Just got a Mortgage to Buy? Goofiest Underwriter Requirements? (documentation, settlement, housing)
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People routinely are complaining about the mortgage loan process.
If you recently borrowed to buy, or to refinance, what do you consider the goofiest, or most irritating, documentation required by the lender's processors or underwriters?
Proof that my 27 year old single guy does not pay child support. No children listed as dependents on his tax return. No payments unaccounted for on his bank statements.
Proof that my 27 year old single guy does not pay child support. No children listed as dependents on his tax return. No payments unaccounted for on his bank statements.
All the "suspicious" cash deposits in my bank account. All under $50 and from my mom to buy my kids gifts for various holidays. (She's out of state)
I could understand if they were hundreds of dollars but in the time frame they were looking at, it was like $125.
Another was a car accident check deposit which I had a front and back copy of along with the letter of settlement. I also had to show the car repair bill and they were bitter I didn't have the police report. (Didn't report it) the amount was like $1300, Not a large amount at all.
Proof that my 27 year old single guy does not pay child support. No children listed as dependents on his tax return. No payments unaccounted for on his bank statements.
Not backing up the condition in any way.....but to randomly require a single guy to prove this is bizarre. Did he bring up a former marriage in any of his correspondence ("my Master card was late because my ex-wife was suppose to pay it"). Do tell more, how on earth did he prove a negative? Did you get the requirement removed?
Last edited by SmartMoney; 02-15-2015 at 12:05 PM..
Reason: faulty keyboar . ��
When I worked as an agent, the oddest bit of documentation required by one of my clients was a copy of his college diploma--not a transcript--the actual diploma. The man was relocating from another state due to a job transfer, graduated from college at least 10 years prior to this new mortgage, had been employed continuously since college, and had a mortgage on his condo in the original state. His actual diploma was in storage in the original state as he needed to begin the new job and was in temporary housing. His small college couldn't issue a new diploma quickly online--it would take a month or so to receive via mail. I don't recall how we got around this silly requirement, but it left him in the temporary hotel suite housing for several extra weeks.
Proof that my 27 year old single guy does not pay child support. No children listed as dependents on his tax return. No payments unaccounted for on his bank statements.
How do you prove you don't pay something? Send them a blank sheet of paper and say that's copies of the child support payments?
Location: Danbury CT covering all of Fairfield County
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I've been asked my clients mortgage professionals to send a copy of my drivers license as there is someone with my name that is in the fha fraud database.
I've been asked my clients mortgage professionals to send a copy of my drivers license as there is someone with my name that is in the fha fraud database.
Devils advocate: if your first name is James (#1 first name) or John (#2) and your last name is Hall (#30 of ALL surnames), there are probably no less than 100 alerts (probably many, many more) for fraud alerts. If you are a borrower, they should be requesting a SS card. If you are a Realtor or title company or insurance agent, the lender must ptove you are not on the exclusionary list. It's far from perfect and the inconvenience just lends to those arguing for a federal ID system.
Not me, but my Broker friend, had to have her client produce birth certificates for the minor dependents.
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