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Old 04-27-2011, 04:34 AM
 
924 posts, read 1,144,859 times
Reputation: 525

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I'm purchasing a house. The seller's agent asked for the phone number and name of the mortgage company I'm using. She then called up my mortgage broker and told him that she was my agent and asked for personal information. Is this normal practice? My wife is fuming over the seller's agent misrepresenting herself to my mortgage company and wants to know if their is an over riding body that she can complain to.
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Old 04-27-2011, 07:20 AM
 
Location: Lakewood Ranch, FL
3,255 posts, read 3,269,571 times
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First, check your contract to see if there is a section that permits the selling agent to contact your lender. It is probably there. Regarding the misrepresentation, it is most likely that the mortgage broker misunderstood her role in the deal. If the contract gives her the right to contact the lender, there would be no reason for her to misrepresent herself. The selling agent needs to be sure (for the seller) that your loan is proceeding on schedule according to the terms of the contract.
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Old 04-27-2011, 07:49 AM
 
Location: Westwood, NJ
665 posts, read 1,197,843 times
Reputation: 288
The mortgage company has to have permission from you to share your personal information with anyone, even your own agent.
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Old 04-27-2011, 08:01 AM
 
Location: Western North Carolina
143 posts, read 178,418 times
Reputation: 108
Quote:
Originally Posted by Kevin1975 View Post
The mortgage company has to have permission from you to share your personal information with anyone, even your own agent.
If mortgage company really did share this information with the agent, they should both be reprimanded... You're state's association of realtors should be contacted to report the agent (if this isn't just a matter of a misunderstanding).
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Old 04-27-2011, 08:14 AM
 
Location: NJ
17,580 posts, read 21,154,897 times
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How did you find this out?
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Old 04-27-2011, 08:52 AM
 
Location: Raleigh, NC
10,418 posts, read 18,022,679 times
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When I work as a seller's agent and a listing agent brings me an offer, I get a pre qual letter from the buyer's mortgage company. As part of our contract, there is a clause that states buyer must start his mortgage loan application by a certain date. Usually, I will contact the buyer's agent to verify that this is done.

However, sometimes I get a buyer's agent that I don't feel is doing their job 100% and to protect my seller, I WILL call the buyer's lender.

However, that lender is NOT going to give out personal information to me or to the buyer's agent. That lender is going to tell me things like...yes, the buyers began their application, yes, the buyer's are qualified to buy this home, yes, the buyers will close on time.

A seller's agent calling the buyer's lender is a good idea, to me. Just know that the lender is not going to give out any personal information.

Vicki
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Old 04-27-2011, 09:10 AM
 
Location: Tempe, Arizona
4,511 posts, read 7,493,083 times
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We also have a provision in our contract that allows either the listing or buyer agent to contact the lender for loan status updates. However, updates must be provided on a standard loan update form that only addresses terms of the loan and the buyer's ability to qualify. As suggested, the OP should read their contract for what is allowed to be disclosed.
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Old 04-27-2011, 09:58 AM
 
Location: Salem, OR
10,995 posts, read 18,900,293 times
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I call every single lender as a listing agent when presented with an offer. In our contracts our buyers give a release to talk to the lender. That said it is for status updates and basic things. We don't get credit scores or deeply personal information unless the mortgage broker totally blows it.

Typically I ask if the buyer has all of their docs in, confirm the conditions outlined in the letter, and verifying their ability to close on time. Often times the mortgage broker gives me more information such as what the buyers do for a living and whether or not they really need those closing costs that they asked for or not.

So if your contracts have a release, I highly doubt they lied about who they are because the release is in the contract. If they don't have a release and lied about being your agent, then in Oregon that would violate our fiduciary duties as outlined in the statutes.
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Old 04-27-2011, 10:38 AM
 
Location: Tempe, Arizona
4,511 posts, read 7,493,083 times
Reputation: 2106
Is the listing agent acting as a dual agent (representing both seller & buyer), or do you have your own agent? I would be concerned if the seller's agent claims to represent you without your consent.
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Old 04-27-2011, 10:48 AM
 
Location: Kailua Kona, HI
2,723 posts, read 6,248,089 times
Reputation: 2391
Exactly what personal information was shared? Status of your loan application process is not the same as SSN's and income details etc.
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