OUR LIPS ARE SEALED!!

By
Real Estate Agent with Coldwell Banker Hobin Realty, LLC - Hampton & Rye, NH, USA

I just wanted to see if any of you are having the same problem with lenders and their privacy policies as we are.  Currently, we have two lenders that are refusing to give us information on the loans that they are processing.  In one case, we are representing the buyer and in the other, we represent the seller and buyer.  

As I'm sure you are aware, the P&S has a built-in release at the bottom of page 3 that gives us the right to obtain information from the lender. We were told by one of these 2 lenders that they had their legal department review this document (NH P&S Agreement) and that it was determined that they are not a party to the agreement and are therefore not bound by it.  Their conclusion was that they would stick by their privacy policy and not give us any information on the loan and also told us not to call them anymore!

This is obviously putting a great deal of stress on our seller clients as they are required to be out of their house by closing, which is less than a week from the commitment date.  At this point, we don't even know if the properties appraised out.

I have posed the question to the Legal Hotline, but thought I would check with you all to see if anyone else is having this problem and of so, have you found any way around it?  Maybe we're just very UN-lucky.

Thanks,

Katherine 

 

 

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Rainmaker
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Kim Brown
Keller Williams Realty - Keene, NH
Keene, NH - New England at its Best!

Katherine--could you have your buyers give written authorization to the lenders to release information?  That may be enough for the lenders to tell you what you need to know.  Just a thought...

good luck!

Mar 11, 2008 12:56 PM #1
Rainer
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Katherine Anderson
Coldwell Banker Hobin Realty, LLC - Hampton & Rye, NH, USA - Exeter, NH
Managing Broker
Kim:  The lender that is ignoring us turned down the buyers, but we now have them going through CB Mtg.  All is looking good, commitment due tomorrow.  The other one we are listing the house and the buyers are working with another agent, so we don't have direct contact with the buyers, otherwise I think that your idea might work.  We did get our commitment letter on that yesterday, but there it referred to a list of conditions that was omitted from the email we got.  We have followed up with the buyers agent to have her get that list to us.  We are supposed to close that one Monday, so we'll see. FYI... I got an answer from legal hotline and our hotline attorney says that the lender is wrong in their assessment of the P&S and that they should be disclosing the information to us.  Fat lot of good that does us!
Mar 11, 2008 01:04 PM #2
Rainmaker
131,723
Kim Brown
Keller Williams Realty - Keene, NH
Keene, NH - New England at its Best!

It's really too bad that the lenders can't see their way to be more cooperative.  How frustrating!  Good to know that Legal Hotline is in agreement with you, but, as you said, doesn't do you much good if the lenders don't honor it.

Best of luck with both of these!!  It's never easy these days, is it???

Take care!

Kim

Mar 11, 2008 01:16 PM #3
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Rainer
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Katherine Anderson

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