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Old 03-15-2019, 10:52 AM
 
Location: Henderson, NV
7,087 posts, read 8,587,304 times
Reputation: 9978

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A privilege hahaha that’s hilarious! No, it isn’t. I’m the customer, and in my case you couldn’t have a more secure mortgage if you tried, so it’s the bank’s privilege to make their interest risk free when I could take my business anywhere else. When a buyer is putting 60% down, and has a net worth 25 times the mortgage amount, you want to tell me it’s a privilege for them to loan me money? Sorry, you have it backwards. They are lucky I chose them!
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Old 03-15-2019, 01:17 PM
 
199 posts, read 156,566 times
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Quote:
Originally Posted by JonathanLB View Post
A privilege hahaha that’s hilarious! No, it isn’t. I’m the customer, and in my case you couldn’t have a more secure mortgage if you tried, so it’s the bank’s privilege to make their interest risk free when I could take my business anywhere else. When a buyer is putting 60% down, and has a net worth 25 times the mortgage amount, you want to tell me it’s a privilege for them to loan me money? Sorry, you have it backwards. They are lucky I chose them!
If you're so fabulous, pay cash. The fact remains that no matter how safe a credit risk you are, you're still asking them to loan you money. There are lending regulations in place and they apply to everyone - even someone as grandiose as you.
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Old 03-15-2019, 02:36 PM
 
Location: Mid-Atlantic
12,528 posts, read 17,439,681 times
Reputation: 10629
Quote:
Originally Posted by docwrangler View Post
If you're so fabulous, pay cash. The fact remains that no matter how safe a credit risk you are, you're still asking them to loan you money. There are lending regulations in place and they apply to everyone - even someone as grandiose as you.





Getting a loan can be stress free if you do it right. Doc has it right, feel free to pay cash, but if you need a loan, no matter how rich, how much money you put down, there is a procedure that all banks follow.
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Old 03-15-2019, 02:53 PM
 
Location: Minnesota
561 posts, read 320,573 times
Reputation: 1732
Quote:
Originally Posted by docwrangler View Post
Sorry - this is a rant, but can I just say to all buyers and refinancers out there, when your mortgage lender asks you for documentation, please send it in a timely fashion. Don't make them nag you constantly for this stuff. We know the underwriting requirements. We know what documents will be acceptable and which ones won't. If we're asking for it, there's a reason.

A mortgage is a privilege, not a right. Banks don't loan you $300k just because you have a nice face; it's because you're a good credit risk. You have to prove that. With documents. Documents that look official and legible and complete and have secure URLs on them and your name and unique identifiers as applicable OMG SRSLY.

And if you don't send the documents you've been asked for, you don't get to complain when you don't close on time.
So if I DO send every. single. document. in a timely manner including having to resend many of them because the process took longer than three months after someone got fired and the now out dated pay stubs etc were found sitting in a basket on her empty desk and the survey and appraisal were never ordered, THEN can I complain when we don't close on time???? Because if I and my realtor hadn't been the ones constantly nagging the bank on this stuff then it would probably STILL be sitting on that empty desk.
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Old 03-15-2019, 03:22 PM
 
3,805 posts, read 9,283,870 times
Reputation: 4978
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Originally Posted by jmcahacker View Post
So if I DO send every. single. document. in a timely manner including having to resend many of them because the process took longer than three months after someone got fired and the now out dated pay stubs etc were found sitting in a basket on her empty desk and the survey and appraisal were never ordered, THEN can I complain when we don't close on time???? Because if I and my realtor hadn't been the ones constantly nagging the bank on this stuff then it would probably STILL be sitting on that empty desk.


I personally have never once had the claim of "I already sent that" be true.

You didn't send every page of the statement.

The statement did not cover the proper time period.

You moved your money around after I warned you that we'd go doc-chasing if you did.

Your name is not on it.

It's an iPhone screenshot that in no way shows any connection to you.

The fax was upside down and every page is blank.

