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Some Significant Changes in the Mortgage Loan Process
The home mortgage industry has realized significant changes in the past few years resulting in closing delays and an increased number of homes going "back on the market" due to the buyer not getting loan commitment.  When buyers and sellers have a better understanding of the mortgage loan underwriting process many of the delayed closings or lost deals can be more easily avoided. Robert Fishel, a mortgage broker with Paramount Mortgage summarizes the changes in a recent article:
Documentation –Needless to say, the “No-Doc/Low-Doc loan is a thing of the past.  Typically, your lender will ask for paycheck stubs, W-2’s and bank statements. Additional documents may be needed to prove residency, income, financial soundness or even identity. A couple of examples of additional documentation could include sourcing “large” deposits and identifying any and all credit inquires for the last 120 days. Updated Documentation –If it takes longer than 30 days to close your loan, your lender will likely ask you to provide updated bank statements and paycheck stubs so that all documentation is up to date and current. Just before closing, the lender will update and review your credit to make sure no new accounts were opened or significant changes ... more

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