Mortgage processing issues - becoming a stumbling block - for all of us??

For all the Realtors and Mortgage Agents out there, please lend me a helpful hand, offer some insight.

I'm sure the same has happened to you. Over the past several months each transaction is getting harder and harder to close. My clients are complaining about the requirements of their mortgage company. Each company is requiring a longer and longer list from the client. No longer are print outs from the internet acceptable documentation. Each item must come directly from the institution, be it your bank or your IRS forms. Then to try and get these documents through the underwriting departments has become a nightmare.

Is anyone else experiencing some of these difficulties? Have any advice for getting through them? What kind of snags are you hitting?

Thanks!

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Comment balloon 4 commentsBobbie Smith • October 14 2008 07:35PM

Comments

With todays market underwriters are leaving nothing to chance. 80% ltv with 740 scores are put through the wringer.

Should turn around soon (I hope)

Tony

Posted by Tony Grego, 317-663-4173 #1 Trade Association for Alternative Inv (REISA - 317-663-4173) about 10 years ago

Bobbie, Internet printout have never been acceptable here unless the contain the account holders name, account number and the bank name.  The reason why they are usually not acceptable is because of security reasons they will usually not have the account holders name or full account number.

It is not the Mortgage Companies or Banks that are requiring stricter documentation, it is Fannie Mae, Freddie Mac, FHA, PMI Companies, and lately Investors that buy the loans.

With Stated Income Loans basically gone and the mess that the industry is in, full documentation will be here to stay for a while.

But just getting back to the Bank Statements for a minute.  If a Borrower does not keep their bank statements, all they needs to do is go to their local branch and request a printout from the teller.  Have the teller stamp it with the bank stamp and sign it.  This is do all the time and takes seconds.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 10 years ago

Hi Tony,

Thanks. Yes, that is what we have been seeing too. They are leaving nothing to chance and

the timeframe of underwriting seems to have gone from 48 hours to 4 and 5 days. Whew!

Bobbie

Posted by Bobbie Smith, 570-242-1891 about 10 years ago

Hi George,

Here a printout that stated all your information, account # & name, etc., used to be acceptable.

That is where the problem is coming in. Requiring the client to go to the bank and get the statement from the bank when we only have a few days to closing and the client does have to go to work everyday so it makes it quite difficult for the client to get to the bank and get this item. I guess the moral of the story is to continue and get your hard copy of your statements and have them on hand for times like these.

However, bank statements are only a few of the documentation issues we have been having. Thanks for the input. Bobbie

Posted by Bobbie Smith, 570-242-1891 about 10 years ago

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