While there are not very many lenders that still have "rolling clients" at the core of their game - some do. The latest episode reared it's ugly head this past week.
I am grateful the clients were not ours - but more importantly, I'm more grateful that it was fixed by the real estate agent that referred this real estate buyer to their lender.
The change in interest rate was one full point. Instead of a buyer obtaining a loan at a, previously promised and locked, 3.5% interest rate - during the loan document signing portion of escrow, the buyer was presented with a 4.5% interest rate.
While mistakes do happen, and while numbers get transposed, deleted or increased by human error - this was not one of those cases. I know this because of the fight that had to take place with the local Santa Clarita lender in order to give the real estate buyer what they were promised when the rate was locked.
I am also happy that the real estate buyer made a point of retaining the documentation that the lender gave them regarding the rate lock.
This is not a video or blog post that was put together to beat up all of the local Santa Clarita real estate lenders. That is not the point at all. Most of the local Santa Clarita Lenders are GREAT. Paris911.com/FindMeaLender
We happen to know the one that is the BEST at the Santa Clarita Cities lending game.
What about the local lenders at the core of this latest debacle? We won't be working with their team... Ever. Word spreads too quickly in today's real estate market - and spreads too easily - and in Real Estate, a service provider's reputation is one of the major differentiation points between the Good, The Bad and the Ugly. :)