Mortgage Underwriters (agent, contract, listing, loans)

[DMenscha]

Just a rant here. Nothing to see, move on.

So a FNMA house, original offer says buyer to pay for a pest inspection "at buyer's option". House is in good shape, home inspection has nothing of any consequence in it. Bank addendum basically says "If buyer doesn't bring up any issues during the inspection period, their silence is approval of condition".

Underwriter wants an addendum saying "Buyer waives pest inspection" 7 days before closing. We produce it. Listing agent tells us Fanny isn't going to sign the addendum and LA stamps the addendum REO EXEMPT and signs it.

UW pitches a fit and the Mortgage LO sends us back something that basically says they (Fannie) has to sign it.

Mortgage rep tells me that I shouldn't have checked the box and included the "option" language.

Excuse me, but I've done a hundred of these the exact same way and I'm pretty good at reading and understanding contract language, tell the UW to %@(*& off and read the contract.

I believe in Texas they still have a defense for murder called the victim "deserved to die" I may have to move my practice to Texas.

[/rant]

[Silverfall]

Well my most recent favorite was for an acreage property that had a converted garage. There was a small oil heater in it, and we asked that it convey as it was the heat source for the room. So the UW asks us to write an addendum stating it has no value. We do that. Then a week later they ask us to remove it from the contract. We do that. Then we had to add it back in because it was the heat source for the room.

One heater. Three addenda. Sigh...

[Pfhtex]

Originally Posted by Silverfall

Well my most recent favorite was for an acreage property that had a converted garage. There was a small oil heater in it, and we asked that it convey as it was the heat source for the room. So the UW asks us to write an addendum stating it has no value. We do that. Then a week later they ask us to remove it from the contract. We do that. Then we had to add it back in because it was the heat source for the room.

One heater. Three addenda. Sigh...

At least they didn't make you remove the heater and plug the vent. I had fun with that a couple of months back.

[thebigW]

They have a quota of asinine requests that must be met.

[2bindenver]

My mother was an underwriter (retired) - she saved more deals for me than anyone.

That being said, it's not one underwriter for most loans, it's underwritten by a committee. Each one tries to earn their keep by inserting a requirement.

I think they should be required to hold a real estate license in the state they underwrite loans in. They do not understand contract language, or deadlines.

We all feel your pain.

[MikeJaquish]

Originally Posted by DMenscha

Just a rant here. Nothing to see, move on.

So a FNMA house, original offer says buyer to pay for a pest inspection "at buyer's option". House is in good shape, home inspection has nothing of any consequence in it. Bank addendum basically says "If buyer doesn't bring up any issues during the inspection period, their silence is approval of condition".

Underwriter wants an addendum saying "Buyer waives pest inspection" 7 days before closing. We produce it. Listing agent tells us Fanny isn't going to sign the addendum and LA stamps the addendum REO EXEMPT and signs it.

UW pitches a fit and the Mortgage LO sends us back something that basically says they (Fannie) has to sign it.

Mortgage rep tells me that I shouldn't have checked the box and included the "option" language.

Excuse me, but I've done a hundred of these the exact same way and I'm pretty good at reading and understanding contract language, tell the UW to %@(*& off and read the contract.

I believe in Texas they still have a defense for murder called the victim "deserved to die" I may have to move my practice to Texas.

[/rant]

IANAA, but I prefer "He needed killin'" as a defense.