NationStar requiring Buyer to apply for pre-qual with NationStar.

I have a short sale file that is at the end of negotiations with NationStar, in Equator.  Now, they sent an application for the Buyer to complete for loan pre-qual with NationStar.  We already have, not only a pre-qual letter, but an approval letter from a different mortgage company.  The Buyers don't feel comfortable doing this.  I relayed this info to NationStar and they told me that they would deny the short sale without it.  Can you believe this?!  I guess that I should have know that this one was going too smoothly.  I then uploaded and sent the two pre-approval letters for their review.  NationStar said that the Buyers don't have to obtain the actual mortgage through them, but do need to complete the doc.  Anyone experienced the same?  I have another NationStar file that I just noticed has the same form in the package.  I haven't gotten that far with this one, yet.

Views: 4206

▶ Reply to This

Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on January 20, 2012 at 6:54am

RESPA Forbids Steering - Even "Just For Prequalification"

http://www.searchlightcrusade.net/2012/01/respa_forbids_steering_ev...

Permalink Reply by Mark on January 20, 2012 at 11:11am
Update, a few months later- I did get an approval on this purchase without doing a pre-qual with nations tar. 
They demanded the pre-qual, I refused, they caved in a few emails layer.
They did dawdle and drag their feet on the file, but they were doing that anyway
Permalink Reply by Paola Martinsen on February 27, 2012 at 5:24am

Does anyone have a copy of the application. I would like to add that to the MLS listing. And if theres any additional forms the buyer or seller are required to sign I would greatly appreciate a copy. [email protected] or please upload here for everyone :)

Permalink Reply by Janine Margaret Nielsen on February 27, 2012 at 5:35am

Nationstar Application is attached.

You may have buyer's decline at the bottom.

 

Just have them fill out info without SS #'s

and type or write in at the bottom that they are declining.

I have had buyers agree to use nationstar and get CC's paid, no appraisal fee and good terms/rates.

They also are able to close in 30, even though theier LO was in another state. Good communication and service from Nationstar as a SS Lender and Loan.

Attachments:
31cg1fw8yxswnPermalink Reply by 31cg1fw8yxswn on March 4, 2013 at 9:53am

See Anti-Trust laws:

In U.S. antitrust law, the Sherman Act addresses single-firm conduct by providing a remedy against "[e]very person who shall monopolize, or attempt to monopolize...any part of the trade or commerce among the several States."[3] This prohibition does not condemn monopoly per se but only monopoly that has been acquired or maintained through prohibited conduct.

While the prohibition against multi-firm anticompetitive goes against agreements "in restraint of trade", it is not enough to show that an agreement in some technical way restrains trade. Under U.S. law, at least, the scope of the prohibition is limited to those agreements where the restraint of trade is unreasonable:

Every agreement concerning trade, every regulation of trade, restrains. To bind, to restrain, is of their very essence. The true test of legality is whether the restraint imposed is such as merely regulates and perhaps thereby promotes competition or whether it is such as may suppress or even destroy competition.
There are SEVERAL other issues.
1. Does the owner (vs. servicer) of the note have such a written agreement with the servicer to reauire this?
2. Will the information ACTUALLY be used to create a letter of approval with a loan at COMPETITIVE rates?
3. Will ANY of the information in the application be used to make any assessment of the acceptance of the short sale agreement (let's say that the bank determines the buyer can afford 20K more)? If so then it is probably illegal and unethical.
I would suggest that RATHER than fill out an application through equator or other systems..and deliver to the negotiation (which in itself may be illegal and unethical), to instead have one or two preapprovals, even through the bank that is servicing.  Deliver ONLY the letter of approval to the negotiator and or equator.  Use ONLY a thousand or two over the contract and closing costs as approved. 
THis would resolve the percieved and actual conflict of interest.
Certainly a letter from the BUYER stating that he is approved already and has CHOSEN his own lender and that he is NOT interested in takin ga loan from the holder or servicer would legally end any suggestion that it is required.
 Send the letter first with the approval. If the bank or servicer demands an application or closes the file, then file a complaint with the FBI and other federal and state agencies, also with your state and federal congressmen and senators. Immediatly reopen the file as new and send in again. Repeat EVERY time they close the file illegally.

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************