As many of you are aware, Nationstar requires that the buyer be prequaled with thier lender. Greenlight Loans is who I have dealt with recently. I have the listing. The buyer, brought to us via another agency, refused to prequal with Nationstar/Greenlight. I had disclosed the Nationstar requirement to all who inquired. And now I just recieved an email from the "project manager" as follows:

"After the new NSM rules and regs, each offer needs to have a prequal letter from us or the offer will be rejected. Make sure that the listing agent knows that Nationstar is working on excluding realtors that are not explaining our requirements to the buyer's agents."

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I say send them a package of your emails and disclosures. Try to get Buyer to sign a statement "I choose not to have NationStar prequel me, but I was offered the opportunity.." 

You might get support by going to the investor and complaining - among other things, the servicer is removing potential buyers by insisting on making their own money from the buyer as a new loan. Lowering the value of the asset for their own gain.

Joe, Im wondering about this: they are only asking for a pre-qual. As I understand it, they are apparently not insisting Buyer use GreenLight for the end loan. This is kind of like the builder who says, "you can use anyone you like for the financing, but we will not sign a contract unless our mortgage guy prequals".

This amounts to a tax on Buyer's time and a big irritation as I imagine a prequal takes 1-2 hours. NationStar is a bunch of sleezy son of a guns, but I think they are compliant with this. 

If your buyer walks because of NStar's games, NStar is likely negatively impacting the asset and their job to maximize the return for the asset. I have not had an NStar SS for a while and back then, they would, from time to time, tell you to have your buyer fill out the application. If you object to forcing your buyer to get a loan through them, they'd say it isn't for that, just for buyer info. How many more loans do they get by people thinking that they must? From the tone of the question, I thought maybe NStar moved on to forcing the buyer to get a loan via them. How could that not impact what NStar will average for each SS for their investor? I assume that the intimidation has a negative effect, I suspect a complaint to the investor will get the same response from them. NStar double-dipping to the investor's detriment.

Nationstar does not appear to be forcing Buyers to use thier lender, only to qualify. Similar to a lot of REOs.

 

Thank you all for the response. Overall they are hurting themselves and my seller

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