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Stupid U/W condition of the day!

I figured I'd lighten things up a bit and maybe we can compare notes on some of the dumbest things we are asked for on a daily basis. 

I'll start. I had to show where a large deposit came from, it was from the sale of a car.The car was listed as an asset on the 1003, I showed the check received for sale of the car, the deposit into the account and the notice of transfer and release of liability on the car. U/W has come back asking for a copy of the title to said car. 

Thinking ... how would they still have the title to the car if they sold it?  
  • November 24 2009 - San Diego
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Answers (44)

Greg,

Who was the lender?

  • November 24 2009
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Rudi, 

I think I'll leave that part off; not sure I want to put that out there at this point. 

:)
  • November 24 2009
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understood
  • November 24 2009
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Makes perfect sense. It was a trick question. They figured if you DID produce a title,...they gotcha!!

I'm going to like this thread,..good idea!
  • November 24 2009
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Self employed borrower who was a rice farmer.  Provided tax returns and letter from accountant as to self employment for many years.  UW conditioned for picture of farmer on the job.  Took a picture of farmer next to a tractor in a field.  UW was happy we are good to close........
  • November 24 2009
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That's funny Carl! LOL! Good job, well done! Congratulations on your funding!
  • November 24 2009
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I can play this game every day.  My true story today isn't nearly as funny as Carl's farmer picture (which I think can be argued is redlining, but that is a different topic).

This morning I got clear to close on a loan.   The appraisal was completed on 11/19 and had some poor comp choices.  I did a rebuttal with the AMC and on 11/23 they provided a new appraisal with 2 new and better comps and 2 bad comps removed.  

My clear to close still had the 11/19 value.  I asked to please update to the 11/23 report.  Now my loan is no longer clear to close.  My underwriting condition is for management to approve using the appraisers updated report instead of the first report 4 days prior.  
  • November 24 2009
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Leason learned Justin? Leave well enough alone? Or, did you need the new number for rate & fees?
  • November 24 2009
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I just had a client that needed to pay off one of his properties due to the max amount financed of 4. He did that a month prior, right after we closed a new primary residence.

The u/w kept insisting they needed a HUD-1 for this property to prove he didn't own 5. I told the u/w this was not a sale. How could we have a HUD-1?

We furnished all documentation including the wire and receipt regarding the pay-off with no luck. Still insisting a HUD-1 was needed. 

I was dealing with a branch. I called their Ops Mgr. with no luck. Still insisting on a HUD-1.

Then I called Corporate and spoke with their Ops Mgr. The next day we were clear close. Another happy ending!
  • November 24 2009
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OK I won't mention the Lender, but I had a sole proprietor approved.

Cream puff deal.  60% LTV, 780 FICO, 34 Back-End Ratio, Cashout since we were paying off a Heloc.

The Client kept the majority of their money in the business accounts vs. Personal.

Lender Required a Letter from CPA stating that the withdrawal of funds from Business account would Not affect the company, and that the Client had availability to to Funds.

Go Figure.

Closed, but what BS.

Happy Thanksgiving Everyone!!!!!!!!
  • November 24 2009
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Carl... too funny
  • November 24 2009
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I figured it it worked for you Carl it could work for me. I submitted this picture to U/W with no luck, they still want the title! Go figure!



 
  • November 24 2009
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Picture looks good to me, maybe we can broker the loan for you!
  • November 24 2009
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You guys are funny, love the tracker pic story... and the pic.
Wayne I have a very similar deal a few months ago where UW wanted letter from CPA to confirm company was solid and any funds used from business account wouldn't affect the business. Must be some crazy new guideline! Happy Thanksgiving everyone!
  • November 24 2009
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Many lenders don't even allow funds to be pulled from a business account to close and when they do, it has always been SOP to get a CPA letter stating it will not affect profitability of the company. This is not new.
  • November 24 2009
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Carl, was the subject property a working farm? 
Wayne, you are lucky your lender will still accept business assets. While it was common for the last 10 years, only a few will accept it now, even with a CPA letter. What lender is that?  

  • November 25 2009
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Profile picture for carmen25

Hahaha thanks for the laugh!
Well I'm the person TRYING to get a loan. The U/W keeps asking for things that I have already sent. She wants a letter for every single deposit. A couple of other things are: She wants 2 mons bank statement of an account that has been CLOSED for over 2 months. Another thing she wants is regarding a gift. I already gave her the gift letter, the bank statement, a donor's written and signed statement, and cancelled check of the gift. Now she keeps asking for a letter from the bank stating that he has available funds and that he is the owner of the account....hmmmm WTF...I'm getting tired of this non sense...

