NationStar Requiring buyers to submit NS loan application for a hard pull
this seems like coercion to me, the application came in the initial paperwork for setting up the ss..and says it must be submitted with all offers. One buyer backed out immediately..cash buyer..any thoughts? this is my first go round with NS. I have had reo lenders require this awhile ago..but they had local loan officers who usually did a cursory review of the app, and never did a hard pull...
Replies to This Discussion
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Permalink Reply by Celeste ODea on
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Yes, they are requiring it. The form indicates that the buyer does not have to use their lender, but they require that they get pre-approved by them. I haven't seen where they are offering any "incentive" to a buyer to use there services... Nationstar is so swamped with files and they do not have their act together. I don't know how they're going to add pre-approving buyers to the mix. I guess we'll see what happens.
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Permalink Reply by Bryant Tutas on
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Cash buyers just need to provide proof of funds. Also if you can get a DU approval or an approval that specifically states the buyers credit score you can submit this instead. I've done this many times with no issue.
When you list a NS short sale just place the application in the listing.
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Permalink Reply by Victoria Frieberg on
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i placed in the listing, but seems a lot of agents dont read them (uh, I thought it was a foreclosure, you mean we cant close in 45 days!)...I will contact agent again and ask her to submit anyway..buyer just got angry I believe..
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