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An agent should be extremely educated in this part of the process. Our buyers and sellers always seem to see us as the one stop shop for questions. While I don't answer lender questions, I do like to have the information for myself.
products... what kinds of loan products are available for all the different senerios that are out there.
I prefer to refer questions about loans to a lender. This is not my field and I get nervous when I hear an agent spu falsehoods. To much liability!
I think it is good to know as much about the process as possible. Timelines, reason for kick outs, overlays to underwriting, etc. help an agent on the front end know what is going to happen. It helps keep us from wasting our time. Also knowing fees and what they are for makes us appear more knowledgeable to our clients.
Up here we're not to involve ourselves unless we are also licensed mortgage brokers. I've found a little bit of knowledge can be a very dangerous thing.
The only thing I want to know is the timeline but very rarely do my clients avail themselves of financing.
I'm most interested in knowing what is happening and any red flags that pop up in a timely manner.
Good morning Gene. For those of us in the mortgage business, it is our responsibility to educate our Realtor partners. It makes them better with their clients, as their clients will often ask about financing.
Hi Gene -- it's important to have a good basic understanding of the process so you know the flow and stay on top of the transaction. I don't need to know specifics but it's good to understand when there is that BS factor or when something goes South. Knowing specific market segment expertise of lenders is important too.
Timely and accurate communication of information and updates is a trait all lenders should possess.
Here is the question for you. My client is fully ready to go, but the HOA does not have 10% sent to its reserve in last few month( even the reserve by itself is substantial), my client has only 10% down and we were said today that it is ''no go'' without 20% down. Why my client must loose this property and all money she already spent because few low numbers on HOA budget?!?!
Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com - well, one of the reasons I love ActiveRain is - you and many other professionals share their knowledge here and keep us 'ahead of the curve'!
Knowledge is power - and members like you provide us that power!
It is part of a well rounded real estate agent profile in my opinion. Even when people are buying all cash, you have to understand the lending process and what is involved with it. In commercial real estate many of our developers closed 30 days all cash, and then put a loan on the property. That was not everybody, there were still those that bought buildings and wanted to know about loans and providers.
One can never know too much in my opinion, and it is frustrating because one learns how much they don't know, LOL A
I do not find it very helpful or needed. We are a 2nd home market and most closings are cash. When a loan is involved I usually tell the buyers to look to their hometown banker. When a Naples resident is looking for a loan I do mention to them to the mortgage broker most used by our current office or our past office.
It w ould be very helpful to keep current with the lending process as well as new guidelines, etc... We occassionally, have lenders come into the office and provide lunch.