Lender's Service Notice
To Be Given to the Lender of Your Choice
The purpose of this notice is to advise you, the prospective lender, of the minimum services we consider necessary to insure that our Buyer/Clients (the "Buyer") receive the best possible mortgage and terms. Your cooperation with our Buyers and Buyer's Resource Realty Services will result in a satisfied homebuyer and possible future referrals.
We have provided our Buyers with the following list of services we recommend they require of any lender they use. We feel that providing these services will help expedite the total mortgage loan process. Buyer's Resource Realty Services will cooperate fully with you in order to achieve our Buyer's goal of obtaining the best price and terms for the purchase of their home. Our Buyers will decide the final selection of a lender. Following is the minimum level of lender services we recommend our Buyers require of any lender they select:
- Meet in person with our Buyers, preferably at your or our office for a pre-qualifying meeting.
- Give an overview of all mortgage programs our Buyers qualify for including all mortgage costs.
- Qualify our Buyer for the maximum mortgage amount possible and provide an accurate Good Faith Estimate and Pre-Qualification Letter (which does not specify the maximum loan amount, down payment, type or terms of the loan) to our Buyer and us.
- Confirm with our Buyers all documents that will be required of them at time of actual loan application.
- Upon your selection as the lender our Buyer will use, take a full application for the mortgage and give a complete, detailed explanation of the mortgage they select and provide our client a accurate Good Faith Estimate and a copy of their mortgage credit report.
- Advise our Buyers on your mortgage rate lock-in programs, if available.
- Provide a Pre-Approval Letter to our Buyers and us, which does not specify the maximum loan amount, down payment, type or terms of the loan. This confidential information shall not be revealed to anyone (including sellers and/or their agents) without our Buyers consent.
- Keep in contact with our Buyers and us, especially if any terms, rates, or parameters change. Use voice, fax or e-mail, and follow up promptly on all calls.
- Promptly set up an appraisal appointment after our client has released their home inspection contingency.
- Release no information or details about the purchase contract to the appraiser without prior authorization from the Buyers or us.
- Provide an original copy (with color photos) of the complete appraisal to our Buyers within three business days after you (the lender) receive the appraisal. Remember that our Buyer has paid for it.
- Ensure that all timelines/deadlines are met, closing occurs on time, and no last minute surprises.
If you have questions about what is expected advise us and our Buyers immediately. After the mortgage is closed, our Buyers will complete a survey. With our Buyer's permission, the results of this survey will be shared with you. We look forward to working with you on behalf of our clients.