How have your relationships with lenders changed over the last year?

by Chicago Agent

Barbara Kohut Realtor
Weichert, Realtors Nickel Group
Oak Park
In the past, I never questioned whether or not the funds would be available once we were at the closing table. Over the past year, I have become more skeptical and coached clients about staying on top of their lender and making sure the appropriate documentation has been gathered for a loan commitment, not a pre-approval. I highly recommend to buyers that using a large, reputable lending institution helps minimize the risk of the deal falling through and their earnest money being lost. 

Benjamin Baraka Randle Associate Broker
Keller Williams 
Gold Coast 
Here our lender relationships have transformed over the past two years in very positive ways. Almost like the cycles we have experienced over the years, they were in close partnership with us before and then the hot market cooled them down. Now that the market has changed so drastically, so has their work ethic and they are now back at our side like never before. I’ve never been in such constant contact as we are in now. The responsiveness, which is the top-rated preference for customer satisfaction, is being acknowledged by all the parties involved in both of our service-based businesses.

Mike Mondello Broker Manager
Orland Park
The lenders I’ve utilized have always been true professionals. About the only difference I’ve noticed is the constant communication that is needed due to the changing requirements on the various loan programs. The lenders have also shown a great deal of loyalty toward me by sending referrals. As you know, referrals are a large key to success in this business. Even before our challenging market, communication has always been at the forefront of our relationship.

Stephanie Sadoff Senior Real Estate Consultant
Since the mortgage industry has changed drastically, buyers are finding it harder to obtain the flexible types of mortgages that were once available. It is critical to maintain open lines of communications, especially as programs can disappear without any notice and that is scary to a buyer. My clients are my first priority, and I make sure to interview all lenders that want to earn my business to ensure that my clients are in good hands. I have had great success with Kelly at Fifth Third Bank, as she practices above-the-board ethical lending and commits to lending with the same core values that my buyers expect from me.

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