Many don’t understand the amount of documentation that is required to get a loan right now and it has been causing even more frustration in an already frustrating business here in South Florida. Maybe seeing that Florida took the #1 spot will help borrowers understand a little better.
Ranked No. 1 in 2006 and 2007, Florida moved back into first place in 2009 with close to three times the expected amount of reported mortgage fraud and misrepresentation for its origination volume.
According to a supplement to the MARI report, Florida also has the five projected weakest real estate markets in the country, including Port St. Lucie/Fort Pierce, Orlando/Kissimmee, Naples/Marco Island, Palm Bay/Melbourne/ Titusville, and Deltona/Daytona Beach/Ormond Beach. http://www.cnbc.com//id/36776621?slide=11
You may be honest but we don’t know that and the one’s who did commit fraud were thought to have been honest too. Sorry, I don’t like how much documentation I have to request either. Remember, as a buyer you only have to do it on your loan. I have to go through this on every loan. It’s not fun for me either but it will get better.
I would rather have to go through this then have bought a home during the boom years and have lost 50% of my value. Look at the glass as half full especially if you got an interest rate in the 5%’s and an $8,000 tax credit. You tell me what documentation you need me to get for a free $8,000 and I will do it.