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-David-
It takes a lot of muscle, men and machines to process the loans.
What do you think that it takes to handle a massive electronic network that handles thousands of loan applications every business day?
How can I link my real estate brokerage to the computers of five different lenders?
If I'm the broker how can I satisfy my clients with the choices I have through my brokerage?
I want to insure that my clients will have the best financing options available to them so I want them to know that the choices that are provided to them that are available through any companies CLO system are the lenders that serve that real estate brokerages CLO system. The borrower has the right to use any lender that will service the need to buy a home based upon the criteria which is mandated by the underwriter of the loan before the release of funds.
I wouldn't rely on any lender in the CLO system that wasn't interested in helping the brokerage finance a commercial or residential transaction. If the brokerage has violated an article of legislation then a lender in the CLO system might refuse to make loans to the borrower using the CLO system licensed to the real estate brokerage to secure funds for the buyer of a listing, or to seek approval for the purchase of a home by a buyer seeking financing. The choice of lender is always the final decision of the borrower. The lenders final decision is whether or not they're willing to loan the borrower the funds they need to conclude the transaction.
Is it the lenders choice to decide whether or not they participate in the CLO queue ?
Could the lender be held accountable for a violation of the Equal Credit Opportunity Act?
The answer to this question is of course not because none of the eight tenants of the act require that discrimination based on race, color, religion, national origin, sex, marital status, age (provided the applicant is of a legal age), or dependance on public assistance have been violated. The lender refused to price the loan in the CLO. Is the lender required to disclose why they wouldn't price the loan offered in the CLO.? Should the lender be required to disclose the reason why a loan was refused from the brokerage and not refused to the buyer if the buyer sought financing from the refusing lender outside of the CLO and was approved for the loan through direct contact with the lender?
How could the lender refuse to underwrite loans with a broker that uses a computerized loan origination system?
What types of situations occur which would prevent the broker from using the CLO, with the exception of computer failure?
If you let your buyer move into the home without disclosing that poison ivy plants ( Rhus radicans ) surround the fence, you might have some problems later. What kind of problems do you think that a seller could have for not disclosing that there are poison ivy plants surrounding the fence?
Would it be covered in an errors and omissions poilcy before your buyer or their children got covered with a rash?
If not, who would insure against the nondisclosure of poison ivy to the buyer at settlement if the buyer were injured by the poison ivy plants after they took possession of the property following closing?
Should a standard termite or pest control letter also include information regarding poisonous plants, or should a letter from an approved phytologist be required prior to closing?
Could the seller be held responsible for costs related to Benadryl and Calamine lotion if this was a defect not cured prior to closing?
Any ideas ?
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"Owning a home should never have to be a dream. The responsibility of every real estate agent is to make home ownership a reality." David Saks - Broker
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