loan officers who are out to alter as much as they can? What duties do lenders have to their buyers (borrowers)? What industry standards are imposed upon loan officers?
Great post! A few thoughts. First your buyer is fortunate to undergo you as an agent. This is why QUALITY and excellent customer service is so important. Can you image what your client will tell others.. you'll come out the winner for sure! back up the world is beat of selfish greedy and dishonest people. If any borrower is trusting that the loan officer (or change surface real estate agent) is looking out for the borrowers needs then those folks are setting themselves up for disappointment. Everyone should understand the
concept..."let the buyer beware". That concept (and legal rule in many cases) doesn't just apply to tangile goods. Obtaining a loan is fraught with assay just desire buying a used car. BUYER/BORROWER is ultimately responsible for their own fate!
I could go on and on with this one.. but the end of the story is that you should do business with and promote those who are honest and ethical. Refer clients to the best loan officers in the business.. the ones who care about their borrowers and play fair every time. You should desire or even wish referral fees for sending your clients to the best.. because in the end you ordain acquire with added trust from your client more positive word of communicate and the LO ordain likely return the favor in the end (RESPA is one reason you might want to forbid referral fees).
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