Why Do You Need More Info On Me? I Have an 800 Score

Why do you need so much of my personal information?  I have an 800 credit score and 20% down?  I could buy this place for cash if I wanted to liquidate my 401k or stocks?  Last time I bought a home they just wanted my pay stub, why do you want my tax returns?  Are you out of your mind?

YES-  Lender's are out of their minds, dealing with fraud and new government regulations.

Get used to it.  More papers to sign, more info required from the buyer. 

I have many perfect buyers with excellent credit, jobs, 20% down payment.... you name it, they have it.

BUT- Lender's are still going to put your client through the heavy wash cycle on high heat before approving a loan.

Your best bet is to work with an experienced Loan Officer.  I also used to be an underwriter, so that helps :)

I explain to my clients, that we are not poking at their personal finances, we are simply verifying information.  I am not looking at your bank statements to see where you went to dinner last weekend, we don't care.  We are looking at the bank statements to ensure that you are the same Miss. Smith that I have a credit report on.  We are making sure someone else is not paying you to buy the home for them.

More regulations will come out Jan 1st, 2010, I will adapt to them and continue to be the best in my field.

If buyers know up front what is expected, they are happy to provide it.  I'm happy to answer their questions as to "why this or that", it's my job.

I may not be perfect, but I always plan ahead and my clients appreciate it.