Realtor / Mortgage Broker relationship

[JeremyD]

Hello,

I am curious about the realtor / mortgage broker relationship. I imagine after years of being a realtor you are going to get to know some of the brokers and maybe even have a few that you would recommend.

The question I have is how much of my information should the mortgage broker and realtor be sharing? Any? None?

Thanks

[ZorroAMG]

None, other than "this client is good, qualifies for xxx amount" on the broker side and "serious buyer, put an offer in or looking to for this amount, does he qualify" on the realtor side.

etc....

[HRD2PLZ]

Typically, I talk to the brokers I use to simply thank them for a client referral or vice versa. Usually, the mortgage broker will confirm what amount the client has been approved for. I'll also communicate with them when we have an accepted offer and get the documents over to the Broker for lender approval. Other than that, if my client has special financial needs, with the clients permission, I may contact the mortgage broker to discuss what options the client may have.

Most of us will keep to what needs to be said. If there is small talk its related to the industry.

I know a few Realtor's who are also Mortgage Brokers. I've always felt that was a conflict of interest.

[JeremyD]

Thanks for both of your responses.

We working on a deal for a place right now and I was wondering how much info was shared.

Thanks!

[bignerd]

Depends on how good of friends they are-they aren't showing your paycheque and credit bureau or anything but sometimes they do discuss your "credit hardships" or issues.

[barmanjay]

Originally posted by HRD2PLZ
Typically, I talk to the brokers I use to simply thank them for a client referral or vice versa. Usually, the mortgage broker will confirm what amount the client has been approved for. I'll also communicate with them when we have an accepted offer and get the documents over to the Broker for lender approval. Other than that, if my client has special financial needs, with the clients permission, I may contact the mortgage broker to discuss what options the client may have.

Most of us will keep to what needs to be said. If there is small talk its related to the industry.

I know a few Realtor's who are also Mortgage Brokers. I've always felt that was a conflict of interest.

I've never liked the idea of realtors being mortgage brokers aswell.

Especially when they are brokering their own deals, are they really servicing their clients best interests?

[el-nino]

There's a guy in my office who is a Realtor and a Mortgage Broker as well. Our Policy wont let him broker his own deals.
I find most Realtor's just want the job done quick so I keep my conversations short and simple. There will be the odd occasion I would start small talk in order to generate some business.
As far as the client goes I do not share any information that isn't relevant to the deal. I will not share clients beacon scores or how much they make.

[JeremyD]

I suppose by doing so they are trying to find the best way to get the buyer into a house. I was just put off that the broker talked to the realtor before he talked to me.