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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.
I sympathize with your plight! And I emphasize with clients, the need to get everything to you ASAP!
I am glad my husband is fairly meticulous with our records... Because I'm not! But I think it's at least a lot easier to get replacement statements now than it was years ago when we applied for our first loan.
The one that killed me was pay stubs. We'd have all but October of last year, just one missing....
I always tell my buyer clients that if their lender wants something from them as far as more documentation, get it to the ASAP. The lender isnt asking because they want to keep you busy. They need it. Not getting items to them in a timely fashion could possibly delay closings.
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.
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.
Sounds like you've had some disorganized and uncommunicative lenders. We give clients a numbered list immediately following the initial application. So, depending on their closing date, they typically have at least 2-3 weeks to get us all the documents before we need to send them for underwriting review. That should be PUH-LENTY of time.
The "nickel and diming" can't always be helped. That often happens after underwriting review. Underwriters add conditions and request documents that weren't necessarily foreseen. Part of my job is talking them out of unreasonable requests. I will do everything in my power to clear these conditions without bothering the client, but it can't always be helped.
If a client changes loan programs or down-payment amount midway through the loan process, it can result in different/additional documents being needed. Most add-on document requests that I do personally are as a result of people moving money around in their bank accounts or making large deposits that show up on their statements, all of which have to be fully documented for underwriting. Or making a purchase on credit right before closing, which causes the need to document the new account, payment amount, recalculate DTI, etc. We had one client buy an engagement ring (on credit) to propose to his girlfriend in their new house - which they almost didn't qualify for anymore because of that, and we had to get this taken care of without letting the girlfriend find out, as she was also on the loan.
As to answering the phone, again, I can only speak to my company. We're a small outfit and customer service is very important to us because we don't advertise at all. All our business is through word of mouth, so the word had better be good. I'm sorry you haven't had that experience.
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.
Great points.
How about borrowers shop for more than the lowest rate? Because in order to staff properly, with seasoned Professionals who do the kinds of things you want, that costs money. So if you want a smooth process with a Professional, how about stop nickel and diming me? You get what you pay for.
How about borrowers shop for more than the lowest rate? Because in order to staff properly, with seasoned Professionals who do the kinds of things you want, that costs money. So if you want a smooth process with a Professional, how about stop nickel and diming me? You get what you pay for.
Exactly. It only took bouncing my head off the pavement a few times to figure out the right questions to ask. That said, there’s a TON of lenders and brokers out there that just plain suck at their jobs, or immediately turn your file over to some processor that doesn’t care, once they’ve sold you
A one point or half point LO fee is small potatoes if it guarantees that I’ll close on time without a bunch of histrionics. I’ve literally had to provide my ex-wife’s marriage certificate to an underwriter to prove she was remarried. Granted, that was at the height of the hard credit market, but totally ridiculous 5 days before closing - well, actually 8 days because they didn’t get the file together in time.
My job as a LO is to provide you with a list of documents of what I feel is needed. Any time you have trailing docs (documents sent after loan app is sent in), you risk review by a different party. Or, the biggest complaint (almost always involves a bank statement) is the question about a deposit. As the first requester, I try to be as thorough as possible. But many times I will have a buyer fight me on why I need certain documents. I will then push the loan through to UW and the approval conditions mimic my original list or the loan will be suspended until the documents come in.
The borrower sets the tone for how hard we want to challenge underwriting conditions on their behalf. We know what is required and why. The why is important because there could be an alternate document to support the loan. How many suggestions are offered depend entirely upon the borrower.
Curious question. In today's world where your entire history is already on line, why ask for any documentation at all? The same bank that knows my habits well enough to text me if I buy something out of town, can't check my accounts on line?
It’s just as frustrating on the consumer side. I just went through this a few months ago. It was not a pleasant experience.
It goes both ways.
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