Today, I am reminded how far the pendulum has swung in our current state of mortgage lending.
I am working with a couple that submitted an offer and were required to get a “back up” approval from a competing lender. We assisted the client in providing everything the other lender needed to grant an approval or “opinion” of the viability buyers can close the transaction.
The other lender couldn’t approve because they don’t provide the same financing as we do (Direct Lender). After much fanfare and back and forth the listing agent denied the buyers not based on whether we could close the loan or not–but because their preferred lender doesn’t offer the product or could approve them.
The buyers agent’s broker got involved and we had to escalate to our President of the company I work with to get a letter stating how we were able to approve the loan, when the other company would not.
Meanwhile, the poor seller is facing foreclosure while all this gorilla theatre plays out . . .
More to follow soon. Hoping for a happy success story to share.