timelines in mortgage loans: In Banks We Trust....OR Not....
- 04/07/19 05:12 AM
Recently, there have been an increasing number of lenders in our market who have "defaulted on their pre approvals." What does that mean ? WHO Does that ? It means several things....First...the loan officer may NOT have done a thorough application from the potential borrower. This can be especially problematic if there is "gifting"involved...the generous relatives had second thoughts...Or that tax return just was not in the amount "imagined"...the reasons are varied ...and the blame, we believe, is a shared "responsibility." Next in line...Underwriting....when are documents requested/collected? The day of loan comittment is not the day to be verifying divorce decrees, … (43 comments)
Recently, there have been an increasing number of lenders in our market who have "defaulted on their pre approvals." What does that mean ? WHO Does that ? It means several things....First...the loan officer may NOT have done a thorough application from the potential borrower. This can be especially problematic if there is "gifting"involved...the generous relatives had second thoughts...Or that tax return just was not in the amount "imagined"...the reasons are varied ...and the blame, we believe, is a shared "responsibility." Next in line...Underwriting....when are documents requested/collected? The day of loan comittment is not the day to be verifying divorce decrees, … (43 comments)
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