Lenders Have Responsibilities Too!

There is a huge gap in the responsibilities handed out by the Dept. of Real Estate regarding lenders.

In the Arizona contract, the lender is supposed to supply valid pre-qualifications, provide accurate loan progress updates on a regular basis, and provide closing documentation 3 days prior to close.  HAH!

I learned a long time ago that when push comes to shove, and the lender hasn't performed - that's when you learn that lenders are only incidental parties to the contract, and they don't have to abide by what is in the contract!

In Fact, Lenders are the free spirits of the Real Estate World.  Yes, they have to comply with government regulations, but those regulations are oriented towards keeping the lenders from taking advantage of innocent and idiot buyers - not towards providing truthful information on a timely basis, or having a procedure to guarantee that transactions close on time.

In Fact, it doesn't matter when you set the close date - if the loan officer was ill and someone didn't take up the slack, if the loan officer went on vacation, if the loan officer just didn't feel like doing their job one day - your transaction will not close on time.  And there is no recourse - the lender just says "too bad, so sad", and does things on their own time.

The lender could care less that people have a truck heading for the house loaded with their belongings, and no arrangements to store them.  The lender doesn't care that you now have to find a hotel to stay in because you have moved out of one house, and cannot move into another until the first one closes.  You might get a lender's sympathy, but that won't pay for the hotel, it won't magically re-schedule the movers, and it won't make you any happier. 

Choose your lender with care - just any one will not do!  Consult with your Realtor - they will know who brought the transaction in on time.



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