1,502,998
Thomas, Fred Griffin and John Juarez. Please refer to the settled lawsuit between the CFPB and Re/Max Gold Coast and Prospect Mortgage. Both from my local area. They were found to have several RESPA violations, including ones stemming from "All buyers must cross qualify with XXX at Prospect Mortgage" (which was a VERY common practice out here).
The ruling and subsequent direction is that a listing agent may request that a buyer cross qualify with their lender of choice, but the buyer:
- Is under no obligation to do so
- Must NOT be charged a fee for doing so
- Must not be required to fill out an application.
There is some great content on this at: https://danieldobbs.org/how-to-comply-with-the-new-cfpbs-respa-enforcement-policy/
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Candice A. Donofrio
Fort Mohave, AZ
-
Pete Xavier
Pacific Palisades, CA
-
Debbie Reynolds, C21 P...
Clarksville, TN
-
Kathleen Daniels, Prob...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Lynnea Miller
Bend, OR
-
Ron and Alexandra Seigel
Carpinteria, CA
-
John Juarez
Fremont, CA
-
Fred Griffin Florida R...
Tallahassee, FL
-
Kat Palmiotti
Kalispell, MT
-
Bob "RealMan" Timm
Minot, ND
1,844,291
I think it is forcibly steering a buyer to the LA's favorite lender. Not cool but not banned in our MLS. Can't wait until it is.
So your offer, unless checked out by Joe, will sit at the bottom of the offer heap.
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Brenda Mayette
Glenville, NY
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Peter Testa
Danbury, CT
-
Bob "RealMan" Timm
Minot, ND
-
Nina Hollander, Broker
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
-
Mott Marvin Kornicki
Sunny Isles, FL
-
Ron and Alexandra Seigel
Carpinteria, CA
1,052,211
Geez . . . glad I plugged in before taking off today.
Sooooooooooooooooooooooooooooooooo . . .
A CASH OFFER would get a slower response?
Doh!
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Thomas J. Nelson, REAL...
La Jolla, CA
-
J.R. Schloemer
Louisville, KY
-
Kasey & John Boles
Boise, ID
-
Debe Maxwell, CRS
Charlotte, NC
-
Chris Ann Cleland
Gainesville, VA
-
Peter Testa
Danbury, CT
-
Bob "RealMan" Timm
Minot, ND
-
Nina Hollander, Broker
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
5,772,575
I think this could be a RESPA violation as Fred Griffin stated. A
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Peter Testa
Danbury, CT
-
Kat Palmiotti
Kalispell, MT
-
Ryan Huggins - Thousan...
Thousand Oaks, CA
-
Bob "RealMan" Timm
Minot, ND
-
Nina Hollander, Broker
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
-
Mott Marvin Kornicki
Sunny Isles, FL
508,318
I don't like it, but it is a sign of the times. With multiple offer situations at many price points, the listing agent would be remiss to not verify the Pre-Qual, which could take some time.
However, you have to be very careful not to show preferential treatment to one lender. Buyers have a right to choose their own lender. Yet, new home sales companies seem to get away with it all the time.
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Tony and Suzanne Marri...
Scottsdale, AZ
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Ryan Huggins - Thousan...
Thousand Oaks, CA
-
Bob "RealMan" Timm
Minot, ND
-
Nina Hollander, Broker
Charlotte, NC
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Lyn Sims
Schaumburg, IL
2,684,009
Potential RESPA violation, if there is money involved.
And what do they mean, "quicker responses"? If I have a fiduciary with my Buyer, I will go directly to the Seller if we don't hear back by the Time for Acceptance stated in the offer.
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Ryan Huggins - Thousan...
Thousand Oaks, CA
-
Bob "RealMan" Timm
Minot, ND
-
Nina Hollander, Broker
Charlotte, NC
-
Lyn Sims
Schaumburg, IL
1,311,397
Offensive. Crossing the line on fiduciary respnsibility. Perhaps illegal due to steering.
LA needs to have a chat with their broker and get some sound advice.
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Candice A. Donofrio
Fort Mohave, AZ
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Ryan Huggins - Thousan...
Thousand Oaks, CA
-
Bob "RealMan" Timm
Minot, ND
-
Nina Hollander, Broker
Charlotte, NC
4,882,355
That's totally inappropriate. It's lewd, lascivious, salacious, and outrageous.
