Today, I was emailed an agreement…
from another real estate agent on an expensive property that contained a very low deposit, a very, very long closing date but worse, a typed letter from a loan officer from a national bank’s mortgage division that basically just said, yea, they’re approved.
What actually was in that letter was worthless. Do they think we are that stupid?
These are not the gold standard, but the only standard (with a couple of exceptions) to show that the client can truly get approved.
I have submitted agreements with the LP approvals and some agents actually did not know what is was.
Once I explained it, they got it.
Because of the Red Flag rule and common sense, make sure the social security numbers, bank accounts and other personal info is blanked out.
Now, back to that letter……let other agents know that you won’t take them aymore.
That (hopefully) will trickle down to the loan officer that types on the toilet paper and then you will not lose deals because of the loan person’s word processing system.
Now that by the end of next year the loan officers will be licensed, background checked, fingerprinted, tested and continuing educated (except for bank employees- what’s up with that???) the quality will get better.