Profile picture for user9613824

Does my lender have to call the listing agent?

I have a contract on a home.  The listing agent is insisting that my lender call her.  My agent is telling me that my lenders behavior is unacceptable.  It's a credit union.  So my question is does my lender have to call the listing agent?  Is this customary?  Can the listing agent just call my lender if she has any questions?  I am buying my first home and I don't know whats customary or who is at fault?  What do I do?
  • August 15 2013 - Silver Spring
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Answers (16)

Profile picture for United Team
We are all after the same goal & should play nicely together. Its up to you what your lender or your agent representing you can disclose. That must be made absolutely clear. At times a listing agent is concerned with a "not so strong" pre-approval letter or may not be familiar with that particular lender, making them concerned on the buyer's ability to close. This can cost their seller precious selling time=$ in a hot market. Not good. Bottom line its still your decision-your the client.

P.S. When I have represented seller's in the past, I have made it a "condition" of the contract to see a buyer's stipulation page, especially  in a multiple offer situation or again an unfamiliar lender.

Janice Nolan
Nolan Real Estate Group
St. Charles, MO/St. Louis Metro
  • July 12 2014
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I'm sure you've settled this by now, but no.  Your lender doesn't have to talk to the listing agent at all.  I once watched a loan officer hang up on a listing agent mid-sentence :)
  • July 12 2014
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My primary contact is you, the Buyer; however in every case I am in contact with the Buyer's agent as well (updates on progress). Occasionally I get a call from a Listing Agent (who's nervous that the deal may fall through or just to check on progress) and give them a very generic response as to the progress of the loan. I think it should be the buyer's agent's responsibility to keep the listing (seller's) agent updated, but I don't mind the occasional email or phone call.
- Al Rodenburg, Sr. Mortgage Loan Officer/CMPS certified/NMLS# 272775
 [Hotlink removed by Zillow moderator. See our  Good Neighbor Policy.]
  • July 12 2014
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Profile picture for macmccord
The lender is yours. He or she should be supporting you. That means talking with the listing agent and telling them how strong you are as a buyer. They should absolutely calling the listing agent back. Credit unions have loan officers that are working by the hour and are much less willing to go the extra mile. In this market there is no reason to use a credit union. I know for you it is better to stick with the situation you have but for other people reading this, don't use a credit union.
  • November 03 2013
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It's fairly common practice in today's real estate market for the Listing Agent to request they speak with the Buyer's Lender to verify information. The Buyer is not required to give permission to the Lender to speak with the Listing Agent but in most cases will do so to provide better communication to all parties involved and possibly increase the Buyer's chances of getting a deal done with the Seller. 
  • August 27 2013
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Hi user9613824!  It is not a requirement, but a good idea for the lender to be in touch with an agent.  If the seller were doing a short sale it would be necessary for some form of communication, because at some point the lender has to accept or decline a short sale offer.  Another instance that it will be necessary for a lender to communicate with agents is when there is a bidding war and the agent asks for best and final offers.  Other than that, I speak with lenders to make sure every step is well coordinated to ensure I am closing on time if not early.
  • August 27 2013
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If listing agent is requesting your lender to call then by all means they can talk. As long as everyone is ok with that and what they will talk about is approved by you as the buyer. If lender does not want to talk to listing agent even though you as buyer is ok with that then there may be a issue. 
  • August 20 2013
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Good afternoon,

I'm sorry, but both agents are WRONG.  We Lenders are not required to speak with real estate agents on the transaction.  The fact that some of us is only out of professional courtesy.  Last time I checked "courtesy" is an accommodation not a requirement.

I've found that consumers run into similar situations when dealing with regular banks and credit unions.   Mortgage Bankers tend to be more accommodating in this area as the overall service we provide tends to be of higher quality in all areas of the transaction.

So, NO your Lender does not have to call either agent.
NO the listing agent may not call the bank (well, she can call, but...good luck with that).

On another note, your Loan Originator at the Credit Union should be providing you with timely updates---weekly is best.  You can then pass on those updates to the real estate agents at your discretion.

Trevor Curran
NMLS #40140
  • August 20 2013
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This is fairly common, and the agent is wanting to keep the seller and the sellers agent calm and up to date on all of your loan progress.

This is particularly important during the contingency period, where the seller requires you to have your appraisal complete and your approval in place.

Your lender should be open to do this as it is commonplace.

Communication keeps everyone happy during the process and helps ensure you close on time.
  • August 15 2013
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Your contract may require the lender to provide updates on the status of your loan if requested by the seller.  This is a common occurrence in AZ.
Although, we seldom CALL, It is typically done via a form called a Loan Status Update.  Anyway, verify if your contract requires it and provide the acceptable response.
  • August 15 2013
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Profile picture for jimmiller11
From what you have indicated it would appear the listing agent's behavior is unacceptable, not the lender's.  Bottom line is it would not be appropriate for the lender to give any information to the listing agent without your written approval.  Quite often on a purchase mortgage application there is a form somewhere that authorizes such communications.
  • August 15 2013
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Profile picture for user9613824
Thanks for the information.  I can understand the listing agent wanting to call my lender.  That's fine by me.  I just don't understand why she keeps emailing my agent and telling him the LO hasn't contacted her.  That's the part that is bothering me.  If I want to know something I call for an answer. I don't wait for others to call me.  I am just trying to figure out if the listing agent is being a bit of a .....Well you get the point.  Thanks again.
  • August 15 2013
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Your loan officer should be acting on your behalf, as well as your buyer's agent. Have the LO speak with your agent and decide how and whom should contact the listing agent.
There does not seem to be anyone at "fault". What conduct has your lender or LO done that your agent labels "unacceptable" behavior?
Certainly, the listing agent may contact your lender, however, your agent should prep the LO on what issues to discuss.
I hope you have a smooth closing!  Jim
  • August 15 2013
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It is quite common for the listing agent to want to call the lender. Nothing wrong with that. It is generally so the lender can assure the listing agent that you are pre-approved for the purchase.

If the listing agent is expecting the lender to call her, I would say that is fairly unusual.
  • August 15 2013
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Profile picture for Tony Ngai
Your lender and agent needs to work hand in hand.  If anything is require from your lender, your agent should be the first to know.  He/she will then be able to find solutions and manage risks on your behalf.  If an extension is needed to remove contingencies or close escrow, he/she needs to know why before submitting an extension to the seller and listing agent.
  • August 15 2013
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Your agent need to contact the listing agent and find out what's up. Some agents think they must be the big noise and control everything.
  • August 15 2013
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