Would you believe the underwriter asked for this?

By
Mortgage and Lending with Black Rose Fishing Charters and CastNCrew Fishing Show
https://activerain.com/droplet/ThF

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.

Join my Facebook Community here.

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!

 

Rich

 

Rich Antonino 
Loan Officer
NMLS ID 984202


26 Howland Street
Plymouth, Ma 02360
Office:  508-746-7733
Cell/Text: 508-269-1882
Fax: 774-283-9919
rich.antonino@benchmark.us

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Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Massachusetts
Groups:
Realtors Needing the services of the Lending Powers
Cape Cod Real Estate
MA REALTORS
Boston Area Real Estate
Tags:
mortgages
underwriting
fishing
reverse mortgages
loan process

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Ambassador
1,770,705
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

It's getting harder and harder to get loans. The sub-prime lending problem we had that almost ruined us is haunting us now. Old timers always told me "if they can breathe they get a loan".

Apr 08, 2013 11:53 PM #1
Rainmaker
2,570,973
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

This underwriter had too much caffeine on their break....clear case of overwriting instead of underwriting...

Apr 09, 2013 12:03 AM #2
Rainer
19,982
Rich Antonino
Black Rose Fishing Charters and CastNCrew Fishing Show - Plymouth, MA
Charter Captain and Fishing Show Producer

I'm beginning to anticipate it, so it's more of a comedy at this point.  They still get done. I love sharing some of these stories!

Apr 09, 2013 12:06 AM #3
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Rainer
19,982

Rich Antonino

Charter Captain and Fishing Show Producer
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