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Lender venting

1,950 Views | 5 Replies | Last: 6 yr ago by Deats99
Deats99
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AG
So this is kinda technical but I wanted to vent about the unethical crap that other lenders say,

My wife is a Realtor here in the Rockwall area. While sitting in a CE class yesterday she heard something interesting.

So Supreme Lending brought in breakfast and took the opportunity to plug their services, Kudos to them for the marketing! What they said is what raised every hair on my neck. The informed this group of 40+ realtors that if they worked with Supreme, they could reduce the time on the financing addendum to 0. No envy here, I closed a FHA purchase from scratch in 11 days last week, but them telling agents to enter ZERO on a financing addendum sounds unethical and cocky.

I am curious to hear from the resident lenders and realtors what they think about it.

Deats
A good plan violently executed now is better than a perfect plan executed next week.
-George S Patton
Bitter Old Man
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AG
If the buyer has an actual Pre-Approval (not Pre-qual), then you wouldn't need the addendum, right?
jja79
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AG
They blew that didn't they? Instead of marketing a tool or program to help the Realtor close more deals they focused on something that doesn't matter.
mazag08
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AG
Over promise and under deliver!
Tyroch07
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AG
The only way I can see that being realistic is if they completely have the client underwritten and approved based on a TBD address. This is something that I have the ability to do through Flagstar Bank but I don't think I would ever tell a realtor to put 0 on the third party financing addendum. Just setting yourself up for failure.
aezmvp
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My wife used to work for Supreme Lending's corporate over 5 years ago. They were essentially a franchise type situation and as you can imagine the quality varied widely. Was this their corporate or say Rodney Anderson? (Not to pick on Rodney but he's got a big group.)
Deats99
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AG
Most of us can do this, but broadcasting to 40+ realtors that you can put zero on the 3rd Party is unethical and stupid.
A good plan violently executed now is better than a perfect plan executed next week.
-George S Patton
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