Here are 10 Ways your clients can mess up a closing all by themselves

Mortgage and Lending with None currently nmls# 509659

If you can prevent any of these from happening your stress level

Will be greatly reduced

1.       Borrower (s) does not provide the entire bank statement to show funds to close

2.       Borrower (s) do not provide the entire Federal tax return or forgets the K-1”

3.       Their Photo ID is out of date or expired

4.       Their last pay statement covers only a partial number of hours due to a personal day

5.       The borrower (s) school loan is almost out of deferment but they have nothing showing what the actual payment is yet

6.       They provide only the first page of the bankruptcy discharge

7.       The earnest money check was paid from a relatives checking account as a gift

8.       They buyers are going on vacation for two weeks while the loan is in process

9.       The borrower applies for credit for heating oil or gas before the final credit report was done and lowered the credit score

10.   They “sold” their car for cash and put the money in the bank account they are using for funds to close

Comments (2)

Hector Reyes
NHNR - Victorville, CA
Southern California

Realy #3 will do that?

Thank you for sharing this good information!

Dec 05, 2011 08:33 AM
Robert Staab
Yes the borrower's drivers license has to be current or some other type of ID or it violates "know your customer" and possibly the Patriot Act
Dec 05, 2011 10:01 AM

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