Why Don't Lenders Attend Closings?
Why don't lenders send a loan officer or representative to a client's closings? That's a very good question and one I have always ask myself.
Let's state the obvious first. Some clients have a relationship with a lender that is not in Nevada. These lenders are not going to pay a representative to fly to Las Vegas and attend a client's closing. That makes sense as long as they have a representative available during the closing to answer any and all questions that the client or title & escrow rep may have.
As for the lenders that do business in Las Vegas, I do not have a good answer. It can't be that they're to busy. I'm busy, but I always find time to go to my client's closings. I have no answer to this question and it has bothered me for the 11 years I've been a Realtor.
Approximately 98 percent of the questions that arise at a client's closing are related to the client's loan yet there is no lender representation there to answer the client's question. If the title/escrow rep does not know the answer, it is left up to the Realtor to see if they can get an answer from the lender during the signing period. If the loan representative was in the room, this would be taken care of professionally and the client would feel more comfortable knowing they received an answer from their qualified lender than the title rep or Realtor.
Closings take about an hour and with travel time it can take up to two to three hours in Las Vegas depending on where the Title company is located. Since the client is paying for the loan and paying interest for many years to the lender, you would think they would care enough to send a representative to the closing. It hasn't been that way in 11 years, and I don't expect it to change. That's why it's always good to work with a loan rep you can contact when you need him/her...
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