You do not want to be swayed by advertised “low interest rates” only to be surprised the day before the scheduled closing time with unwelcome news about loan processing needs or issues with the appraisal. What working with a good lender means is that the closing is not delayed due to some issue with the lender.
In other words, sometimes you get what you pay for.
As a real estate agent, you know most of this. These are likely the factors related to why you recommend certain lenders:
• They offer reasonable rates and fair fees. • They get to closing smoothly without problems.
An agent will recommend lenders due to his/her reputation for timely performance and for excellent communication with buyers throughout the loan process, especially when unexpected problems may occur. Realtor® Paula Pitts of Pensacola, Florida blogged on this issue. “We recommend lenders because they have proven capability to process loans in a timely manner and work through unwelcome surprises early in the process. We recommend certain reputable lenders because we have experienced their quality delivery of services in the past and expect they will deliver quality service to our clients again and again.” Real Estate Agent Marcia Kramarz, CDPE, LMC, CBR, Medway, MA, Re/Max Executive Realty, RE/MAX International Inc., responded to the post with her own lender “horror story.” “You can say that again! I just finished a close that had seven time extensions! It’s true that the first 3 were due to inspection issues — but the last four were due to delays associated with the financial commitment. It was not a lender that I knew and it’s not a lender I would want to work with in the future, and it’s 28
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