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erin | Loan officer making a deal behind our back? |
we're currently in the process of getting an FHA mortgage loan with bank of america. for some reason, it's very important we tell our loan officer who our realtor is. my boyfriend thinks he's going to try to make some kind of a deal behind our back. why does it matter to him? why does he need to know? why does it even matter? the person giving the loan and the person helping us find housing, in my opinion, have no contact whatsoever. he's already told us that he can recommend someone but that's fine. we'll use our own realtor.
Additional Details
wow - why do people have to be so rude? i'm asking a question and all i want is an answer - not an opinion. |
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Alterfemego
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Erin it's important that each party to a transaction know one another to pull the transaction together for a smooth closing. I doubt seriously if this loan officer is trying to make a "deal" behind your back. The loan officer needs to make arrangements with and through your Realtor for such things as inspections, reports, etc. It's common, it's necessary. You are entitled to use whomever you wish in both the Realty community and Loan community. If this loan officer is making you feel uncomfortable, maybe you should find another one who offers FHA financing.
It takes a team effort to make things work smoothly in a real estate transaction. |
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Tamara
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This is normal, everyone has to work together to keep things running smoothly. The loan officer can not give your Realtor any personal information about you, but will want to know about the property etc.
If you are purchasing a home also most likely you will need a pre-qualification letter from your lender that would be given to your Realtor, so you Realtor would know who your Loan Officer is. At some point you need to have trust in who you are working with. If your Loan Officer did try something, your Realtor would let you know if they are a good Realtor.
Thanks |
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Slassy Girl
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This is normal. Your loan officer will speak to your Realtor so everyone is on the same page as far as what you can afford, how high you can offer, what the terms of the loan will be, your LTV (loan to value) ratio, if there are any conditions or necessary repairs or inspections to the house for your loan to be approved, etc. For example, what would happen if you misunderstood something your loan officer told you in regard to your mortgage, so your Realtor advised you to write your offer a certain way, and then the whole deal fell apart because your Realtor did not have any info from your lender about the details of your financing? When it comes time to close your loan, both your lender and your Realtor will be there; it only makes sense for everyone to work together to make sure every part of your home buying experience goes as smoothly as possible. |
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Deliah
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Many, many, many Agents work with the lenders and in many, many, many, many instances can be a god send with pushing things along. So to the say they should have nothing to do with each other is rather short sided. |
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Darin Alvarez
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Believe it or not your Realtor will do more work after you have a signed contract. I usually will spend about 5 hours on the phone with my clients loan officer coordinating appraisals and paperwork between the necessary parties in the transaction. Most Realtors will ask you to contact your loan office and authorize them to communicate the progress of the loan to them so that they can keep all the necessary parties informed. |
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Landlord
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Sorry Erin about the rudeness, there are some people here with some mental health issues.
You need to hook the Realtor and your loan person up. There is a bunch of paperwork involved in closing your property and they work together, along with the sellers Realtor, to get it all done.
They need to talk in order to get your house to closing, they are not trying to pull any fast one. This is how it is done and keeping them apart will not simply make things hard, it will prevent the sale from closing.
He is only talking about recommending someone because he needs a realtor, he can not legally do some of the tasks required. |
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Expert Realtor
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Oh LORD!
They HAVE to know who the Realtor is because....
1. It's on the contract, and you can't do an FHA loan or any mortgage loan without a sales contract.
2. They have to check for conflict of interest....which is...is the Realtor and the appraiser the same person? Is the Realtor and the pest inspector the same person? Does the Realtor have the same last name as one of the sellers or the buyers?
YES THEY DO HAVE CONTACT WITH EACH OTHER
The Realtor that is representing you is a very key person in the transaction. Your boyfriend is 190% wrong and is basing his "opinion" on paranoia and pure nonsense.
If you distrust your loan officer that much, then please find someone you do trust to work with.
FHA will deny your loan if you don't produce a signed sales agreement that has the names of both Realtors. The longer you try to play games with the bank and not get them what they need, the longer it will take to get your pre-approval and get you moved to closing.
I used to underwrite loans and was a Direct Endorsement underwriter for both FHA and VA loans. |
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sdouble
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I doubt this loan officer is making a deal behind your back. It seems weird to me as well. I would think you would contact the bank for a loan, find a house, sign papers.
When you buy a car, you don't need an additional person. You find out what you can afford, you shop, you purchase. I personally don't see why this third party needs to be involved, because it should be the bank's responsibility to protect their investment and make sure the paperwork is all completed correctly.
I don't know how everything works, but I always assumed a realtor is more for selling homes. So if you work with a specific realtor, will they only show you the homes they are selling? That's going to severely limit your options. I would assume it should be
1. Find out what you can afford.
2. Find what you want.
3. Get realtor involved (including inspections etc etc)
4. Make purchase.
But if you're still in the process of gathering finances, I don't see why you would need a realtor yet. You don't even know if you can afford buying a house at that point. |
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Real Estate Guy
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The realtor does more then show houses. The lender will require inspections, etc. and the realtor is the contact person to make sure that the bank can get into the house for the appraisal, inspections etc.
Also, why don't you ask the lender WHY they want this information vs guessing and calling these people cheats and liars. |
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digitalchinky
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I guess it could be collusion, the loan officer wants to get together and decide on some helpful terms and conditions that will line both of their pockets in the exchange.
I would strongly suggest you speak to the bank manager or someone higher up and query exactly why this information is needed. If the manager doesn't give you a satisfactory answer, then get your financing somewhere else.
It does sound odd to want to know this. |
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