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Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,306,022 times
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We've had a home in escrow since the first of the year (Don't even ask!) and it had almost 30K of pest work done on it. Closing scheduled for this Friday and the mortgage underwriter is now questioning whether the home has been raised off the ground!
Original pictures make the home look.....well, old. After rehab new paint, new deck make the home look.....well, new. MU wants assurance that this is the same house!
We've had a home in escrow since the first of the year (Don't even ask!) and it had almost 30K of pest work done on it. Closing scheduled for this Friday and the mortgage underwriter is now questioning whether the home has been raised off the ground!
Original pictures make the home look.....well, old. After rehab new paint, new deck make the home look.....well, new. MU wants assurance that this is the same house!
You should be glad that underwriters are doing their jobs and actually looking at the appraisals.
You have no idea what you are saying. They have gone mad. Seriously...
I just closed a transaction on an FHA rehab loan where the buyer was gutting the kitchen as part of the loan. There was an old water stain, totally dry, under the kitchen sink that the underwriter insisted be repaired prior to close of escrow, even though it was coming out per the contractor's quote. That isn't someone doing their job, that is sheer stupidity.
I didn't realize when I first posted that this was the realtor category. I appreciate the need to vent with colleagues and I am sure your job is frustrating also.
I can't speak to every instance you all have mentioned, but remember you haven't walked a mile in the underwriters' shoes either. The amount of rule changes and regulating bodies seem to be growing at exponential rates and trying to figure out how all the laws work together (one law seems to contradict another, e.g.) is quite the challenge.
I am not an underwriter but I do some compliance research and QC.
Debsi, you sure you aren't an underwriter? They have gone mad, and I don't need to walk a mile in their shoes to know it. They are failing. The entire mortgage industry is failing for that matter, which is why government needs to back off. Every time they get involved it goes to hell in a hand basket.
Debsi, you sure you aren't an underwriter? They have gone mad, and I don't need to walk a mile in their shoes to know it. They are failing. The entire mortgage industry is failing for that matter, which is why government needs to back off. Every time they get involved it goes to hell in a hand basket.
Yeah, I'm sure! I too wish the government would back off. I'm working a lot of Saturdays lately learning new regs. I don't want to be an underwriter ever, that's possibly an even more thankless job than Quality Control. I remember reading a lot of complaint threads about what underwriters ask for way BEFORE the mortgage crash.
I didn't realize when I first posted that this was the realtor category. I appreciate the need to vent with colleagues and I am sure your job is frustrating also.
I can't speak to every instance you all have mentioned, but remember you haven't walked a mile in the underwriters' shoes either. The amount of rule changes and regulating bodies seem to be growing at exponential rates and trying to figure out how all the laws work together (one law seems to contradict another, e.g.) is quite the challenge.
I am not an underwriter but I do some compliance research and QC.
It has nothing to do with rule changes. It has to do with being fined. Underwriters are faced with stiff fines by some lenders if the loans go bad within a certain time frame. As such, they have all descended into madness.
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