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Yes underwriting is horrible for me as well. Wells Fargo in NJ takes a while. Started the process Sept 25th, just got the clear to close today (my attorney called to request update so did my husband). They lack communication once you submit everything.
We are first time buyers and dont know the process well. But it has been frustrating thus far, and the stuff they ask for (!!!), also had to send things 2x as the processor said she didnt receive. I labeled all electronic docs so it wasnt a huge deal to resend, but that shows that they over look things. Are all banks like this?
I am glad its over!!!!!!!!!
You did not send anything twice - - NOBODY HAS EVER ACTUALLY SENT THE SAME DOCUMENT TWICE.
You sent the wrong item in, and then sent a slightly different document in. AND because you are rate-whores, you went with understaffed companies. Really, now, what did you expect?
Maybe if so many borrowers were not complicit with banks by lying on your applications and taking out loans you could not pay back, you wouldn't have to jump through so many underwriting hoops.
But that's the problem. Consumers just cannot be trusted.
Underwriters are doing their jobs to protect lenders from shoddy loans so that the world economy does not melt down again. Grow up.
You did not send anything twice - - NOBODY HAS EVER ACTUALLY SENT THE SAME DOCUMENT TWICE.
You sent the wrong item in, and then sent a slightly different document in. AND because you are rate-whores, you went with understaffed companies. Really, now, what did you expect?
Maybe if so many borrowers were not complicit with banks by lying on your applications and taking out loans you could not pay back, you wouldn't have to jump through so many underwriting hoops.
But that's the problem. Consumers just cannot be trusted.
Underwriters are doing their jobs to protect lenders from shoddy loans so that the world economy does not melt down again. Grow up.
Well, that's one way to put it - must admit I practically spit my drink out. There are some valid points within your rant, but I'm hoping the ones that need to read this can pick them out.
We are where we are right now as a result of Frank/Dodd. It's not going to get any better, I fear only worse and the silence of the consumer is telling our elected officials this is exactly how they want things. It must be, otherwise, they would be calling their elected officials screaming about regulation overkill within the mortgage industry. We are in a vicious circle: tighter guidelines = more fraud, more fraud = tighter guidelines and on and on we go.
If the consumer is lucky, they will find a loan officer that will communicate with them and practice defensive processing to avoid the last minute ugly surprises. If the consumer did wind up with the best quote of the day, hopefully, they will realize service was sacrificed early in the game. There is a reason why your agent recommends lenders........these are people that care not only about your loan, but their reputation and future referrals from those agents. They care that your closing is on time and with minimal problems. One bad experience can damage a loan officer's career.
By the way, I hear B of A is buying the market again with super low mortgage rates. There's a reason they have to give their money away. Good luck with that.
I identify!!!! This is the WORSE experience we've ever had. Spouse and I been trying to buy a second home to be closer to my elderly aunt. Our credit scores are over 800. We have a large savings because I sock it away and do NOT spend money uselessly. Together we have a great income. My income increases every year.
And there has been endless, ENDLESS documentation required of us. Scan this. Scan that. PDF only! We supply and supply more, then more is asked for. Two months of our checking wasn't enough. Now they want a third month. Prove this, explain that. It never ends!!
Then we are told not to take it personally...but it is very personal when you are basically asked to repeatedly strip naked by this faceless, whip-cracking underwriter--treated as if your good financial history means squat, your top notch credit score means squat, your large savings means squat, your strong income means squat. And you wonder through the entire process if you are EVER going to jump high enough...or are they going to drop you to the ground just days before the closing. It's ridiculous and out of control!
I identify!!!! This is the WORSE experience we've ever had. Spouse and I been trying to buy a second home to be closer to my elderly aunt. Our credit scores are over 800. We have a large savings because I sock it away and do NOT spend money uselessly. Together we have a great income. My income increases every year.
And there has been endless, ENDLESS documentation required of us. Scan this. Scan that. PDF only! We supply and supply more, then more is asked for. Two months of our checking wasn't enough. Now they want a third month. Prove this, explain that. It never ends!!
Then we are told not to take it personally...but it is very personal when you are basically asked to repeatedly strip naked by this faceless, whip-cracking underwriter--treated as if your good financial history means squat, your top notch credit score means squat, your large savings means squat, your strong income means squat. And you wonder through the entire process if you are EVER going to jump high enough...or are they going to drop you to the ground just days before the closing. It's ridiculous and out of control!
So pay cash. You're the one borrowing hundreds of thousands of dollars.
I identify!!!! This is the WORSE experience we've ever had. Spouse and I been trying to buy a second home to be closer to my elderly aunt. Our credit scores are over 800. We have a large savings because I sock it away and do NOT spend money uselessly. Together we have a great income. My income increases every year.
And there has been endless, ENDLESS documentation required of us. Scan this. Scan that. PDF only! We supply and supply more, then more is asked for. Two months of our checking wasn't enough. Now they want a third month. Prove this, explain that. It never ends!!
Then we are told not to take it personally...but it is very personal when you are basically asked to repeatedly strip naked by this faceless, whip-cracking underwriter--treated as if your good financial history means squat, your top notch credit score means squat, your large savings means squat, your strong income means squat. And you wonder through the entire process if you are EVER going to jump high enough...or are they going to drop you to the ground just days before the closing. It's ridiculous and out of control!
That part is true. You really can't take it personally. It's government requirements now. Since they were so laxed in previous years and let banks hand out money to anyone who applied - whether they qualified or not - those who played the game correctly are feeling the brunt of it now. You'll make it through the process. Just hang in there.
If they want PDF files as email attachments, why not save them all together. Then, whenever they want more, add those to the ones you saved, and send the whole batch to them again. That could hardly be much more work than sending the new document alone.
Or if you can buy the house for cash, by using a bunch of those 0%-for-14-months credit card checks, that might give you 14 months to get a mortgage before you would have to start paying credit card interest. And maybe you could somehow program your computer to automatically send the mortgage company tons of PDF files every time they request anything. So you would just have 14 months of minor worries and not much work.
In other words, why not feed the paperwork monster with paperwork monster food?
One program that helps make PDF files for sending to banks is called CutePDF. It takes the place of a printer. It's a free downloadable program. You can go to any website that has the information the bank wants, ask that website to print that information on your computer printer, and, in your selection of printers, select CutePDF as the printer to use. Then give CutePDF the file name of the PDF file you want to create from that. So you don't use any paper even when the website insists on printing the information instead of downloading it.
I had a similar experience also. It took me 6 months and countless emails and paper work submissions for the process to finally close. Because it took so long my rate expired and had to resubmit and sign some of the forms again and in turn locking in higher rate. I was really frustrated to the point I told them that " it doesn't take much brain power to understand that a cash withdrawal of 5k and then a deposit of 5k cash was the same money" but they needed written letters instead. So I pushed back also and told them they can work with the 50+ documents I send and I was not sending anything else. After that it took 1 week to come up with a closing date.
I started pushing back last Friday--finally couldn't bite my lip anymore. We'll see. It's insane.
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