PSA: If your mortgage underwriter hasn't asked for anything yet...

[Vdubchaos]

The banks have been running a scam since the housing bubble burst and they received TARP funds. They purposely try to drag out all real estate related transactions.

Rather than let the market naturally correct itself, they allowed delinquent homeowners to remain in the homes for months or even years before foreclosing on the property. It's all a game to choke the supply. I laugh every time a see a foreclosed property going tens of thousands of dollars over asking price.

They only allow very few on the market at once and when they finally do come out, a bidding war starts over hungry investors paying cash and mortgage financed persons.

All this is probably thanks to all the bailout funds the banks received, it allowed them to sit on toxic assets for years where as they would normally get them off the books. The real estate market and the economy in general is all smoke and mirrors. Underneath it all, our whole economy is rotten to the core.

ding ding ding

 

[TheSlamma]

Dude... I know what you mean. I'm closing on a house right now as well (close is about 3 weeks out). Right now I'm in the process of submitting the more detailed docs they have requested (stuff like verification of my downpayment funds for example). It's been mildly annoying. I get them docs and then they come back saying it's not right or good enough. I think I have the right docs for that stuff so far. I'm keeping it all ready though just in case I need it again.

This stuff is mildly annoying and so far (only once) has made me want to just say screw it and back out of the entire deal...

How did yours end up going? I'm now in the middle of this exact same thing. Nothing I provide is good enough. 807 and 813 credit scores, 70% down payment, payments are 11% of our income.

I feel like underwriters are just children who got busted for the mortgage crisis and are now lashing out pissed and passing down all their regulations onto us is all. I understand make everything legal and that's fine, but why wait till 2 days before loan approval date to start processing and by the way your checklist of required docs is far from complete. I'm at 40 documents now to my underwriter.. yes 40 and still waiting for them to complete all this. But man they were sure as hell in a hurry for me to accept their GFE.

 

[TwiceOver]

Sounds like your loan officer sucks. I didn't have to do shit except bring in a pay stub. It helps that the loan is with my bank and they have all of those records and such. But the whole process in my eyes was almost too easy.

 

[TheSlamma]

Sounds like your loan officer sucks. I didn't have to do shit except bring in a pay stub. It helps that the loan is with my bank and they have all of those records and such. But the whole process in my eyes was almost too easy.

Mine is with my normal bank.

What year did you do yours? When I bought my first house it was like that but man not now.

If your bank is in Colorado I'd love to know who it is, if this falls through I won't be using these guys again.

 

[boomhower]

There are some crappy LP's out there evidently. All I had to do for my underwriter was a couple of LOE's and the insurance packet, that's it.

 

[sixone]

How did yours end up going? I'm now in the middle of this exact same thing. Nothing I provide is good enough. 807 and 813 credit scores, 70% down payment, payments are 11% of our income.

I feel like underwriters are just children who got busted for the mortgage crisis and are now lashing out pissed and passing down all their regulations onto us is all. I understand make everything legal and that's fine, but why wait till 2 days before loan approval date to start processing and by the way your checklist of required docs is far from complete. I'm at 40 documents now to my underwriter.. yes 40 and still waiting for them to complete all this. But man they were sure as hell in a hurry for me to accept their GFE.

It's not the underwriters.

 

[OCGuy]

There are some crappy LP's out there evidently. All I had to do for my underwriter was a couple of LOE's and the insurance packet, that's it.

You can't compare one person's loan to another, every loan is like a story.

If you get a straight salary and maybe a little OT W-2, and have your down payment seasoned with no weird large deposits in your bank account, and your appraisal sails through, and your credit is clean...it can feel painless like your loan.


If you are self employed with large income variences, or you are being gifted your down payment, or a lot of your income is bonus, but you get it at the end of the year in a lump sum so it isn't showing on your YTD paystub and you need it to qualify......

Or you have a timeshare in Hawaii that you didn't think mattered...or you have rental properties that you only had rented 1/2 of the previous year...

Or you have collections that need to be explained, or other derogatory credit....

Or you didn't mention you are divorced, so I now need to see your divorce paperwork to make sure you don't have any child support or alimony payments that you didn't tell the LO about, or you did tell the LO and he didn't tell me.....

And you did have child support, but they turned 18, and the divorce paperwork doesn't list their birthdate, so I now need you to get me their birth certificate so I do not have to hit you with the CS payment........

Or you have large deposits that aren't consistent with your line of work, and now you need to prove where they came from (this is anti-money laundering as well as to make sure you didn't get any loans that aren't showing on your credit report yet)

Or you bought a car that isn't showing on your credit report yet, and nobody knew it until close, so now I need a statement so I can get it added to your report and hit you for the payment.....




See how sideways the process can get for everyone very quickly? Those are just the common ones, you would be amazed at the complexity of some people's lives.

 

[slashbinslashbash]

As the OP, I guess I should return with an update... but that's going to have to wait. Sorry, I've got big things going on right now, and I want to get some facts together before I tell the final story (not that big, but a really bumbling mistake by the lender that caused an extra day's delay to the closing... I want to go through and make sure I get all my dates correct.). We did end up getting the mortgage and the house, BTW.