Comments on: I Will Buy My Toilet Paper at the Store, Not at the Bank!

By: Joe Loomer

Joe Loomer — Wed, 18 Nov 2009 12:46:48 +0000

What Ted said – neither one of those two seem to be able to close their own front door on time (if at all). At least not in our neck of the woods.

Navy Chief, Navy Pride

By: BarryLynnMiller

BarryLynnMiller — Tue, 17 Nov 2009 16:43:55 +0000

I spent 12 years as a mortgage broker so therefore I have an advantage somewhat. Depends on who gives me the approval letter and if I don’t know the lender I always ask to talk to them and within 5 min I typically can size up the loan officer to determine if the approval is solid or not. At the end of the day I would suggest that if you as a Real Estate agent don’t understand the mortgage process to take some classes about mortgages it will only help your business.

By: Ashley Lambert

Ashley Lambert — Mon, 16 Nov 2009 04:33:22 +0000

http://bit.ly/3Evjhe Interesting

By: Matthew Rathbun

Matthew Rathbun — Mon, 16 Nov 2009 01:44:48 +0000

I’ve rarely taken the lender letter very seriously. They vary too much and have no course and effect. The lender’s are liable to the statements made in the letter.

Lots of agents get irritated that REO’s want lender letters from their own institution. This makes perfect sense to me. The Lending industry has mastered the art of non-binding letters, so why would they trust someone elses?

I agree that the Fannie/Freddie are the best of all the options. You need to be careful when you say “I’m not accepting anything less…” It’s our obligations to present everything to the Seller. I may give them sources showing that it’s not a dependable letter, but ultimately it’s still their decision to accept of deny it.

By: John Badalamenti

John Badalamenti — Sun, 15 Nov 2009 12:53:39 +0000

As a listing agent, it is also prudent to call the lender (what Benn states above, “Trust but verify”); I want to hear from the lender’s lips in addition to what’s on paper (or TP . And if I can’t reach the lender to speak with live or worse, never receive a call back – brighly colored red flag!

The other document I want to see filled out in full and signed by the Buyer is the BFI, where are they getting the funds for downpayment and closing costs. When agents balk at providing this, this is very bad sign to me. Buyers only need to disclose the funds they have to cover the DP and CC.

By: Natasha Hall

Natasha Hall — Sun, 15 Nov 2009 05:26:39 +0000

I Will Buy My Toilet Paper at the Store, Not at the Bank! - Loan Officer, hard at work! Today, I was emailed an ag... http://ow.ly/161Iji

By: realdiggity

realdiggity — Sun, 15 Nov 2009 02:05:13 +0000

I will buy my toilet paper at the store, not at the bank!: comments http://bit.ly/35XlAl

By: Von Dyke

Von Dyke — Sun, 15 Nov 2009 01:45:56 +0000

RT @agentgenius I will buy my toilet paper at the store, not at the bank! http://ow.ly/ChAL ~~What the what??

By: Short Sales ASAP

Short Sales ASAP — Sat, 14 Nov 2009 23:38:56 +0000

I will buy my toilet paper at the store, not at the bank! http://tinyurl.com/ygckjdr #LoanMod

By: Benn Rosales

Benn Rosales — Sat, 14 Nov 2009 22:28:09 +0000

Trust but verify, your lips to God’s ear.

By: RealEstate Babble

RealEstate Babble — Sat, 14 Nov 2009 22:24:33 +0000

AgentGenius: I will buy my toilet paper at the store, not at the bank! http://bit.ly/bUa0b Full http://bit.ly/117I4P

By: Real Estate Feeds

Real Estate Feeds — Sat, 14 Nov 2009 22:21:54 +0000

I will buy my toilet paper at the store, not at the bank!: Loan Officer, hard at work! Today, I was emailed an.. http://bit.ly/D3ljc

By: Fred Glick

Fred Glick — Sat, 14 Nov 2009 21:36:33 +0000

@Ken..the bank or CU is wrong. They can give you the LP Summary page and black out the vital info.

You just want to see that it is real.

And since no one gets paid until all is closed, it would seem that everyone would cooperate.

What some (not all) loan people may be doing (not as much now) is to play bait and switch with their clients and try to make more money.

That process will die because of the new Good Faith Estimate that locks in the broker/lender costs at a max for the transaction.

It’s a pretty good idea except that there are a few flaws in the system that need to get worked out.

I will try and do a full post of that in conjunction with someone that is an expert on it.

@Vicki- That’s typical for me- extreme high level of customer service! I enjoyed the chat!

By: Ted Jernigan

Ted Jernigan — Sat, 14 Nov 2009 21:05:55 +0000

Item # 4 in the second comment names the two lenders we seem to be having the most difficulty getting to close on schedule. We are having best luck when working with midsized mortgage bankers who control their whole process. I also prefer someone who has a track record of closing on time. I have even referred buyers and their agents to my reliable lenders. We are still getting closings done in as little as three weeks. These reliable lenders do run applicants through DU early in the process so we know if they are real.

By: Vicki Moore

Vicki Moore — Sat, 14 Nov 2009 20:53:53 +0000

Phone rings. It’s Fred Glick. Huh?

That was a big surprise.

Thanks for the easy to understand explanation. I’m trying to keep up with it all but sometimes it’s difficult!

Now Kent – you’re scaring me here.

By: Ken Montville

Ken Montville — Sat, 14 Nov 2009 20:47:05 +0000

Fred, when I grow up I want to be just like you.

Here’s my deal as a listing agent:
1. Seller’s home has been on the market for month’s and they finally get an offer,
2. The offer isn’t perfect but the Seller is now motivated and wants to sell the house,
3.The letter doesn’t have all the DU/DO info. It might say (maybe) that the loan was put through DU/DO but most likely not,
4. It might be a “reputable” institution such as a Wells or BoA or similar bank or credit union.
5. Said institution (especially if it’s a credit union ) will not provide it because of privacy concerns or what not,
6. Refer back to #2.

I only wish I could get Sellers to turn down or send back weak or meaningless lender letters but it ain’t gonna happen. Sometimes, you just gotta roll the dice and hope for the best, keep your eye on the contingency dates and hope you can convince the Seller to void when they’re not met.

I know it’s not optimal. I know it’s a risk. But, you know, Fred, a lot of the time they work out.

By: Vicki Moore

Vicki Moore — Sat, 14 Nov 2009 20:18:58 +0000

“The way it works in the world of professional financing these days is that you must have a Fannie Mae DU/DO or Freddie Mac LP approval.”

So how do I know when the buyer has this? Can you explain more about what these are?

Thanks

By: Roland Woodworth

Roland Woodworth — Sat, 14 Nov 2009 19:42:52 +0000

Your title is surely an attention getter. I agree, it’s totally amazing that LO’s at the banks are not required to have a license.

Commitment Letters should be of value. When you tell a home owner that you have a commitment letter, they expect to close.