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This thread is currently closed for responses.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Cadrea, what in the world happened? Elaborate please. Include state, loan amount, down payment, etc.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Cadre,
Don't shoot the messenger!
The underwriter doesn't make the rules they just make sure the borrower meets the guidelines. I am guessing this post is a result of a less than favorable loan decision.
Share some details and I am sure you will get some insight into what went wrong, as well as potentially a solutioin to your problem.
- cadreaming13
- Contributions:45
It's not the originators fault. I got the loan it's just the fiery hoops I had to go through with the new guidelines... Verification after verification, scrutiny. Hold up's causing escrow extensions.. on and on.. It was a horrible experience that I do not wish on anybody. Be prepared to be determined guilty and you have to prove without a reasonable doubt that you innocent. I guess nobody else is buying right now so I'm first with the news... In other words yes it was a bad experience... Underwriting is worse than a tax audit.... That’s what my originator did not tell me when I got the Loan Approval with a 20 point punch list of conditions I had to make even more crystal clear than I had already made them.... Not a process for the faint of heart trust me.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
Ca...I would say that the originator may have been more to blame than you think. I'd say 75% of our job is setting expectations with the borrower. Granted there are a lot of changes gonig on. However a good LO would know what the underwriter is going to ask for before they ask for it. Glad you have gotten through it and congratulations on the new house.
- Andrew Adams, "203K Specialist"
- Contributions:9349
I would agree with Jcaf. I don't get suprised by too many conditions.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3427
Cadre, think of it like going to the airport. Nobody likes to take their shoes off in a crowded public place, but if it prevents disaster it is a small inconvenience.
The current lending envirornment in part is over reaction to the polar opposite environment that caused the current global financial crisis, but we are better safe than sorry this time around.
- cadreaming13
- Contributions:45
Well I think the consumers need a notice of the guidelines or better yet lifelines. Guidelines are what are going to drive the market. DTI, PMI, down payment, Verification etc. I learned a whole new language doing this loan. The average American does not speak your language.. You guys are in this everyday and to you it makes perfect sense.. To an average guy like me it's like What? A huh.. What’s that? Why.. Uh and I need that because? Oh.. And.. Huh... Ok? I guess... I had to run around like a mad man to all my accounts , have paper trails that matched and then I had some actual Cash that I have been saving that I could not trace to proper sources.. On and on... It's comical now that I have closed. Thank god I won’t be doing that again soon.. Good luck to you guys.. I mean it.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3427
Hey Cadre, I think you should refinance. Rates are great today.
- cadreaming13
- Contributions:45
Better than 5.6% on 417k 30 yr fixed? I doubt it .. Thats the only reason I went through the hell... I just looked at rates they suck
- Kat Whitman, "Whitman Met"
- Contributions:663
Interesting to say they "suck." It's all relative. There were times this year that a 6 percent with no points woulda been an unheard of deal.
- cadreaming13
- Contributions:45
To my rate that rate sucks.. Sorry.. Yea 6% is great whoot.. And no I will not waste anymore time running around for underwriting unless they go to 4%..
- Kat Whitman, "Whitman Met"
- Contributions:663
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3427
Cadre, I was just joking with you about refinancing now...
- Chris Corica, "Chris Corica"
- Contributions:1075
cadreaming - Welcome to the new world of responsible Lending!
- Andrew Adams, "203K Specialist"
- Contributions:9349
Cadreaming,
It was painful because your loan officer didn't set realistic expectations and didn't tell you upfront what you needed for paper work. Had you known day one everything you needed to do, the list may have been daunting, but you would have known from the get go and not been surprised.
It was painful because your loan officer didn't set realistic expectations and didn't tell you upfront what you needed for paper work. Had you known day one everything you needed to do, the list may have been daunting, but you would have known from the get go and not been surprised.
- Michael Yaeger, "yaegermike"
- Contributions:754
Its painful because its painful... end of story.
