Reply to Realtor suggested a lender - are they going to be angry if we use a different lender?

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Reply to "Realtor suggested a lender - are they going to be angry if we use a different lender?"

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[quote=Anonymous]It is illegal. People are always saying agents get kickbacks. You may not like us, but we don't get kickbacks... unless we are scum and doing something illegal. I am sure there are agents like that. However, there are also many agents that practice with integrity and our clients' best interests in mind.

Back to the original question. Your agent should certainly not be mad that you want to use a different lender. That's well within your rights and you should be shopping around for the best rate and loan product to meet your needs. That being said, let your agent know who you are using so they can talk to the lender and build a good working relationship with them. They will also want to know how quickly they can process the loan, do an appraisal, how responsive they are (even after hours/on weekends), etc.

I usually give my clients 3 or 4 lender names, from various small local lenders that are well-regarded in the industry. If they choose to use them, what I get out of the deal is reassurance that the lender knows what s/he is doing and will get the loan done as needed. We may get invited to a lender happy hour or get some basic swag like a pen, but that is it. Nothing more than peace of mind, really, is in it for me. It's the same for recommending settlement companies, although some agents have bought into some title companies and are actually "affiliated businesses. In that case, they are required to get clients to sign a specific disclosure. All of this is via RESPA, as stated above. https://www.consumerfinance.gov/compliance/compliance-resources/mortgage-resources/real-estate-settlement-procedures-act/[/quote]

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