who met with a lender (not me) and brought in a buyer client looking to buy his 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 surveys 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 survey requirements for an FHA loan weren’t met, and the closing was delayed by two weeks. The property had to be surveyed 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 his first house. However, things could have gone much differently. 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. The point here is that working with a lender who does not communicate with everyone involved effectively and regularly can cause a delay in closing. I am always aware that if the loan doesn’t close on time that the sellers can change their minds; or one of the parties involved could take on additional expense or get a different, less-beneficial rate. When that happens, no one is happy, and it makes the agent and the lender look incompetent. That’s why communication is of the utmost importance. If you ever try to reach me with a question about a loan, a question about a closing date, or anything else during the closing process,
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