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Has anyone had any issues with underwriters holding up the loan due to last minute demands for paperwork? We signed last Thursday, and that same afternoon they sent a form that they had changed. We had to stop everything we were doing and fill out the form IMMEDIATELY, and fedex it back to them.
Next day, same thing, but it was a holiday. The title folks closed at noon, the underwriters weren't responding at all. We spent half our holiday dealing with their last minute unreasonable demands.
For example, they wanted me to attest that my name used to be "Penelope Pittstop", but it never was.
For all I know Penelope is a terrorist, or has a bankrupcy.
They threatened that they would hold up funding the loan.
On top of that, they claimed that the form is just a formality and doesn't matter.
I said, if it doesn't matter, then why do I have to sign it?
There were other things wrong with the form, and now they are asking for more and more *&^$^).
Of course, AFTER we wired our money to the crooks for the down payment.
What the heck?
These are legal forms. I'm not going to sign legal forms with incorrect information.
How do we know the underwriter crooks even HAVE the money?
No way in hell am I going to attest to something that isn’t true, and you shouldn’t either. But if your name IS Penelope Pitstop, and they want you to attest you are also known as Penelope Sue Pitstop, Penelope S. Pitstop, Penny Pitstop and Penelope Maidenname Pitstop, that’s just another form they have to complete to cover their butts.
Because things can change in a day, and there are people out there who will try to get a loan before something hits their credit, a lot of underwriting can't be done (or finalized) until the last minute.
It sounds like one of two things happened.
- You misunderstood the form they were asking you to sign. A judgment came up matching your partial name or SSN that they couldn't clear. That would be enough to shut the loan down. They likely asked you to sign a Non-Identity Affidavit, stating you've never been known as Penelope Pittstop. Penelope Pittstop probably has a judgment against her. Either underwriting discovered it, or even more likely, the title company did, and they couldn't proceed without clearing it. I put this first because this is more likely to be a last minute addition.
- Penelope Pittstop was listed on your SNA (Signature Name Affidavit). Also called an AKA form sometimes. Here, every derivative imaginable is listed. So if your name is "Penelope Paige Pittstop", you'd have to sign as Penelope Pittstop, Penelope P Pittstop, Penelope Paige Pittstop, etc... In this case, if you were legally "Penny Pittstop" and they listed "Penelope Pittstop" on your SNA, you could indicate you've never been known as that name. Same goes for a legal "John Doe" and they listed "Jonathan Doe".
I work in title, so I see all kinds of crazy things. Both intentional shenanigans by borrowers and totally random things that come up but still have to be cleared despite it having nothing to do with the actual borrower. Honestly, I love it when a new lien or judgment pops up at the end of the process. I hate manipulators and I love it when they get caught.
Has anyone had any issues with underwriters holding up the loan due to last minute demands for paperwork? We signed last Thursday, and that same afternoon they sent a form that they had changed. We had to stop everything we were doing and fill out the form IMMEDIATELY, and fedex it back to them.
Next day, same thing, but it was a holiday. The title folks closed at noon, the underwriters weren't responding at all. We spent half our holiday dealing with their last minute unreasonable demands.
For example, they wanted me to attest that my name used to be "Penelope Pittstop", but it never was.
For all I know Penelope is a terrorist, or has a bankrupcy. From what I can tell, "Penelope Pitstop" is a fictional cartoon female auto racer/enthusiast. However, I can't seem to find a Social Security number, or anything in regard to Citizenship. Good call here!
They threatened that they would hold up funding the loan. Threatened or explained?
On top of that, they claimed that the form is just a formality and doesn't matter.
I said, if it doesn't matter, then why do I have to sign it?
There were other things wrong with the form, and now they are asking for more and more *&^$^).
Of course, AFTER we wired our money to the crooks for the down payment. I think you may have wired your money to the Title Company Crooks. You are actually borrowing a great deal of money from the crooks at the bank - wait, what?
What the heck? Agreed!
These are legal forms. I'm not going to sign legal forms with incorrect information. By legal forms, we're talking 8 1/2 x 14, right?
How do we know the underwriter crooks even HAVE the money?
EXACTLY! When you borrower money for a mortgage, you SEND your money TO the Underwriter. The underwriter doesn't evaluate your creditworthiness so that the bank can provide YOU with money.
You've got them right where you want them. By refusing to sign the AKA LOE (Also Known As/Name Letter of Explanation, literally the easiest thing to do in mortgage lending), you have managed to create an uproar over absolutely nothing. Go get that Evil Bank!
I have had to do that for most loans, and it seems they do not figure that paperwork out until the last minute. However, they generally let me DocuSign it on line.
One time they did add a name to the list that I NEVER used.
I know how they got the name. Its my aunts name, and just the first few letters are different from my name. (Our names rhyme.) And our last names are the same.
There was a mix up of my records with my aunt's at a small credit union. I was quite ok with the mix up. All deposits made by me or her went into my account. However, all the withdrawals were taken out of her account. For some reason she was not happy with this set up and made the credit union fix the accounts.
It was a little after this happened that I had her name added to the AKA form.
I just changed that form and said I never used that name, but do have a relative with that name. And I claimed all the variations of my real name.
What people don't realize is the names in the credit report are not necessarily keyed in by the applicant. Say I go to the local furniture store and want the 0% interest financing they are offering. The clerk types in Mary Smith instead of Marilyn Smith. Then, you head to the auto dealership and they run credit as Mark Smith.........Both of those names will come up as an aka. Garbage in/Garbage out.
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