{"id":1201,"date":"2019-05-02T00:24:40","date_gmt":"2019-05-02T00:24:40","guid":{"rendered":"https:\/\/mymortgagepros.com\/?p=1201"},"modified":"2024-02-08T05:46:04","modified_gmt":"2024-02-08T05:46:04","slug":"mortgage-approval","status":"publish","type":"post","link":"https:\/\/mymortgagepros.com\/mortgage-approval\/","title":{"rendered":"Waive mortgage conditions? Not so fast!"},"content":{"rendered":"\n
recaalberta<\/strong><\/a> \/ 2 hours ago<\/a><\/p>\n\n\n\n Real estate professionals often ask why mortgage professionals\nseem reluctant to provide them with a letter confirming that their clients\u2019\nfinancing conditions have been met and they can waive conditions. They are\nreluctant for good reason.<\/p>\n\n\n\n Typical Scenario<\/p>\n\n\n\n Mortgage professionals communicate the terms of the buyers\u2019\ncommitment specifically when the borrower has satisfied the lender\u2019s\nconditions. This happens when the lender is prepared to disburse the funds to\nclose the purchase transaction, but only if the borrower\u2019s situation remains\nunchanged between final approval and the funding date.<\/p>\n\n\n\n Mortgage professionals <\/strong><\/a>should let the buyer know it is the buyers\u2019 responsibility to maintain their income and debt levels at what they were during initial approval of the loan funding. Even then, a borrower\u2019s situation can change without the knowledge of the mortgage broker, making previously approved financing void.<\/p>\n\n\n\n If they provide a letter waiving financing on behalf of the\nborrower when it hasn\u2019t actually happened, and there\u2019s been an unknown change\nor some other complication, mortgage professionals could end up on the hook.<\/p>\n\n\n\n Mortgage professionals CAN\u2019T waive conditions. Meet our team<\/strong><\/a><\/p>\n\n\n\n The purchase contract and related conditions are contractual\nmatters between the buyer and seller. The mortgage commitment is between the\nlender and the borrower. The mortgage broker facilitates lending arrangements\nfor the borrower but has no legal authority to waive the buyer\u2019s purchase\ncontract financing conditions.<\/p>\n\n\n\n So, as much as the mortgage professional would like to help move the process along as quickly and as efficiently as possible, the responsibility to waive the financing condition lies only with the borrower.<\/p>\n\n\n\n More from MortgagePRO Ltd. Professionals on the subject, request a FREE no obligation consultation<\/strong><\/a> now:<\/p>\n\n\n\n