Or it's simply not what I asked for.

So no. matter. how. many. periods. you. use. more. often. than. not. it. is. borrower. error.
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Old 03-15-2019, 03:31 PM
 
813 posts, read 595,779 times
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And this is exactly why most people abhor banks. Believe it or not, the borrower is your customer.

Good luck, Rg
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Old 03-15-2019, 03:52 PM
 
13,395 posts, read 13,406,564 times
Reputation: 35709
Quote:
Originally Posted by jmcahacker View Post
So if I DO send every. single. document. in a timely manner including having to resend many of them because the process took longer than three months after someone got fired and the now out dated pay stubs etc were found sitting in a basket on her empty desk and the survey and appraisal were never ordered, THEN can I complain when we don't close on time???? Because if I and my realtor hadn't been the ones constantly nagging the bank on this stuff then it would probably STILL be sitting on that empty desk.
I don't know which bank you used but all paperwork nowadays should be electronic. Nothing sits on anyone's desk. If you don't hear back from the your banking contact in a reasonable timeframe, you can call and anyone can review the account.
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Old 03-16-2019, 08:32 PM
 
Location: Henderson, NV
7,087 posts, read 8,587,304 times
Reputation: 9978
Quote:
Originally Posted by docwrangler View Post
If you're so fabulous, pay cash. The fact remains that no matter how safe a credit risk you are, you're still asking them to loan you money. There are lending regulations in place and they apply to everyone - even someone as grandiose as you.
It’s not “grandiose,” it’s reality. The mortgage recipient is the customer, bottom line, and if you don’t treat them that way you’re a total moron and suck at your job! It’s called customer service. And if you knew the first thing about money, finance, or the economy you wouldn’t ask why I’m not paying in cash! I’m already overly conservative just in the interest of diversification of assets by putting more than I need down. When the bank will give me money for under 5% and my holdings increased in value 25% last year alone and I expect returns over 10% on my money, then no, I wouldn’t pay in cash for an expensive house. I’ve done it many times with cheap places, yes, it’s easy and I enjoy that, but if it’s real money I’d rather have more of it making a much better rate of return than I’m giving the bank. That’s a no brainer!
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Old 03-17-2019, 01:39 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,288 posts, read 8,446,093 times
Reputation: 16524
Quote:
Originally Posted by CalTex Ranger View Post
So. Having purchased homes over a few decades, here’s what I have to say:

Cool. You need my records? You ran my credit super early in the process - you saw all the accounts.

How about you give me one checklist and quit nickel and diming me down the road? Ooooh, even better, how about you LO and LP folks ANSWER THE PHONE when a customer calls to confirm your receipt.

This frustrating mess runs both ways.
I agree. Give me a master list, not weeks of email requests every few days asking for yet another document.

As far as a mortgage being a privilege, bs.
A mortgage is a business transaction in which both sides benefit.
Honestly if a lender told me it was a privilege, I’d be out the door. Too many other lenders out there.

I understand that lenders deal with a lot of boneheads, but it goes both ways. Some of the people that interface with borrowers need to have a better understanding of what the underwriters want ahead of time. I’ve done 5 mortgages in the last 2 years. One lender was a pain the next had their act together so I did 3 more with them after that.

Last edited by aslowdodge; 03-17-2019 at 01:52 AM..
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Old 03-17-2019, 01:43 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,288 posts, read 8,446,093 times
Reputation: 16524
Quote:
Originally Posted by charlygal View Post
I don't know which bank you used but all paperwork nowadays should be electronic. Nothing sits on anyone's desk. If you don't hear back from the your banking contact in a reasonable timeframe, you can call and anyone can review the account.
I wouldn’t be so sure about that. A few years back a friend was showing me a new building he was managing.
We went into one of the offices that had about 30 desks. On each desk were several mortgage folders full of applications and documents . I said what’s all of this?
Apparently the mortgage company folded and disappeared suddenly and left all those files with peoples info just sitting there. Pretty scary.
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