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Bob "RealMan" Timm
Minot, ND
-
Nina Hollander, Broker
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
-
Mott Marvin Kornicki
Sunny Isles, FL
5,583,278
I think she should be reported to the licensing board.... with a copy of that statement....
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Ryan Huggins - Thousan...
Thousand Oaks, CA
-
Bob "RealMan" Timm
Minot, ND
-
Nina Hollander, Broker
Charlotte, NC
-
Ron and Alexandra Seigel
Carpinteria, CA
2,436,099
I have seen listings where the listing agent indicates a buyer must be pre-approved by their mortgage rep, but that the buyer can then use whoever they want for the actual purchase. I have never seen any agent say deals pre-qualified by a different mortgage broker will be prioritized differently (which is what I'm reading here). Well, what I really read is that offers will sit on the bottom if someone else qualifies them. That is not right.
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Candice A. Donofrio
Fort Mohave, AZ
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
5,216,398
When some attorney files a lawsuit for "Tortious interference with a contract", the managing broker and his franchise will soon part company with the listing agent. The managing broker may be parting with his license and the franchise suffering from negative publicity.
Anybody just looking for bodies and interviewing. Contact him!
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Candice A. Donofrio
Fort Mohave, AZ
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
911,338
F him and Timothy D. Buyers can use any lender they choose and offers better get presented in timely fashion.
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Candice A. Donofrio
Fort Mohave, AZ
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
3,345,091
I would not word it like that. We do employ a vetting process with buyers. It's to protect the seller in assuring a second set of eyes have seen the financing. Never ever is it suggested there will be preferential treatment. No one has to be vetted to get their offer presented to the seller. We all know that some approvals are not worth the paper they are written on.
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Bruce Walter
West Lafayette, IN
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Bob "RealMan" Timm
Minot, ND
-
Peter Testa
Danbury, CT
-
Thomas J. Nelson, REAL...
La Jolla, CA
417,221
It is worded in a rude manner BUT not a RESPA violation unless you can show money changing hands as in Tim D pays for agent's Zillow ads or flyers or sits in his office without an NMLS designated address... and so on. In reality, there are many lenders who are crummy, as in all things.
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Candice A. Donofrio
Fort Mohave, AZ
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Bob "RealMan" Timm
Minot, ND
-
Kathleen Daniels, Prob...
San Jose, CA
711,852
I have seen this before and did ask about it. However, this was not at all uncommon when selling REO property in which the buyer was required to provide a prequal letter from the bank who owned the REO. They didn't have to use the bank, but had to get the prequal from them.
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Bob "RealMan" Timm
Minot, ND
-
Kathleen Daniels, Prob...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
758,035
That don't sound right. I have heard REO Agents say buyers must be preapproved by their lender but can use any lender they want to purchase. This is just a straight up unethical proposal.
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
900,128
Sounds very illegal to me.
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
6,393,404
Quite a steering job, would check into the legality of this.
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
7,836,134
It does not bother me.
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
2,390,620
I would want to ask the listing agent "Why" Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D and then I would go from there if I had a buyer who wished to use another lender.
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Peter Testa
Danbury, CT
-
Debe Maxwell, CRS
Charlotte, NC
5,104,931
Gob-smacked in Charlotte! Talk about steering!
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Richard Bazinet /MBA, ...
Scottsdale, AZ
-
Kathleen Daniels, Prob...
San Jose, CA
-
Bob "RealMan" Timm
Minot, ND
5,230,057
Just WOW! Sadly, they do this and get away with it - just like the builders have done for decades.
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Peter Testa
Danbury, CT
-
Bob "RealMan" Timm
Minot, ND
2,781,173
Go-getter
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Bob "RealMan" Timm
Minot, ND
-
Mott Marvin Kornicki
Sunny Isles, FL
716,049
Totally inappropriate. Time to go to the seller directly, by-pass listing agent.
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Bob "RealMan" Timm
Minot, ND
-
Candice A. Donofrio
Fort Mohave, AZ
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Thomas J. Nelson, REAL...
La Jolla, CA
427,257
I think this may be better served with a call to the CAR legal hotline to ask them their opinion on the matter.
From my perspective, I do not like it.
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Bob "RealMan" Timm
Minot, ND
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Candice A. Donofrio
Fort Mohave, AZ
-
Thomas J. Nelson, REAL...
