Replies to This Discussion

Permalink Reply by Tni LeBlanc (805) 878-9879 on March 2, 2012 at 6:10am

Yes!  They did this on my last short sale and it signficantly slowed down the deal.  There are only a couple servicers doing this -- I hope it does not spread as a trend.

Permalink Reply by Maynard Wagner on March 2, 2012 at 6:13am

Yes, same thing happened to a buyer of 1 of my SS listings with NationStar.  Since they wouldn't grant closing costs, the buyer amended their purchase offer downwards by the disallowed closing costs and the negotiator said fine and sent it off for approval. 

Permalink Reply by Wendy Smith on March 2, 2012 at 6:14am

Wow.  What's next?

Permalink Reply by Kevin - Greenville, SC on March 2, 2012 at 11:08am

Could be a RESPA violation on their part.

Permalink Reply by joe beauchamp on March 2, 2012 at 6:09pm

At one point, they were sending out letters stating that they only wanted to validate the buyer with their demand that the buyer go through somewhat of a loan process.  I assume that they continue to suggest these loans but that they fold immediately if you push it.

Permalink Reply by William C. Black on July 24, 2012 at 9:09am

This is ABSOLUTELY not acceptable- have them put this in writing or threaten to turn into CFPB.

As far as them "pre-approving" the buyer our team contacted Nation Star Supervisor in April, 2012 questioning this form and was advised this form is NOT NEEDED as long as the buyer’s pre approval of loan funds letter contains 2 items 1) credit report pulled by lender 2) pre review of their financials. 

 

Since then we have added this and had no problems. 

Permalink Reply by Cliff Stanwick on July 25, 2012 at 2:29am

In the middle of the Aurora to Nationstar Nonsense. 1. Sent Pre approval with credit scores