I believe everything now. I mean, the final balance on the savings account listed $79,454. I think that needing $16,900 to close...that they had plenty of reserves. Sure, they did have plenty of reserves, but "could you please explain the $340.00 deposit on 2-6-13?" Really? You need that deposit explained before you will sign off on their loan?
My lesson for today.. Be ready to get a "LOX=Letter of Explanation" ready for just about everything. I help with those things; it's just more work for me and a few extra signatures for you, but this the world we live in right now.
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In one of my "previous lives" as a charter fishing captain who targeted bluefin tuna...I would give my "32 second speech" to my customers. On the ride to the fishing grounds every day, I would give complete rookies a pep talk about what they should expect. In addition to the "how's and where's", my 32 second speech derived from the video in which a customer hooked a huge tuna and was completely out of line in 32 seconds! He was standing there dumbfounded, holding a rod, reel, but no line. My speech became based on the concept of COMMUNICATION: If the customer had told me that he couldn't stop the fish, I could have chased it more rapidly with the boat.
I don't want you to feel dumbfounded in the loan process, so my "32 second speech" is thus...get ready for some paperwork. Communicate with me often and unabashedly. We'll get this one done.
If you want to watch the video, click here and you can forward to about 1:45... Enjoy!
NMLS ID 984202
26 Howland Street
Plymouth, Ma 02360