I don't know if it's just me or if there are other Mortgage Loan Originators (MLO) that are getting a lot of calls/emails like this but they do seem to be coming at a more frequent rate these days. In my continuing series of answering some of the frequently asked questions that I get from prospects and clients, in Part 8, I want to answer a question that can pose some really challenging opportunities. I say opportunities because … (18 comments)
underwriting problems: Deals Falling Out of Escrow? Think Twice (and do your homework) Before Making Your Offer - Part 2
- 02/11/11 09:10 AM
In Part 1, I discussed one of the reasons why so many loans may be falling out and escrow transactions may be getting canceled. Now, while I can not speak about other areas of the country or other Realtors/agents transactions, I can only discuss my professional experiences as an Mortgage Loan Originator (MLO) with my own borrowers here in Los Angeles & Ventura counties. I Part 2, I would like to discuss another issue that comes up that so many sellers and their listing agents (LA) as well as buyers fail to do before getting into escrow. In failing to do their own due diligence, they leave … (6 comments)
underwriting problems: Deals Falling Out of Escrow? Think Twice (and do your homework) Before Making Your Offer - Part 1
- 02/10/11 11:36 AM
I recently came across the post, Deals Falling Out of Escrow? Cancellations? Here are 5 Surefire Ways to Avoid Them In Your Business! by Danny Batsalkin, a local Los Angeles Realtor. This was a good post and while I don't disagree with any of it, I felt that the explanation for one of his five reasons was just a little too vague. Professionally, I felt that his reason didn't really answer the question of why the "deal" (I use that word loosely) fell out of escrow. I felt that it just painted the lender as the proverbial "deal breaker" when in fact … (15 comments)
underwriting problems: HARD TIMES FOR THOSE WHO DON'T FIT INTO THE STANDARD BORROWER BOX - Part 1
- 10/13/10 12:54 PM
For anyone who has purchased a home recently, they can certainly vouch for all the hoops that they had to jump through in order to close their loan. With the lending environment being as extremely volatile as it is right now, underwriting guidelines and lender overlays are more stringent than ever before, at least more so than I have ever seen in my eight year mortgage career. While there is no argument that getting a loan is more difficult than ever for the average borrower, I don't think anyone has it harder than the self-employed borrower or the borrower who is … (18 comments)
underwriting problems: UNDERWRITING REALLY ISN’T THAT MYSTERIOUS BUT IT’S NOT STANDARD BY ANY MEANS EITHER - Part 4
- 06/11/10 06:32 AM
In Part 1, Part 2 and Part 3, I discussed the trials and tribulations of getting financing for a condo purchase, the problems with verifying a borrower's employment as well as the type of documentation needed for and FHA loan application and how none of this has to be a secret to anyone else in the loan transaction. In Part 4, I'd like to continue my series of making the underwriting process less mysterious. I recently came across a post here on AR by an AR Realtor that was complaining about the request for additional documentation about some personal property that … (14 comments)
underwriting problems: UNDERWRITING REALLY ISN’T THAT MYSTERIOUS BUT IT’S NOT STANDARD BY ANY MEANS EITHER - Part 3
- 05/28/10 07:42 AM
In Part 1 and Part 2, I discussed the trials and tribulations of getting financing for a condo purchase as well as some of the problems with verifying a borrower's employment. In Part 3, I want to address something that Ralph Gorgoglione had asked about in his post and that was the new documentation requirements for FHA. The truth is that there isn't really any new documentation being requested by just FHA (except in property flips) but to those Realtors who are not familiar with an FHA transaction, the additional documentation required by FHA may seem like new documentation requirements. While there … (12 comments)
underwriting problems: UNDERWRITING REALLY ISN’T THAT MYSTERIOUS BUT IT’S NOT STANDARD BY ANY MEANS EITHER - Part 2
- 05/21/10 04:50 AM
In Part 1, I discussed the trials and tribulations of trying to buy and/or sell a condo in a complex where the homeowners association (HOA) is in severe financial and legal distress and how underwriting a mortgage loan package doesn't have to be this top secret process shrouded in mystery that no one but underwriters and MLO's are privy to. While there may be a lot of lenders and even MLO's who may want you (Realtors & borrowers) to think that you aren't allowed to know what really goes on "in underwriter", I'm not one of those people. I think it's … (40 comments)
The other day, I came across a post by Ralph Gorgoglione asking whether the underwriting process was a standard process or did it vary from lender to lender. While I commented that very little about the underwriting process these days seems standard anymore, the underwriting process most certainly isn't a mystery either or least it doesn't have to be (yes, it can vary from lender to lender). There are a number of things that can wreak havoc on a loan transaction (as Ralph points out) and while many of them are underwriting related issues, there most certainly is no … (32 comments)
I'm supposed to be closing on my escrow next week and my lender has totally &^%$#* up the deal. Can you help me?
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