David Saks: Real Estate Practice : Lesson 3530

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 3530

computerized loan origination

It takes a lot of muscle, men and machines to process the loans.

What do you think that it takes to handle a massive electronic network that handles thousands of loan applications every business day?

How can I link my real estate brokerage to the computers of five different lenders?

If I'm the broker how can I satisfy my clients with the choices I have through my brokerage?

I want to insure that my clients will have the best financing options available to them so I want them to know that the choices that are provided to them that are available through any companies CLO system are the lenders that serve that real estate brokerages CLO system. The borrower has the right to use any lender that will service the need to buy a home based upon the criteria which is mandated by the underwriter of the loan before the release of funds.

I wouldn't rely on any lender in the CLO system that wasn't interested in helping the brokerage finance a commercial or residential transaction. If the brokerage has violated an article of legislation then a lender in the CLO system might refuse to make loans to the borrower using the CLO system licensed to the real estate brokerage to secure funds for the buyer of a listing, or to seek approval for the purchase of a home by a buyer seeking financing. The choice of lender is always the final decision of the borrower. The lenders final decision is whether or not they're willing to loan the borrower the funds they need to conclude the transaction.

Is it the lenders choice to decide whether or not they participate in the CLO queue ?

Could the lender be held accountable for a violation of the Equal Credit Opportunity Act?

The answer to this question is of course not because none of the eight tenants of the act require that discrimination based on race, color, religion, national origin, sex, marital status, age (provided the applicant is of a legal age), or dependance on public assistance have been violated. The lender refused to price the loan in the CLO. Is the lender required to disclose why they wouldn't price the loan offered in the CLO.? Should the lender be required to disclose the reason why a loan was refused from the brokerage and not refused to the buyer if the buyer sought financing from the refusing lender outside of the CLO and was approved for the loan through direct contact with the lender?

How could the lender refuse to underwrite loans with a broker that uses a computerized loan origination system?

What types of situations occur which would prevent the broker from using the CLO, with the exception of computer failure?

David Saks

Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.


Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.





"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


  Real Estate Crimes


Click "HERE" For Today's Question



TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis



America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 0 commentsDavid Saks • July 21 2014 05:58AM


This blog does not allow anonymous comments