Letters to the Editor

Re: 'NAR asks Fed to help curb abusive lending practices' (Aug. 16)

Dear Editor:

I find it very ironic that NAR is pushing for tighter guidelines and control by the federal government on lenders while their individual Realtor members are just as guilty of pushing buyers through several lenders until someone says "yes!" as are individual loan officers. I have personally told a buyer that this is not a good time financially to purchase only to have the Realtor take the client to the next lender down the street to get a "yes!"

These are also the same Realtors that will blackball a lender if their appraisal comes in low -- with the listing Realtor unable to provide supporting documentation to support the value -- and then badmouth the lender and the appraisal instead of doing what needs to be done -- and that is lower the price.

We as an industry (loan officers, builders and Realtors) are all failing to protect our clients when it comes to putting buyers into homes that they would never qualify for only to make a quick dollar today. We should be educating those who are new to the process. Sometimes people need to be told "no!" but let's work on this for a good/great "yes!" down the road. Too many people are looking to make a buck today instead of doing the right thing and making several bucks over the years.

If you do it right, you have a client for life who will be a great referral source as well as a repeat customer. I have done as many as 6-7 loans for one client between buying a new home, refinancing, buying a second home and then downsizing to a new home.

It pays just to do the right thing!

Tim Hege
Branch manager
Coastal Mortgage Services Inc.
Cornelius, N.C.

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