La Jolla, CA
3,988,007
I don't like that kind of strong arming. When I did REOs with Chase they required one of their loan officers prequalify the buyer even if the buyer had no intention of using them. I didn't like that either. I wonder if the listing agent has a financial interest in the lender.
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Bob "RealMan" Timm
Minot, ND
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Candice A. Donofrio
Fort Mohave, AZ
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Thomas J. Nelson, REAL...
La Jolla, CA
400,356
First of all, what listing agent wants a pre-qual and instead of a pre-approval??
That aside, it's probably a violation to offer better response times based on working with the agents' preferred lender. If it's not, maybe it should be.
Nothing wrong with requiring a cross-qualification with the preferred lender as long as the buyer is not required to obtain financing through that lender and the buyer's offer gets equal consideration.
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Bob "RealMan" Timm
Minot, ND
-
Kathleen Daniels, Prob...
San Jose, CA
54,940
Way over the line IMHO. Probably illegal too.
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Bob "RealMan" Timm
Minot, ND
-
Kathleen Daniels, Prob...
San Jose, CA
1,712,676
Not much.
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Bob "RealMan" Timm
Minot, ND
343,050
Looks like it borders on spam... steering is for certain...
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Bob "RealMan" Timm
Minot, ND
3,071,489
Joseph Domino 480-390-6011 nailed this one!
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Bob "RealMan" Timm
Minot, ND
921,504
The listing agent is advising buyer agents how to give their buyer an advantage. For example a approval from Quicken Loans Rate Lock suggests a buyer thoroughly vetted. And sellers VALUE the assurance of closing.
Yes, I agree, the listing agent needed to invest more in wordsmithing. This, cross approval strategy, was a COMMON practice of Coldwell Banker not so many years ago. It may still be in play.
It is surprising how many buyer agents think it's OK to submit a purchase offer without accompanying financial. This LA makes it clear financial vetting is important. I do see these same buyer agents crying, "PROVE you submitted my buyers offer to the seller."
Everyone wants everyone else to do it their way.
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Bob "RealMan" Timm
Minot, ND
3,416,038
I think they may be violating the law. You can not make any buyer use any one loan source
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Bob "RealMan" Timm
Minot, ND
4,319,419
Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D - now if the seller has instructed the listing agent to do so - it is okay.
Otherwise....
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Bob "RealMan" Timm
Minot, ND
378,517
RESPA violation anyone?
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Bob "RealMan" Timm
Minot, ND
3,164,294
I think if that listing agent worked for me I'd fire them.
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Bob "RealMan" Timm
Minot, ND
280,599
Something smells
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Bob "RealMan" Timm
Minot, ND
-
Thomas J. Nelson, REAL...
La Jolla, CA
4,272,548
That's a fast track for a RESPA violation in our state...
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Bob "RealMan" Timm
Minot, ND
-
Thomas J. Nelson, REAL...
La Jolla, CA
117,135
I had a prequalified client once who went to an open house and another lender was there who stated that their offer would be given special treatment if they used this lender and not theirs.
They switched and got offer accepted, but I thought that was super unethical of the lender to do.
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Bob "RealMan" Timm
Minot, ND
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Thomas J. Nelson, REAL...
La Jolla, CA
1,045,440
Wow never had an agent do that yet and based on Ryan Huggins - Thousand Oaks, CA answer I'm equally glad the thought never occured to me to do so as the Listing Agent
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Ryan Huggins - Thousan...
Thousand Oaks, CA
2,220,323
851,242
I don't like it. Smells like someone elses needs are at the top of the pile...
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Thomas J. Nelson, REAL...
La Jolla, CA
4,800,082
Sounds like a good buddy of the listing agent.
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Thomas J. Nelson, REAL...
La Jolla, CA
4,434,127
5,868,544
I see this occasionally too, but my buyers don't start looking without a pre-approval.
3,986,258
This shows me that they are not representing their client in a positive way
74,540
399,703
1,574,666
An idiot attempting to funnel business to a friend.... I always gave 24 hours for response period.... If it did not come I assumed the listing agent was incompetent and I called their broker. I worked for my buyer.
763,883
It has become a legal issue to force someone to cross qualify here in our community.
1,725,996
Sort of leaves a sour taste and gives me the expectation that a buyer using this lender's services will have the edge