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Extra time to close and more required documentation is the new normal in mortgages. Streamline mortgages, Fast and Easy mortgages and Super Simple mortgages are gone, if not forever, for a very long time. The days of limited documentation is all but history. After it was realized how much the mortgage meltdown was going to hurt the US and world economies the Federal Government, State Governments, the people and even some members of the mortgage industry demanded higher quality mortgages. To accomplish this, the mortgage industry looked at their guidelines from the past.
Income is now checked with pay stubs, W-2s and tax returns. Copies of the last two years tax returns are also obtained directly for the IRS to compare them to what was given to the mortgage company by the borrower. Employment is checked and verified for a full two years and most mortgage companies do a second verbal employment verification days before closing.
Liquid assets, or as I call it cash, are verified. Bank statements for the most recent two months are obtained. If the first page of the bank statement says page 1 of 6 and the underwriter only receives the first 5 pages, it will not be accepted. Any large deposits must be explained and sourced and if there is any NSF (non sufficient funds) there need to be a good written explanation. Reserves which are cash left over after closing is looked at closely. Many home buyers use their retirement accounts such as a 401k for reserves. If they do, the underwriter will require "terms and conditions for withdrawal" to verify that they can access this money without being terminated. If the borrower has mortgage insurance most mortgage insurance companies require two months of reserves.
Debt as always is still proven with a tri-merge credit report. What's different now is any other credit inquiries that shows up on the credit report must have a written explanation. A second "soft pull" credit report is also pulled days before closing to make sure no new debt has been obtained.
I haven't even discussed all of the new required disclosures and required re-disclosures. The days of closings a loan in three weeks or less from start to finish are all but gone. I'm sure there will be some exceptions but extra time to close and more required documentation is the new normal in mortgages.
Shay Campbell is a licensed mortgage originator located in Raleigh, NC.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.