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What Happened to My Loan Approval

Murphy's Law says "Anything that can go wrong will go wrong."  Unfortunately, that adage holds true in the mortgage approval process.   Any number of things can take your pre-approved client from homebuyer to sideline sitter.  
While the list of issues that can arise between initial pre-approval and closing is long and varied dependent on the client's situation, one thing is always consistent.  Problems, last minute surprises and cancelled closings are everyone's worst nightmare.
Here are a few of the hiccups I've encountered recently and while some may sound funny, there's never anyone chuckling when the loan is denied. 
What Can Go Wrong After Pre-Approval?  A lot! 
Your landlord refuses to verify how much you pay in rent and how long you've been renting. Your employer declines to verify that you work for them and will not supply us with written or verbal proof of your employment. You thought the paperwork I requested was something everyone but you needed to provide and that it could be returned to me when you felt like getting around to it. You failed to mention that your income is made up of a very small hourly wage and a very large part comes from cash tips ... more

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