Posted by Natalie-VA on August 19, 2005 at 19:04:40:
I know this doesn’t answering the poster’s question, but just to give some feedback as a listing agent/seller…
If the buyer’s loan officer doesn’t tell me EXACTLY what I need to know about the borrower, I move on to the next contract.
–Natalie
Real Estate Purchase: Disclosure of Borrower Info - Posted by Jeff
Posted by Jeff on August 19, 2005 at 08:07:07:
As a mortgage broker in Colorado, I often get pushy real estate (buyers or sellers ) agents that want to know details of my borrowers transaction as it relates to meeting the contractual purchase deadlines.
To what extend am I protected by Federal or State law as to what I can / can not tell them?
For example, if my borrower is having difficulting meeting a ratio to qualify for the loan program because their credit score is low, or they have to liquidate some funds to meet obligations to make the transaction happen, is this legal to disclose to the parties in the transaciton?
Purchase: Disclosure of Borrower Info - Posted by John
Posted by John on August 19, 2005 at 09:04:53:
I have struggled with this problem myself. I have written up a form that says the borrower gives permission to release info to: usually Buyer’s agent is named and when I get calls from sellers agent I politley say I can give no information to you please consult so & so. The R/E agents don’t like it but I believe it protects Me and the borrower. At least it stops daily calls from seller’s agent.