National Association of Realtors Takes Major Lenders to Task
Leadership from the National Association of Realtors (NAR) met with representatives from Bank of America and Wells Fargo to discuss difficulties related to getting “deals to the closing table” earlier this week. The trade group has similar meetings scheduled with Chase Home Mortgage and CitiMortgage later this year[1]. While according to NAR, both lenders understand the problems associated with closing deals, particularly in today’s market, NAR is concerned that from a realtor’s perspective, many decisions about lending to buyers appear to be inconsistent and are not clearly explained so that agents can use that information in the future.
As a result of the meetings, both lenders will have an increased online presence designed to educate and provide resources to real estate professionals and will work to speed the loan approval and short-sale approval processes. NAR reported that “the banks do not debate that there is a lot of room for improvement,” and emphasized that “NAR is not yet seeing improvement and communicated that reality to the banks.” Both entities will be working “more closely together on solutions.”
Do you think that NAR was right in taking lenders to task?
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[1] http://www.dsnews.com/articles/nar-meets-with-major-lenders-on-short-sales-and-reo-disposition-2010-10-12