What is the state of lending these days? Does anyone really know? I speak with lenders all the time and I seem to get a different answer or different points of view with each one of them. It’s not that I think they don’t know the answer, but I honestly believe that they are just as confused as I am. The rules and regulations are changing daily and as a result, I don’t think anyone knows what direction we are going in, let alone for the better.

I hear stories about processes and systems that are being overhauled in every lending house. I hear stories on how those new systems aren’t working or at the very least, delaying the lending process by weeks and months. I hear about complicated checks, re-checks, and lack of anyone being able to make a decision. I hear about the changes in the appraisal system that has everyone from lenders to realtors afraid of picking up a phone and daring to speak with an appraiser. The pendulum has clearly swung in the other direction. The word “overcautious” is probably not strong enough an adjective to describe everyone’s posture at present time.

Now don’t get me wrong. I know changing in lending needed to be made and if we can get through this difficult period, things “may” and I emphasize “may” be for the better, but for right now, it’s a disaster. When I talk with people about how and when things will get better, all they can tell me is their fall back answer which is, “Hey, at least we are getting some deals done!”

Yes, that’s correct. We are getting some deals done, but if we are going to have a significant recovery, we need to get a lot more deals done and in a timely fashion. A standard 30-day close is almost ready to be put on the shelf as an extinct process in lending and very little loosening in the credit markets has happened overall. In the meantime, plan accordingly for more bumps in the road, more paperwork, more changing rules, and more delays if you need a loan.

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.CoDreamHouse.com

The story goes like this: A friend of mine who is a mortgage lender was really upset and was having a horrible week when I called. It turns out that he got involved in a loan transaction for some questionable people (both the buyer and real estate agent). Now, what he knew and when he knew it is not germane to the story, but the bottom line is that my friend took all the blame when things went bad even though he was not at fault and was out significant time and money.

I seem to hear one story after another about those who have gotten involved with questionable people. It’s not just in the real estate business as it crosses all occupations and income levels. That got me thinking that maybe, the very best thing that we can do for ourselves in these economic times is to make sure that we are doing business with people of exemplary character. It’s easy these days to work with people who have the best price. It’s desirable to hire people who are top producers or have significant name recognition. It’s even easier to go with the person that tells you exactly what you want to hear.

Now, the older I get, the more I am convinced that out of all the attributes listed above, integrity trumps them all. Sure, it’s possible to find a service provider at a reasonable price that is famous and exudes integrity, but let’s be honest that it seems as though that this kind of person is a dying breed. I am constantly looking for that person or organization that breeds integrity. You know what I am talking about: people who do what they say they are going to do on the day they say they are going to do it. These are people who are not afraid of the words “work,” “responsibility,” and “whatever it takes to get the job done.” I am talking about the type of integrity that breeds dependability, peace of mind, confidence, honesty, and one that strengthens your faith in your fellow man. These are people who care enough to return your phone calls and reply to your emails on the same day.

When I find those types of people, they have my undying loyalty, respect, and my business. They should have yours too.

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.CoDreamHouse.com