Has my real estate agent done something illegal, or just unethical?
I am buying a house in GA, and I have been approved by a particular mortgage lender. I’ve been dealing with this lender for some time now, and their rates are competitive, with fantastic customer service. When we put a contract on this new home in GA, our real estate agent was aware that we had been dealing with this mortgage company, but she seemed very eager to get us to apply for a loan with a local bank. We politely declined, because we are confident in the mortgage company that we have chosen, but the next day, a representative from the local mortgage company contacted us anyway wanting to do business with us. Again, we politely declined, and we thought that was the end of it.
Upon signing the contract on the house, our agent asked for a copy of our mortgage lender’s “Good Faith Estimate” for closing costs, payments, etc… and we provided it to her. The next thing I know, this woman from the local bank is calling me up saying that she’s looking at this Good Faith Estimate from our lender, and that she sees several things that are not correct. She proceeds to tell me that we should consider going with her bank, blah blah blah. (After speaking with the loan officer at my chosen mortgage company, I have discovered this local lender’s statements were incorrect, by the way.) have never initiated contact with this local bank, and it seems as though they are practically stalking us to get our business.
My question is this: Our real estate agent admitted that she gave this local bank a copy of our “Good Faith Estimate” from our mortgage company. She did so without our knowledge or consent, and she has therefore shared our financial information with a third party without our approval. Is that illegal, or just unethical?
I know it is, at a minimum, unethical. It’s seriously brought this agent’s character and integrity into question in my mind, and now I’m wondering what else she’s done behind my back. Maybe that sounds paranoid, but I just don’t like people sharing information about how much cash we have (i.e. cash on hand for the down payment) with third parties who have nothing to do with the transaction. She obviously gets some sort of “perks” from this lender if she refers someone for a loan, and I think that’s pretty shady, too.
I never signed a contract with the Real Estate agent. The only contract I have signed was the contract to purchase the house. I’ve read through it, and nowhere does it say that she has any right to disseminate our financial information to third parties, or to try to secure financing for us.