the transaction does not close on time, failure to close opens the door to the seller and buyers unhappiness. Our goal is to make every party happy at the close.
REAL ESTATE AGENT'S LENDER RECOMMENDATION
You’ve just read the loan process from beginning to end. You know what the process entails and hopefully are thinking of ways to better help your clients navigate the treacherous waters of the five lending phases. Keep in mind, that you will likely be asked by your clients to help with this process. Often, a real estate agent will offer to help a buyer obtain a mortgage or recommend a specific loan officer, lender, mortgage broker, or settlement/closing agent. It was reported that real estate agents have “a significant role in determining who writes their customers’ mortgages.” 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. 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. Remember, lenders who are purchase
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