Weichert as a lender?

[rcarrillo]

As chet said (lots of good points), some loan officers like the "everyone qualifies" mentality. You approve everyone that looks okay based on a quick review and when they come back they hope for the best.

They figure why waste time actually reviewing the details, analyzing the situation and advising the buyer of options if they may never buy.... its a "free consultation" so they want to get it over and done fast. Then the client comes back with a purchase contract and the scramble begins to see if they can make it stick.

Some loan officers also rely TOO MUCH on the software. I can get the software to spit back an approval on a lot of people that won't qualify, by tweaking any number of factors. If I can not back up the data with documents later however, an underwriter will deny it. So while it is prudent to save the buyers, sellers and Realtors time and money by doing a thorough consultation some loan officers woudl rather take the easy route and save themselves time by performing a sub-par analysis.

[movingsoon123]

Extremely helpful - thank you. This gave me some great insights to the process, and I appreciate it.

However in this case, Weichert is not only the real estate agent on buyer's side, but also the supposed "backer" of said loan/mortgage. Our lawyer has talked to Weichert and they keep swearing up and down (as they have from the beginning, when it was our real estate agent questioning them) that this couple will be approved for this type of loan. While I am skeptical on one end, I also don't see any benefit to Weichert (at this stage) to be so laid back about throwing their "pre-approval" around if it really won't go through.