View From Purcell, Oklahoma: June 2011

Mortgage Company Requirements

I had a customer who easily qualified for their loan (we thought). They had already sold their main home and had their other home leased out. They find their new home, get it under contract and submit everything to the mortgage company. We are moving along just great! Six days before closing and 45 days after loan approval we hear from the underwriter at the Mortgage Company:

Mortgage Company (MC): If you can’t provide an acceptable letter from the employer (Item A). We will need additional documentation.

Buyer: Why didn’t we hear about this sooner?

MC: Underwriter just reviewed the file and wanted additional information.

Buyer has difficulty getting acceptable letter (pertains to bonuses).

Buyer: If we can’t get this Item A completed what would be required?

MC: We will need for you to complete Items B, C, D and E

Buyer: We will start working on additional Items, but we still think we can complete Item A.

Buyer: YES! Employer completed Item A. We are ready to close!

NOTE: All the above occurred within a 24 hour period

MC: No, you must complete Items B, C, D and E to close.

Buyer (and me): What? Item A was completed per your instructions! Items B, C, D and E were only if we couldn’t get Item A!?!?

MC: Yes, but we have already requested these additional items and they are now required. They must be completed.

Buyer: That doesn’t make any sense. We only asked about the additional items IN CASE we couldn’t complete Item A.

MC: Doesn’t matter, we added the requirements and can’t (or is it WON’T) remove them now.

 

Two weeks past the scheduled closing date and we are finally ready to go. Fortunately, we had scheduled the closing in the middle of the month, so we had some leeway. The Buyer’s had to endure an additional move, since they were staying with family members who got their house under contract and it was scheduled to close AFTER our contract. Due to the delay they had to pack up and move into a hotel.

This doesn’t make any sense to me. Why wait until six days before closing to ask for the employer’s letter to be modified? It was provided at the start.

This is becoming all too common. Are mortgage companies waiting until the last second to review a file? As soon as an Item gets red flagged they seem to stop the reviewing process. The red flagged Item gets completed and they start reviewing again. Another red flagged Item pops up that should have been found on the first review, but they don’t seem to completely review the files.

 

It is like "Oops, we found a problem at page 1, Item A. Lets not look any farther than Item A, because that would make too much sense."

 

Licensed to SELL - Dedicated - Experienced - Honest - Than Maynard - Purcell, OK

Head shot

Than Maynard
REALTOR, CRB, Certified Short Sale agent, Certified Foreclosure Agent, Accredited REO Agent
Coldwell Banker Heart of Oklahoma Real Estate
1726 N Green Avenue, Purcell, OK 73080
CELL: (405) 990-8862
OFFICE: (405) 527-3012
www.cbheart.com

 

 

We never stop moving 3d

0 commentsThan Maynard • June 29 2011 01:35PM
Mortgage Company Requirements
share
I had a customer who easily qualified for their loan (we thought). They had already sold their main home and had their other home leased out. They find their new home, get it under contract and submit everything to the mortgage company. We are… more
TSA = Waste of Time
share
Reading another blog reminded me of this experience: SUMMER OF 2002 My wife, my 1 1/2 year old and I were travelling to Albuquerque, NM. We had completed the first leg and were preparing to board the “puddle jumper” for the last… more
Fourth of July Poem
share
I did not write this and do not know who did. It came in an email without any credits. "To get something you never had, you have to do something you never did" When God takes something from your grasp. He's not punishing you, but merely opening… more
Can I have real estate opinions if I'm not in real estate?
share
It sure is nice to find someone that appreciates all the things we do. I have been a baby sitter, taxi driver, tour guide, pet walker, mover, provided storage, assistant, therapist, consoler, divorce attorney (although I have never given… more
Realtor. com profile? What's that?
share
It is easy to do and well worth the time it takes to enter the information. Although getting the password to work at Realtor. com is a bit touchy, but the 800 number is easy to use and they are quick to help. This link will get you there:.. more
Vacation Time = Beach time for me
share
Just returned from our first vacation (without kids or that wasn’t a working vacation) since our Honeymoon to Jamaica 14 years ago. Spent a few days on the beach in Florida. Water was warm, sun was hot and I discovered I could be a… more
League Champions!! Coach Pitch Baseball
share
Purcell Diamondbacks League Champions! The Diamondbacks rang up 15 wins and only 1 loss in league play. They are now working their way through the Post season tournament. The team is hoping for another 1st place finish and, of course, more… more
Introducing ActiveRain Orientation!
share
Am I the only one that can't get the link to work from this post? It seems like it would be very beneficial for me. Hopefully, it will work for other new AR members and I hadn't seen it in the Newbie group. "What is a blog, and how is this strange… more
Cut Rate REO fees: My Rant
share
There are several REO companies that are really sticking it to the agents. Got one the other day from a company I had never worked with (actually confused it with one I work with all the time, names are EXTREMELY similar), anyway, took the listing… more
First Post… sorta
share
Brand new to ActiveRain and just getting a feel for it. Central Oklahoma, small town/rural. We have a stable to declining market. Local markets are driven (mostly) by school district. Some areas you can have one town's address, a different… more