Hi all: I hope you're well. I just got off the phone with a borrower who didn't want to comply with what we needed to close their loan. I emailed the section of the underwriting handbook to him; hopefully that will get him to cooperate.
Things have changed drastically on the underwriting side the last couple of years. Borrowers who haven't had a loan in a while remember the good old days where a high credit score and lower loan-to-value was all that mattered. I hear comments again and again about how they've never had to provide this much information.
Today, I was accused of "information gathering". Frankly, that's ridiculous. Those of us in the business know that information is only shared with the lender and that's it. Almost all of my borrowers have been very understanding of what is needed to get a loan these days. I was talking with one of my co-workers recently and we actually agreed that it's easier to have cooperative customers because their mindset is they're excited they can get approved at all!
That being said, understand that we in the loan business are as frustrated as you are. If you think for one minute we enjoy asking you for that one additional piece of information, you're crazy! We do it because compliance is everything and the risk is too high if we don't have a complete file. In closing, thanks for your cooperation and understanding. There will be a time where we might not need so much from you. That will be welcomed by everyone. In the meantime, we'll get your loan done. It just may take a little more patience than usual. Thanks for reading!
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