Do you ever wonder why lenders want certain documents during the loan process? Many times, it doesn't seem to make any sense at all. Sometimes, it even seems silly. Why don't they take "your word" on things? Why do they zero in on certain issues when looking at your loan request?
Lending isn't really mysterious. The one thing that has always been in place for mortgage lenders is the fact that their guidelines are all based on the Risk of Default.
It's all about the Statistics,...