Tony and Suzanne Marriott, Associate Brokers, Haven Express @ Keller Williams Arizona Realty (Serving the Greater Phoenix and Scottsdale Metropolitan Area)

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Rainmaker
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Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

I keep it simpler than that, I send them my top 5 lender choices and urge, not insist, that they work with one of them for the sole reason that I know they will deliver a great experience, the best rate, on time and relationally. My team keeps clients for life, or at least works with that mentality.

I also give an extra testimonial to my #1 lender choice, Active Rain Member Jason Gordon, as I use him personally too. But, at the end of the day it's their choice and I've had to work out side of the team with mixed results.

Jan 24, 2016 12:31 AM
Rainmaker
1,231,605
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

We can offer suggestions but the choice is theirs to decide who to work with.

Jan 24, 2016 02:05 AM
Rainmaker
3,712,686
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Tony and Suzanne Marriott, Associate Brokers A lender performs on time is the right one to suggest.

Jan 24, 2016 01:34 AM
Rainmaker
3,070,984
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

One question I ALWAYS asked lenders who approached me for "business" - do you pay if you (and/or your underwriter) causes a delay which results in an additional expense.  9 out of 10 said no.  The 1 out of 10 made it to "the list".  After all - lenders have their compensation come from the closing - why should their failure to perform result in additional expenses for Buyer, Seller, or the Listing or Buyer Broker?  If we ever fail to do something that results in an additional expense, we would pay for it.  Period.  Thankfully - has not happened so far!  Thank you Nancy Robinson !!

Jan 24, 2016 01:21 AM
Rainmaker
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Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

I have a list of preferred lenders I provide, let the buyers call and choose whom they wish to work with. Also encourage them to call their preferred lender. As a Realtor, I don't promote lender's commitments to close on time as I personally have no control over that and I don't want to be the source to relay that promise.

Jan 24, 2016 12:54 AM
Ambassador
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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

No. I provide several options who have performed well and let them choose. They have all closed on time or even early, repeatedly

Jan 24, 2016 12:39 AM
Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I have not met a lender who will offer that guarantee.

Jan 24, 2016 12:38 AM
Rainmaker
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Spirit Messingham
Tierra Antigua Realty - Tucson, AZ
Third Generation Full-Time Realtor® 520 471-6900

I have three local lenders I recommend to clients, that I have used.  Nothing in it for me I explain, other than they are happy and are well taken care of.  Believe in relationships.  If I do not have someone to recommend, allow the client to pick their own (Google). 

Jan 24, 2016 12:36 AM
Rainmaker
1,184,200
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Hard to get lender to pay a penalty. With brokerages I have seen complaint eMails shouting for not making it on time and remove them from any further business opportunities. We prefer in house underwriter.

Jan 24, 2016 12:31 AM
Rainmaker
929,176
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Tony and Suzanne - I have a few preferred lenders that I may recommend to a buyer who does not already have one, but ultimately it is up to them who they go with.

I think it is a great idea to ask if the lender is willing to pay for any expenses resulting from a delay in closing due to their performance failure, but I have not seen any lenders willing to do that.

Jan 26, 2016 02:33 PM
Rainmaker
4,266,188
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

I may suggest a buyer choose from among a list of lenders who are known to be able to perform their task.  

 

Jan 24, 2016 07:49 PM
Rainmaker
696,313
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

I strongly and in no uncertain terms let the buyer know that the seller might get another offer that is better than theirs and if this happen they will give a notice to perform and end the contract if the buyer is unable to get the loan.  I'll let them know that many of the internet lenders aren't paid by commission and really won't help if they stand to lose the home.

Jan 24, 2016 07:22 AM
Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

My lender does that and I make sure my buyers know that

Jan 24, 2016 05:04 AM
Rainmaker
1,672,615
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West - Carlsbad, CA
Presence, Persistence & Perseverance

We don't have lenders that will pay for any delays. Good point, but due to TRID and often delays due to buyers' late documentation filing, most lenders seem hesitant to put their paycheck on the block.

Jan 24, 2016 04:24 AM
Rainmaker
916,198
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Yes I do.

However, I understand that the contract between the mortgage broker and the buyer (that is the one with the dates) can be ignored by the lender. The lender has actually said to the broker, "That is your contract with the seller, not the banks." I rely on the mortgage broker to steer clear of that source. That is why I like lenders with portfolio capability.

But I make it clear, "There is a thousand ways to lose my business and only one way to keep it."

Jan 24, 2016 02:36 AM
Rainmaker
4,799,732
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I would love to, but I don't know a lender that does this.

Jan 24, 2016 02:24 AM
Rainmaker
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Roy Kelley
Retired - Gaithersburg, MD

No. I prefer to recommend loan officers who always perform.

Jan 24, 2016 01:47 AM
Rainmaker
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Raymond E. Camp
Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

I have a buyer's packet that has a list of everything to get the job done; in the end run it is their headache if they choose another!

Jan 24, 2016 01:29 AM
Rainmaker
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Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Tony and Suzanne Marriott, Associate Brokers I never really heard of a lender paying for any delay in closing. If there are any delays, it is usually the underwriter requiring more information from the buyer. Is it the buyer's fault?

Jan 24, 2016 01:09 AM
Rainmaker
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Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

and what lender does that!!!!!!!!!!!!!!!!!!!!!

Jan 24, 2016 01:02 AM
Rainer
276,038
Susan Jacobsen
The Alliance Group Realty - Hilton Head Island, SC
20 Years Providing WOW Real Estate Service

Tony & Suzanne - oh boy, this can be a can of worms. First of all, RESPA does not allow us to 'suggest' or require certain lenders because of what they do or do not say. And, to be honest, I certainly am not going to get into that mix - especially with the TRID changes. In fact, we've got a local lender - (that is on my long list of options with the caveat that there are plenty more for them (sic, the buyers) to choose from) and it makes me cringe when they say 'we can close in 15 days' and I certainly don't pass on their slogan to my buyers.

As far as the "pay for any expenses resulting in a delay" - I know our AR lenders won't like my response, but I have never had a lender agree to pay for any delay that they caused and again, because of the TRID guidelines, they are facing such huge fines for non-performance that I can't see them paying for that delay anytime soon.

Jan 24, 2016 01:01 AM
Rainer
150,216
Michael Thacker - Re/Max Real Estate Center - Louisville
Re/Max Real Estate Center - The Thacker Group - Louisville, KY
Your best friend who just happens to be a Realtor

No, I don't say that, but those that I refer to them, I do state that not only do they offer good loan products, they also make sure that details are followed through with from the start, to keep any delays to a minimum.

Jan 24, 2016 12:47 AM
Rainmaker
281,918
Nancy Robinson Ranked #6 in MI
Century 21 Town and Country - Royal Oak, MI
#11 Century21 Realtor in the US, #16 in the World

I have not but that is a wonderful suggestion!  I like it  no wait... LOVE IT!!!!

I an very eager to see what others have had with this sort of request!

 

Jan 24, 2016 12:31 AM
Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

We have a lot of good lenders, have not had problems with any of them.

Apr 17, 2019 09:04 PM