- Martin Wareing, "Martin Wareing"
- Contributions:3772
CA, the state may be different in many ways to FL, with escrow, etc., but lending is very clear with AU... verify income... verify assets and any large deposits, verify appraisal... verify credit... Cadream.. glad you got your deal done and at a very good rate. The Hansel & Gretel Syndrome you just experienced is frustrating, but very simple and should have been addressed within 15 minutes of taking the initial application. We really do just "fall" on the submit button and within seconds, a clear answer, fully-typed out tells us what to retrieve from our borrowers. How that lead to a "run-a-round" of this magnitude has just as much to say about the LO's experience in reading and the LO's experience with that Lender. I am not chunking him under the bus, but it really is 2/2/2 2years of living.. 2 years of employment... 2months of assets (all pages and all large deposits documented... to keep from Seller giving the money to the Buyer)... It really is that simple.. Guidelines have changed to deny more people for debt ratio and credit scores, but the actual documentation stuff has been the same.. Keep rockin' and KUDOS on the rate and closing.
- Stephen Ching, "Edmonds WA"
- Contributions:229
You actually have to go through every line of documentation prior to giving it to the lender so that you know what to give and what will 100% make sense. If something raises a question to you ask your borrower about it and request written verirfications so they are already on their way as you wait for appraisal.
- Kevin Hancock, "khancockloans"
- Contributions:24
It's all about perspective... Guidelines are certainly tighter than they were 2 years ago, but as you found out, money is still available and is being offered to consumers with excellent terms.
Congratulations on your success cadreaming13!
- jal74
- Contributions:1077
Interesting to say they "suck." It's all relative. There were times this year that a 6 percent with no points woulda been an unheard of deal.
Anyone on here want to walk down memory lane and recall what rates were like back in 1981?
- Allan Newman, "Sir Allan"
- Contributions:1231
I wasn't even born then. I do know that rates were insane. Someone pointed out to me that during the housing craze you could get a 5.5% loan but the house was 200k. Before the loan was 8% but the house was 100k. I figured out that I would rather have the 8% and pay down the 100k principal faster.
- CORONA NICK
- Contributions:2218
5.0% on a 15yr, 200K..... you got a decent rate.. hope you didnt get raped on the points and fees.....good luck on the new house...
- Greg Darlin, "Greg Darlin"
- Contributions:3238
Tom, "I wasn't even born then." C'mom you old Pirate! Sure you were born then and then you became Info, then Zorrow, then Sir Allan . . . For all your cloaking and clanking, you you got the boot from Zillow. How is it you can become a, "Sir?" That is a noble attachment for someone who is noble. You are not.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Come-on Greg, don't you find Sir Allen more of a gentleman than ALL of his Previous Personalities? I think Mr. Bradford has gone back on his meds. He's kinder! He just wants to be Part of the "ZMM Family." As long as you are Nice Sir Allen, I enjoy reading your comments. .... Happy funding, Rudi
- James Ryan, "GreatRateFolks"
- Contributions:1038
God, I always get a few smiles reading these boards...
Halloween is coming up, I think my costume will be Sir Pirate Zorro...or would that be Sir Zorro, Pirate?
I can't wait to have a Parrot on my shoulder!
- Allan Newman, "Sir Allan"
- Contributions:1231
I am not Tom Davie for the millionth time. If I was Tom Davie, I would have just started a new ID, not keep using the same one you all keep thinking I was him. I am also not Mr Bradford either. My name is Allan Newman. [removed by moderator due to inappropriate language]
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
SA, here is the reason why we all belive you are him. Tom Davie was acting under an assumed named of Zorrow. Tom responded to a posting under the name of Zorrow in response to a question. Zorrow's name has in turn changed to Sir Allen, but still showed the original posts under Zorrow. In addition, you Sir Allen, on numerous occassions, have mentioned you are a lender. If you are indeed a lender, an approved lender through Zillow , why does your 'handle' not show otherwise?
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Allen=Allan
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
[removed by moderator due to inappropriate language]. PS-this is the exact same thing Tom would say in another alter ego named Infoseeking.
Just sayin'.........
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
OR are you NOT an approved lender thorugh Zillow because you have been banned?
just askin.............
Loan Approvals mean nothing
How can we buy if we keep getting killed in underwriting.. How are these people supposed to sell??
It's over people... You might want to alert that if you don't have 80% cash down to be prepared for
some pencil pusher underwriter to put you through HELL..
Theres a new sheriff in town
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