JUST GIVE IT TO ME!

JUST GIVE IT TO ME! ALREADY!

Mortgage lending is a different world these days. For those of us in it, it is a WHOLE NEW WORLD. The days are gone when buyers could show up with little or no documentation, and when loan documentation that was presented was not analyzed carefully.

Most consumers would probably agree that steps taken to prevent another housing collapse are a good thing overall. If consumers can't buy a home they can't afford, or if they must show loan documentation that they can afford it, that would be good!

On the other hand, I find still most home buyers are reluctant to share information requested because they deem it TMI or quickly retort "it is none of their business".

We simply cannot have it both ways! We cannot make sure that we are working on legit transactions without verifying information provided. We cannot verify money laundering is not taking place without documentation. Furthermore when a bank is giving a buyer tens or hundreds of thousands of dollars, IT IS THEIR BUSINESS.

With the loan officer compensation rule we don't get paid for our time and trouble. We get paid the same way for every loan. So there is no fair compensation for the loan that takes the most time, the buyer who is least cooperative. It seems these loans are not usually the big loans; they tend to be the smallest loans. Very similar to the real estate world -  less income on the ones we work the hardest on.

When an underwriter or I ask for all pages of bank statements.  . . Just give it to me! When an underwriter or I ask for bankruptcy papers  . . . Just give it to me!  When an underwriter asks for an old HUD1 . . . Just give it to me!  Your ex is not my problem, nor my underwriter's problem. Your delayed closing is not my problem when you give me five different versions of what I asked for.

A most important thing for real estate agents to do today is prepare the buyers. They will have to document more than they ever did in the past. It is a sign of the times. Expect it! Buyers, get your ducks in a row. Make a file and keep every important document in it and with you so you can respond quickly.  And, whatever the underwriter or L O asks for, please just give it!