{"id":8771,"date":"2009-06-06T17:28:36","date_gmt":"2009-06-07T00:28:36","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=8771"},"modified":"2009-06-06T17:28:36","modified_gmt":"2009-06-07T00:28:36","slug":"why-real-estate-agents-should-stop-playing-loan-officer","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/8771\/why-real-estate-agents-should-stop-playing-loan-officer\/","title":{"rendered":"Why Real Estate Agents Should Stop Playing Loan Officer"},"content":{"rendered":"

I wasted a few hours this week cleaning up the messes that real estate agents created for their first time home-buyers.<\/p>\n

End result – loan officer still looks like a jerk, but now the borrowers are really confused about who to trust.<\/p>\n

I’m going to combine about five separate scenarios and conversations that I had this week into one rant just to get my point across.<\/p>\n

First of all, the mortgage industry is changing very rapidly.<\/strong><\/p>\n

True\u00a0 mortgage professionals are paying attention to things like:\u00a0 HVCC<\/a>, concerns of HR1728<\/a>, Mortgage Insurance companies changing their guidelines<\/a>, Fannie’s new condo rules<\/a>, FHA fico score requirements<\/a>, Loan Level Price Adjustments<\/a>, new FHA appraisal guidelines<\/a>, adjusting interest rates in an unstable market<\/a>, and a constant stream of mortgage Twitter chatter<\/a> that only adds to the noise.<\/p>\n

For those of us primarily working with FHA First-Time Home Buyers<\/a>, we’re also keeping tabs on the $8000 Tax Credit<\/a> being used as a down payment, as well as how long the Fed plans on purchasing Mortgage Backed Securities<\/a> to keep rates lower.<\/p>\n

Just as real estate agents are learning about short sales<\/a>, bank owned properties<\/a>, and transparency<\/a>, mortgage originators have a full-time job keeping up with industry news so that we can lead our clients down the right path.<\/p>\n

I don’t think that I need to throw another 9 links in this post to demonstrate that there are a lot of things real estate agents and loan officers need to understand before we can express with confidence to our clients that we truly have a handle on their unique scenario.<\/p>\n

Imagine what the effect would be on a first-time home buyer if puked all of this overwhelming information on a them in the first 10 minutes of the initial phone call?<\/p>\n

I had to do this all week just so that the agents and borrowers would understand why I wasn’t able to issue a quick pre-approval letter and GFE simply based on a 15 min phone call and credit score.<\/p>\n

We’re in a tough market, and I totally empathize with the hard working agents who are competing for new business by giving the highest levels of service possible.<\/p>\n

However, Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I wasted a few hours this week cleaning up the messes that real estate agents created for their first time home-buyers. End result – loan officer still looks like a jerk, but now the borrowers are really confused about who to trust. I’m going to combine about five separate scenarios and conversations that I had […]<\/p>\n","protected":false},"author":57,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,5],"tags":[61,537],"class_list":{"0":"post-8771","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"category-real-estate","8":"tag-first-time-home-buyers","9":"tag-lending","11":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1515,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1515\/where-did-your-40000-go-or-why-your-buyers-prequalification-needs-a-refresher\/","url_meta":{"origin":8771,"position":0},"title":"Where Did Your $40,000 Go? , or Why Your Buyer’s Prequalification Needs A Refresher","author":"Dan Green","date":"June 7, 2007","format":false,"excerpt":"Just a quick note to the real estate agents that read Bloodhound Blog: now would be a terrific time to have all of your buyers re-prequalified for a home. Mortgage markets are suffering through an old-fashioned beatdown and some rates for some products are now sitting 0.750% higher than they\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7628,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7628\/dont-discount-points-as-a-strategy-to-lower-mortgage-costs\/","url_meta":{"origin":8771,"position":1},"title":"Don’t Discount Points As A Strategy To Lower Mortgage Costs","author":"Brian Brady","date":"March 31, 2009","format":false,"excerpt":"Discount fees (sometimes called \"points\") are considered pre-paid interest.\u00a0 Points are generally tax-deductible and are used to lower a buyer's mortgage rate.\u00a0 Most real estate agents have been taught that \"points\" are \"padded profit\" to a lender or loan originator and should be avoided at all costs.\u00a0 Jeff Belonger debunked\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9259,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9259\/consider-a-seller-paid-rate-buy-down-rather-than-price-reduction\/","url_meta":{"origin":8771,"position":2},"title":"Consider a Seller-Paid Rate Buy-Down Rather Than Price Reduction","author":"Brian Brady","date":"July 20, 2009","format":false,"excerpt":"Listing agents, considering offers might advise their sellers to counter-offer with a mortgage rate buy-down strategy rather than to reduce the sales price. We like to help our agents with charts from our Mortgage Lens program.\u00a0 The chart helps to illustrate the power of leverage, to both the seller and\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"rate-buydown","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2009\/07\/rate-buydown.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1555,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1555\/subprime-lending-fallout-goes-upstream-to-take-down-two-major-hedge-funds-what-does-this-mean-to-real-estate-investors\/","url_meta":{"origin":8771,"position":3},"title":"Subprime Lending Fallout Goes Upstream to Take Down Two Major Hedge Funds: What does this Mean To Real Estate Investors?","author":"Cooksquared","date":"June 20, 2007","format":false,"excerpt":"Two major Bear Stearns Hedge Funds face foreclosure due to their significant exposure to the subprime lending market. While this does not fall under the category of real estate investor, I spent last summer working for Bear Stearns and interacting with many of their hedge funds. Based on the very\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7903,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7903\/fha-and-va-assumable-loans-offer-an-exit-strategy-for-todays-buyers\/","url_meta":{"origin":8771,"position":4},"title":"FHA and VA Assumable Loans Offer an Exit Strategy For Today’s Buyers","author":"Brian Brady","date":"April 16, 2009","format":false,"excerpt":"How can an FHA mortgage or VA home loan sell a home faster?\u00a0\u00a0 When mortgage rates are 10% and the 5% government loan is assumable. I've taken a few pokes at the contributors on Active Rain; John MacArthur isn't one of them.\u00a0 John is a Branch Manager with Long and\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11760,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11760\/performance-bonds-for-real-estate-escrows\/","url_meta":{"origin":8771,"position":5},"title":"Performance Bonds For Real Estate Escrows","author":"Brian Brady","date":"April 23, 2010","format":false,"excerpt":"The world of distressed real estate (only about 90 of my past 100 transactions) is a funny one; all the rules are different. The REO sellers are pretty simple.\u00a0 They have a take it or leave it policy when it comes to negotiations, escrow terms, etc..\u00a0 Some short sellers however,\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/8771","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=8771"}],"version-history":[{"count":10,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/8771\/revisions"}],"predecessor-version":[{"id":8782,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/8771\/revisions\/8782"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=8771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=8771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=8771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}