The Challenging Mortgage Market
I tell everyone it’s not just me that wants all of this documentation but many just don’t believe me. I get yelled at, threatened that they will go somewhere else, and the list goes on. If you think this is tough on you as a borrower try doing this for a living with multiple loans a month.
I ask that if you are reading this article, no matter who you work with, make sure you understand that they are on the same team as you with the same goal in mind, to close your loan. It will make the deal go so much faster, smoother, less stress, etc. Also, if all of these things are being asked for upfront and right after you send the documentation in for the first time, this is a good thing. It means your Mortgage Professional is going through everything in great detail. This will reduce the chances of a delay and making sure the loan closes.
“Even for folks normally thought of as low-risk, slam-dunk borrowers. “Well-qualified borrowers are unable to get a loan because lenders are really nitpicking — I mean really nitpicking — everything,” says Kevin Iverson, a mortgage broker who owns Reed Mortgage, in Denver.”