This is all the more reason for RE Brokers to work with Mortgage Pros with whom they have a relationship with. If they don’t have a relationship with their clients LO then they should develop one. After all, their paycheck is on the line.

I run in to to many realtors who let their buyers work the financing out themselves. They don’t want their “reputation” tarnished by a bad lender so they don’t get involved. If things go bad their reputation gets tarnished anyway…

All to often I get a call from a buyer or broker that “we have an accepted offer and need a pre-approval letter today.” This gives me little time to do my job. I can run credit, ask the right questions and check on their comfort level with a payment.

If what they have told me is true and if they fit into lender guidelines, I know I can get an approval. But I cannot counsel them on what might be in their best interests. The realtor has already taken that opportunity away. I become nothing more than a means to an end. My job unfortunately becomes just getting the deal done. If things fall apart it is my fault.

For me to do my job best, I should be talking to the client alongside the realtor. We should both be interviewing the client making sure we are all on the same page. The client, and realtor, should know what the options are and the pros and cons of each option. An “exotic” loan just might be in their best interest. It all depends on their goals and situation.

If this is done, all parties will be very comfortable looking at houses and placing offers. A deal could then be closed within 3 weeks including the 10 day review.

A transaction should be a team effort, not a bunch of seperate parties all looking out for their own best interests.

Just a thought…

Larry Morris
Mortgage Consultant
Integrity Lending, LLC
http://www.PDX-Mortgage.com
http://www.PDX_Mortgage.blogspot.com