Realtor Survey on Pre-Approvals

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Questions on recent pre-approved loan experiences affecting your business. 10 questions est. time: < 5 minutes Thank You! (in advance)

Recalling all your offers to purchase contracts for the past twelve months, whether you wrote or read them, whether accepted or rejected; how many of these involved mortgage financing? *

Less than 59%

60 -69%

70 -79%

80+%

Do not remember.

Of offers involving mortgage financing, do you think it is part of your responsibility as a real estate agent to check on the processing progress of the loan approval? *

Yes

Do you think your clients feel it is your responsibility? *

Yes

Do not know.

Were you ever employed in a capacity as a banker, underwriter, or loan originator in your professional past? *

Yes

How do you track transaction progress? *

In-house / third party web-based software

Manual tracking using a custom checklist developed in-.house or personally

A combination of both

Neither of the above

During the time between the day the offer is accepted and the day of closing, what do you do to verify financing? Check all that apply. *

Obtain copy of mortgage pre-approval letter

Call mortgage provider to confirm pre-approval

Ask about homebuyer occupation/employment

Verify homebuyer income with W-2s or equivalent

Ask about past credit problems

Pull credit report on homebuyer

Determine expected down payment

Send homebuyer to preferred mortgage provider for pre-approval

No action

N/A - I never serve as a buyer's agent

N/A - I never serve as a listing agent

Other:

Required

When acting as a listing agent and presenting an offer to the seller, how often is your opinion of the lender’s abilities to finish processing and close on the buyer’s pre-approval considered by the seller? *

Never - they don’t ask about the lender.

Seldom - sellers mostly believe pre-approvals are good

50% of the time - when the lender’s name is not recognized

Often - sellers are concerned about this

Always - sellers do not trust anything and ask to verify everything

Less than a year ago, Campbell & Inside Mortgage Finance reported: Fannie & Freddie Mac loans closed on-time 68% of the time whereas 32% did not close on time. We believe origination, processing, underwriting, and funding has improved. What is your impression? What percentage of your signed contracts got delayed due to financing when comparing the originally agreed closing date to the actual closing date? [Dropdown options below graphic] *

What is still an unknown is how often a signed contract fails to close due to problems with financing? What do you think a mortgage pre-approval letter is worth? Give us your short answer text below.

For each of the following types of mortgage providers, based on your experience please select the approximate percent of pre-approval letters that turn out to be faulty or invalid because home-buyer income, credit, assets, or other factors were not appropriately verified: (If no experience with a category, please leave blank.)

Applications= may control only taking of app. Correspondent = control app, processing, underwriting, funding & servicing.

10%

15%

20%

25%

30%

35+%

Over-all percent of failure

Credit union:

Internet lender:

Local bank:

Mortgage broker (applications for multiple lenders):

Mortgage banker (correspondent for multiple lenders)

National lender

If a LoanCheck report with “confidence to close scores” were available to your selling or buying clients throughout the transaction process, as a listing agent – would you give the option to obtain such a report? *

Yes

Name (all ID data is stays private) *

Real Estate Brokerage *

Email (so we can report back results and progress in development) *

Submit

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