ranked fifth.
While a prospective buyer’s financial information is confidential and generally not disclosed to the real estate agent, exceptions are clearly made when it comes to clients discussing loans with a trusted agent. As seen with the data above, real estate agents are often looked to by clients to recommend lenders. A real estate agent may know lenders whom they have worked with before and thus know that they are competent and effective. And, very importantly, the real estate agent knows which lenders will get the “to-do” list done — on time. 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 their 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 28
Powered by FlippingBook