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Does the realtor have access to your private business that you give to the lender? Besides knowing what you're pre approved for and that you're finally approved, do they get to know anything else unless I tell them?
Do they see my loan docs, do they know my income, where I work, my dti, etc
If I was a stripper and my husband ran XXX sites would they know since the lender does? I'm not btw.
What happens when I close? Will they find out stuff then? I'm moving into a hoa community where the realtor lives and I'm feeling kind of weird about the neighbors knowing my personal information.
No realtors do not have access to any of that information. They will only know what you are approved for if you tell them, otherwise all that information is confidential between you and your lender.
You are protected by The Privacy Act. The lender cannot share anything that is not public knowledge.
That said, it's important for the lender and Realtor to have a synergy, to work as a team to protect you. I had a buyer that insisted his agent know absolutely nothing about his business. Okay. Done.
Unknown to me, the borrower paid off his credit cards and then borrowed money to replace his cash (despite my email about what not to do). When I found out what had happened, I told him to share this with his Realtor. We were coming up on a no return milestone in the contract. Nope, not sharing and explicitly told me I could not. Loan was later declined, could not get a gift. Reason for decline? Insufficient funds. Listing agent demands denial letter, rightfully so, this home was off the market almost 40 days. It didn't take her long to connect the dots. My initial pre-approval specifically stated "funds for down payment and closing are in place and have been verified." Seller kept his earnest money deposit.
If there is something specific you do not want to share, tell the loan officer. But do realize in order to protect you and your money, your advocates cannot do it with one arm tied behind their backs.
Note:. Bankruptcy and Foreclosure are public record, short sale is not. Ethically, the LO should not share BK or FC with the agent, but no laws were broken. And some cases, I will insist the buyer share circumstances, only because the agent needs to know why we can't close until a certain date.
As a realtor, I don't need to know any of those details. I don't need to know where you work or what your income is, or what your credit is. That's between you and the lender.
Clarify with your lender that you don't want your details shared. They shouldn't divulge confidential information anyway, but the lender and realtor may have many phone calls about valid business, so it's good to remind them there are some things you don't want shared.
Your realtor, FWIW, should not share with anyone else anything they do happen to learn about your business either. An ethical realtor should protect your confidentiality even after the sale is over.
You are protected by The Privacy Act. The lender cannot share anything that is not public knowledge.
That said, it's important for the lender and Realtor to have a synergy, to work as a team to protect you. I had a buyer that insisted his agent know absolutely nothing about his business. Okay. Done.
Unknown to me, the borrower paid off his credit cards and then borrowed money to replace his cash (despite my email about what not to do). When I found out what had happened, I told him to share this with his Realtor. We were coming up on a no return milestone in the contract. Nope, not sharing and explicitly told me I could not. Loan was later declined, could not get a gift. Reason for decline? Insufficient funds. Listing agent demands denial letter, rightfully so, this home was off the market almost 40 days. It didn't take her long to connect the dots. My initial pre-approval specifically stated "funds for down payment and closing are in place and have been verified." Seller kept his earnest money deposit.
If there is something specific you do not want to share, tell the loan officer. But do realize in order to protect you and your money, your advocates cannot do it with one arm tied behind their backs.
Note:. Bankruptcy and Foreclosure are public record, short sale is not. Ethically, the LO should not share BK or FC with the agent, but no laws were broken. And some cases, I will insist the buyer share circumstances, only because the agent needs to know why we can't close until a certain date.
I'm not trying to hide anything duplicitous or make the job harder. I'm cool with the realtor and the lender. It's just that the lender did spill some tea during our time together and while it wasn't anything major, I didn't need to know.
The agent doesn't have access to that private information. However, if there is something that could create a challenge through the process you may want to share with the agent if you trust them. If you don't trust the agent you should find another agent unless you aren't the trusting sort and it doesn't matter who you hire.
Your agent needs to know anything that would impact how they would negotiate on your behalf or their ability to protect your earnest money. Legally, they don't get to know any of that, but if you want a smooth transaction and to be protected, they need to know it.
So legally nothing. Practically, things that impact negotiations and the transaction.
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