Some lenders can be deal breakers and others come to the rescue!
I just had another R.E. deal almost blow up and it still could because a lender’s agent tried to put my client into a bank program that she later did not meet the guildlines on. The agent did not do her homework on the changing guidelines and then didn’t disclose this to us until she returned to work, two weeks later. I got a sob story about a death in the family, which I sympathized with, but I didn’t excuse the fact that no one took over the file for her. We could not find anyone that new anything about the file.It is 9 days to closing and my client doesn’t have financing on a bank foreclosure.Well, I had to go back to my favorite, Sr. loan consultant, Kent Williams with Element Funding, who I really wanted my client to go with from the beginning, and ask for help. I explained the situation and he quickly took over. He gathered all of my clients info over the phone that evening and met with my client the next morning at her office to fill out the paperwork. We will still need an extension, which I will beg for at a per diem cost of $40 per day, but at least I can go to the bank’s agent with a loan approval letter from their in house underwriter to prove that my clients are qualified and prepared to close on the home.
Wish me luck! I would like to keep my 100% closing record.
Thank you Kent!