  • November 25 2009
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Profile picture for shapiroamg
I don't blame you Carmen. While you are going crazy being asked for these items, we LO's are going crazy having to actually call you up to ask for them. Hopefully the overkill from underwriting might pull back to neutral. For now we've taken 5 steps back before we might be able to take a half step forward.
  • November 25 2009
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Profile picture for Bentley Advisors
I'll never forget this one from NatCity a few yrs ago. Long story short, slamdunk deal w/ borr merits exceeding all guidelines.  VOD comes back w/ $30k MORE than listed on the loan app.  U/W gives us 2 options...either document source of add'l $30k OR have client withdraw the add'l $30k and pull new VOD.  Couldn't stop laughing at the u/w while on the phone w/ her. Note that this doesn't help the cause one bit.  After the fact, my AE and I were rolling on the floor laughing so hard when he suggested that I should tell the u/w to just deny the file altogether for excessive assets!  LOL!!!
  • November 25 2009
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Profile picture for Justin Kennedy
the photos stip are funny, I have one along same lines. UWer questioned borrowers occupancy and asked appraiser to take photo of food in fridge, done deal. i guess i had to prove the food's intent was to occupy the fridge.
  • November 25 2009
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Profile picture for carmen25
Danny-
NatCity is who I am dealing with.....I just want to take my business elsewhere, but I am less than 2 weeks away from closing. They are so freaking SLOW!!!
  • November 25 2009
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Profile picture for NeedinFHA
This isn't a stupid question, I gave my UW the same info on a bike I sold, and they came back with we need title to vehicle...Perfectly Valid Question, anybody can write up a transfer and bill of sale on a vehicle, Title prooves you actually owned the vehicle.  GOOOD Underwriter if you ask me!
  • November 25 2009
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Need in FHA please explain how this is a good question when, if in fact the vehicle was sold as described, there would be no title to provide. It is a condition that cannot be satisfied.
  • November 25 2009
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Profile picture for newmildew
NeedinFHA has no clue what they are talking about.

Buying one home has all of a sudden made them an expert on anything mortgage related. The nonsense that they post truly displays their true ignorance when it comes to financing, underwriting or all the other aspects of real estate.

A Troll is a Troll, just take a look at some of their postings on these threads!!!
  • November 25 2009
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Profile picture for Steve Humpfle.

My underwriter wants a letter from me certifying all documents submitted to underwriting are true copies of the original. I argued this for 2 days stating the documents I get are emailed/faxed to me so therefore mine are NOT originals. Well, I wrote my letter very carefully to state I submitted true copies of what I received from the borrowers. What a crazy fight but in the end, they bought it, closed that file and several others past it.
Yes, this thread will be fun. Any underwriters out there care to jump in?

Happy Thanksgiving everyone.!

  • November 25 2009
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I have a purchase where the agents are crediting the buyer with 1k each and the underwriter is asking me if they are allowed to do that in the given state.....  Go figure.... 

  • December 02 2009
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THIS SMELLYMILDEW IS A FAKE !!!

Do NOT waste your time answering any questions - "SmellyMildew" is a Mortgage Lender

SmellyMildew,

I Love your Page - it would really fool someone into thinking you are an actual "Consumer" when in reality you are a Lender. Very Clever - this way you can follow your hidden agenda - make posts that blast other Lenders and all the while it looks like you are just a concerned Homeowner

You are FAKE - from your Profile to you even your Picture

You are fooling some - But NOT All

  • December 02 2009
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Profile picture for Brian G. Allen
Very Funny all seem to have closed which is a good thing. I'm  still scratching my head on one this one a Condo Refi with a HVCC compliant appraisal LTV 60 - The condo had 4 strong comps in the same building underwriter processed AVM and ordered desk review, both came back undetermined ordered field review with same HVCC appraisal company arrived at the initial appraised value. Lost $$ in the 45 day process.
  • December 02 2009
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Profile picture for nealadler
That is a bit much.  Sourcing the funds is standard, a copy of the check and bill of sale normally would be sufficient, however we are in a different environment.  I'm sure you can get a copy of the title transfer.
  • December 02 2009
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I had a LtCol in the Army doing a purchase here in DC, U/W wanted a letter from his supervisor stating that his position, pay and upward mobility are guaranteed......
Hmmm, since military officers are promoted by POTUS, I guess I could just swing by Pennsylvania Ave and pick up a VOE, right?

My team calls the underwriting process; dodge, pary and thrust!
  • December 08 2009
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