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underwriters: It was so stupid, all I could do is laugh at first - 02/14/11 01:03 PM


This last week I had a listing that was scheduled to close, but it was delayed by the buyer’s underwriter. That in itself really isn’t that unusual, but, the stupidity of the delay on this underwriter’s part was! You see this underwriter wanted the amount of the HOA dues from the HOA.
You see there was just one little problem, there is no HOA in this neighborhood. So, when I emailed the underwriter’s boss that there is no HOA, the response came back.

“Great, if we can just get the HOA to issue a letter stating there is … (77 comments)

underwriters: Another sad day for logic… Another real estate broker turned down for a home loan - 04/05/10 12:00 PM

By Todd Clark (Broker/Sales Coach) 503-524-9494

I was talking to a friend of mine who was trying to buy a home, but he said despite making five times what his wife does per year, he was turned down for a loan while his wife was granted a home loan with no problem. This is what has left me scratching my head and let me explain why.
Why was he turned down, despite having a 35% down payment and 742 credit score? According to the underwriter it is because he is commission based and there is no way to guarantee … (85 comments)

underwriters: Underwriters are asking tougher questions, they aren’t picking you! - 04/04/10 09:56 PM

Every day it seems my clients are having a harder time getting a loan to close because of all the questions and proof being required by underwriters today. But, I do have to say that I don’t think this is a bad thing. Between 2005 and 2009, there were case after case of people who got loans because the underwriters weren’t asking the tough questions, they were just taking people on their word.

So, what was the problem? It seems that some of word coming from clients wasn’t their word! What was happening was brokers were falsifying documents to … (10 comments)

underwriters: Predatory lending is now even easier and banks are taking full advantage! - 06/24/09 11:31 PM

On May 1, 2009, the government put in to place the HVCC appraisal law which stands for Home Valuation Code of Conduct, which was supposed to help to keep agents and mortgage brokers from being able to talk to appraisers and keep them from swaying the value they put on a home.
But, within that law, there were some things put in by (I’m guessing) some very smart bankers. Now I believe they are being very predatory, almost even more than they were two years ago.
No, I don’t own a tin foil hat, but they are starting to look … (63 comments)

underwriters: Did we go to far the other way? - 07/06/08 10:45 AM
In 2005 and 2006 everyone who had a name could get a traditional mortgage, but then the economy changed, and prices started to fall. Homes are now worth less than they were when people bought them. The mortgage industry is in turmoil and things are looking more and more uncertain each and everyday.
Today we have loan guidelines changing 3 or 4 times a day and even the underwriters can't keep up with all the guideline changes. But at the same time even when a qualified buyer produces a down payment and has a good credit score, they still won't sign … (16 comments)

 
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