CHAPTER 2 The Easiest Way to Protect Yourself ourself from Bad Lenders The best tool anyone has in life is knowledge. Whether you’re a real estate agent, a welder, a pilot, or an actor, the more knowledge you have about your industry the more successful you will be in that industry. As a real estate agent, it’s not enough to simply know how to sell a home. If all you had to do to be a successful agent was walk people through a house and get them to sign a piece of paper indicating their interest in purchasing it, anyone could be a real estate agent. As I’m sure you already know, that’s not all there is to being a great agent. You have to know how to chase leads, know how to read a market, know how to close a deal, and know how to promote yourself as well as promote the property you list. Likewise, a great agent knows how the mortgage lending industry works. What happens in the lending phase also affects you and your standing as an agent. With that in mind, the more you know about mortgage lending, the better you’ll be at spotting the problems before they get out of hand. Is the lender a direct lender, mortgage broker, credit union, or bank? These sources of lending don't all work the same and can affect the loan process. Does the loan officer work on your transaction throughout the process of the loan? Does your loan officer know how to qualify 5
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