is it just me or is this business getting insane

By
Real Estate Agent with Accurate Mortgage

As I am sitting here today contemplating on whether or not I should write this, I find myself, after ten years of active involvement in this business, somewhat scratching my head. Is it just me or is it getting almost impossible to close a loan these days? I dont mean impossible from the standpoint of not having the business, I mean impossible from the standpoint of getting files thru underwriting, getting acceptable appraisals, ETC, it seems the days of submitting a full package and closing with out any hickups are gone!!!  I ask myself why is that? Part of it has to do with the credit cruch that most lenders and banks have instituted since this whole subprime shakeout, but still a great deal of it has to do with Underwriters, getting hired with no experience, taking a two day class and then deciding wheter or not somone is deserving of a mortgage or not!!! I like to call this the crystal Ball Style of underwriting! The reason I call it that is because sometimes it feels to me like there sitting at there desks, with there eyes rolled back in there head, and there hands laid on a file to see what the file feels like!!!  What the world is that!!!  what ever happened to the days of make sense underwriting, and looking thru what you have already been provided before you automatically stip for it again. Well I guess that is enough rumbling for one day!! I got to get on the phone and call some Psychics, I mean Underwriters to check on the status of some of my files. Is anyone else experiencing this same thing? I would love to hear from you.

 

God Bless

Michael

 

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Rainer
69,238
Joyce Heffner-Williams
Keller Williams Clients' Choice Realty - Monument, CO
Owner/Broker/EcoBroker - Monument Real Estate
I think creative financing to help more people get into homes has taken up more resources that would be used toward clear cut lending.
Nov 08, 2007 02:06 AM #1
Rainer
28,230
Abe Do
Olympia, WA
Not recently am I experiencing this, but I had a similar issue with an underwriter who couldn't understand that two houses, on two parcels could have two seperate loans.  That was frustrating.
Nov 08, 2007 02:07 AM #2
Rainmaker
122,244
Brett Tousley
Keller Williams Realty - Richland, WA
Tri Cities Real Estate | (509) 420-0013
I've heard the same issues from some of my local lenders.  No doubt it's a bit more work these days.
Nov 08, 2007 02:12 AM #3
Rainmaker
307,507
Vanessa Stalets
RE/MAX Elite - Brentwood, TN
REALTOR, Brentwood TN Homes, Real Estate

Maybe they are in cahoots with the "crystal Ball" sellers and buyers who seem to think the same way regarding prices and negotiating. Here's to sanity returning...soon please!

Welocme to AR, I knew it wouls be a great place for you guys!

Vanessa

Nov 09, 2007 09:55 PM #4
Anonymous
Anthony Crawford

Well well. Have you found a solution? I have heard FHA and VA have just received a shot in the arm is that helping any? I should start to get better here soon. Just keep banking on the bank.

Dec 01, 2008 12:57 AM #5
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Rainer
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Michael Church, Sr.

Sr Mortgage Specialist
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