Dealing with a Mortgage BrokerHow to deal with a mortgage broker
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Buy agents warn purchasers never to engage with the broker's own mortgage broker.
A furious buyer used online community tools to alert buyers "never, never, never to have anything to do with a mortgage broker working in or with a realty broker". Pryor on Twitter ID'd the company as Spicerhaart and described it as "incompetent" and "naughty". EYE Pryor said to EYE that his customer already had a mortgage agreement in place (AiP) when he made an offering on his name for a real house that had been bought by Haar.
A written confirmation of the bid was provided, together with information about the customer, his attorneys, the mortgage broker, a copy of the AiP and the date. According to Pryor, he was then informed that the bid could only be made after the purchaser had been "qualified" by a mortgage broker. Pryor says unsolicited instructions were sent to an agent at Just Mortgages, a Spicerhaart affiliate.
But Pryor sent a copy of the AiP to the broker and spy. He then sent an e-mail to Pryor's customer asking for his date of birthday and a copy of account statement. Mr Pryor phoned the hairt office in question and was informed that the information was necessary to carry out anti-money laundering controls on the purchaser.
Then Pryor was informed by e-mail that hair could not train the purchaser and that the (increased) bid had been refused. that he had a number of issues, including: Has there been a time lag in forwarding the bid to the seller until it has been qualified by your own broker?
Did the vendor mistakenly be informed that the purchaser was not "qualified"? Did the vendor receive consultation on the proposal, which was "spoiled" by the absence of a mortgage loan? Shall permission be obtained first for the transfer of purchaser data to another entity, to include affiliates? What are the reasons why the buyer's date of origin is necessary when preparing an estimate?
Isn' the endorsement by the mortgage broker, purchaser or attorney of a purchaser good enough for an agency to use? Is it necessary to check a purchaser for AML when preparing an estimate or after accepting the estimate? Should an agency really earn charges from the mortgage and the transfer of leads via purchaser?
Does the broker act for the vendor have a conflicting interest? And Pryor said to EYE: "I am a handsome guy, but can we really expect the China wall between a mortgage broker and a broker to be noise-proof? All these points have been passed on to Spicerhaart and last evening CEO Paul Smith said EYE:
"For reasons of customer privacy, we cannot go into the detail of this case, but we can certify that all proceedings have been carried out properly. "Our anti-money laundering policies are followed and our operations are audited on tens of thousand deals each year. After acceptance of the quotation, this occurs and constitutes the technical beginning of the commercial relation.
"We have a process in place to make sure that all prospective purchasers are properly trained before an offering is made and within a minimal timeframe. In the event that the bid cannot be validated within this period, the bid will be submitted to the seller with the reservation that it still has to be justified.
"If a mortgage broker confirms an agreement in principle, we shall be accepting this as a sufficiently good foundation for a favourable bid justification. It would also be reasonable for this information to be provided by a purchaser or attorney. "At all times, we will seek permission to transfer buyer data to another entity or affiliate within our group, and this will be specifically acknowledged in our bid documents if permission is obtained and given orally at the time of enrolment.
"We would never say under any circumstance that an offering can only be taken if we have justified it or that the purchaser must agree his mortgage with us. Below is the note from hair in which he rejects both the customer's quotations from Pryor.