Posted on: 16th Mar, 2008 11:36 am
Hi. . me again.
If I fire my loan officer this week will he get any commission on work he has done? By Wednesday I am going to go through the real estate agent who has a broker here in town.
If I fire my loan officer this week will he get any commission on work he has done? By Wednesday I am going to go through the real estate agent who has a broker here in town.
He won't make a dime if he doesn't close the deal. He may lose money if his broker charges him for the credit report, but I doubt that he will as usually this is a normal cost of doing business.
be careful with services that were referred by a realtor. They have shown that title services, and loan services can be more costly when referred by a realtor.
Also, don't believe everything you hear about getting the BEST deal. Find someone who is honest/trustworthy, and always shop around
Also, don't believe everything you hear about getting the BEST deal. Find someone who is honest/trustworthy, and always shop around
Your loan officer may be entitled to his or her fee to do a loan if he or she has acquired the loan that was promised and you back out of the deal. It's called a loan origination agreement and brokerage business contract.
For example, if you sign with a realtor and that realtor finds someone to purchase your property at the terms you asked for, you are legally required to pay that broker even if you decide to not sell the property.
I'm a broker and I have successfully gotten my fees from every person who has backed out of a deal of mine that I went after. I don't go after everyone, but if we're at the closing table and you decide you don't want to do a deal because you just don't feel like it and want to go with someone else, I'm going to sue you and get my fee. If you are honest and up front and tell me I'm competing with someone else and that they won and you are going with them, I'm completely cool with that.
In other words, you might want to read the fine print before you decide to go with someone else after your loan officer has worked his or her butt off to get you a loan, gotten an appraisal done, spent 10 hours on a file and driven 50 miles one way to get documents signed. Just common courtesy...
For example, if you sign with a realtor and that realtor finds someone to purchase your property at the terms you asked for, you are legally required to pay that broker even if you decide to not sell the property.
I'm a broker and I have successfully gotten my fees from every person who has backed out of a deal of mine that I went after. I don't go after everyone, but if we're at the closing table and you decide you don't want to do a deal because you just don't feel like it and want to go with someone else, I'm going to sue you and get my fee. If you are honest and up front and tell me I'm competing with someone else and that they won and you are going with them, I'm completely cool with that.
In other words, you might want to read the fine print before you decide to go with someone else after your loan officer has worked his or her butt off to get you a loan, gotten an appraisal done, spent 10 hours on a file and driven 50 miles one way to get documents signed. Just common courtesy...
Hi Burlington,
Welcome to the forums.
That's a very starightforward answer and it shows how brokers have to work very hard to make a successful deal .
You seem to be new to this community. Why don't you join here and share your knowledge and experience with the community. I'm sure with your knowldege you'll be able to help a lot of people.
You can also promote your business by getting enlisted as a lender/broker in our Lenders Directory just like some of the community professionals have been doing. And the community appreciates their contributions towards helping people with the right financial advice.
Thanks,
Brian dela Cruz
Welcome to the forums.
That's a very starightforward answer and it shows how brokers have to work very hard to make a successful deal .
You seem to be new to this community. Why don't you join here and share your knowledge and experience with the community. I'm sure with your knowldege you'll be able to help a lot of people.
You can also promote your business by getting enlisted as a lender/broker in our Lenders Directory just like some of the community professionals have been doing. And the community appreciates their contributions towards helping people with the right financial advice.
Thanks,
Brian dela Cruz
most of us do not get paid unless a loan closes. there is a great deal of work involved, generally, in trying to get a loan to work. when one blows up just prior to closing, there can be much frustration. i think burlington badger's post reflects that.
in this particular case, we have had several posts from caresid, clearly demonstrating that the loan officer in this situation is neglecting his client. we have advised caresid to find a new loan officer, and i hope that the next one is more hands-on. for the current loan officer to seek payment for a job poorly done would be a travesty.
i feel your pain, burlington badger - i go through this myself continually.
in this particular case, we have had several posts from caresid, clearly demonstrating that the loan officer in this situation is neglecting his client. we have advised caresid to find a new loan officer, and i hope that the next one is more hands-on. for the current loan officer to seek payment for a job poorly done would be a travesty.
i feel your pain, burlington badger - i go through this myself continually.
