who met with a lender (not me) and brought in a buyer client looking to buy their first home. The lender went through loan origination with the client and decided an FHA loan would be the best fit for them. However, there was one little problem: the lender didn’t tell the agent that’s what he was doing. The real estate agent was totally unaware that the lender was in the process of obtaining an FHA loan, so they ordered the various home inspections/appraisals needed for a conventional mortgage. What’s worse, the agent continued thinking that the transaction was proceeding well and on time. Of course, when the underwriting stage began it was immediately clear that the appraisal requirements for an FHA loan weren’t met, and the closing was delayed by two weeks. The property had to be appraised again and everything was sent back through the underwriting process for review. Luckily, the buyer and seller didn’t back out of the deal and the buyer got the FHA loan and got their first house. However, things could have gone much differently. What if there were repairs that were needed before the close? So much could have gone wrong. Could you imagine losing out on buying your first home simply because one person didn’t let another person know what kind of loan you were pursuing? It’s horrible to even think about. As you are in the real estate business, you can see the great importance of a lender initiating contact, returning messages, and staying in constant touch while monitoring the loan file. This is how I operate, because there are frequently issues along the way, from loan origination to closing, that need to be resolved between the parties. I make Tuesday my follow up/status days so that buyers, listing agent, buyers agent, escrow etc all recieve a call from me with the update.
The point here is that working with a lender who does not
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