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John McCormack, CRS
We use mortgage brokers and they are all over the place. If they get the money then so be it. I'm not going to tell them to stay local in this era. No local banks here.
John McCormack, CRS
It really depends on who the on line lender is. I have had some very successful closings with some and there is one I highly recommend.
I do recommend to buyers to use a local lender as the underwriters understand the way things are handled around here.
William Feela - I do share pluses and minuses of Internet lender and mostly they know the benefit of working with a local lender. Happened once when buyer ended up closing late by a month and had many issues in getting mortgage commitment.
Eventually yes, but not before I meet them and see if we can work together.
It depends. I'll get permission to speak with their loan officer. If they refuse, that's usually a good tip off the internet lender hasn't done much to pre-approve the buyer. I will also mention that they'll have a much better chance of getting an offer accepted if they have a solid pre-approval from a local / major lender.
No I just make sure it's legit
William, it is important to educate the buyer.
William Feela All you can do is try to educate them on the benefits for using a local lender. I worked a deal where the buyer, whom I did not represent go through two Internet lenders. This resulted in three 30 day extensions from my seller before using a local lender and closing.
I prefer a local banker/lender - one I can reach out and slap inthe fce if necessary. I tell the buyer I will not submit a offer without a lender letter and geting one in a timely fashion may be a issue.
If they ask my advice, I will give them a list of those I've worked with successfully. I would not force them to use anyone, or even discourage them out of their choice. Sounds to me like a liability issue.
I have had buyers close with eLoan without problems.
However, I always prefer a local lender who has a real plan B.
Yes they need one of the lenders I have used not some internet banker who can not close a home in Ga.