"But that's personal information, I would rather not send it."

By
Mortgage and Lending with Bay Equity, LLC 770-634-4021 NMLS #206275 GA 25689

 

"But that's personal information, I would rather not send it."  This is direct quote from a client that I spoke with earlier today.  Here is what any mortgage applicant must know:

  1. We will look at your tax returns and verify that it is the same information sent to the IRS
  2. We are going to verifiy your income through your pay stubs, and written verification of employment by your Human Resources Manager.
  3. We are going to review your bank statement for enough funds for closing.  Other items that will be reviewed are any returned checks for non-sufficient funds.  Are your savings commensurate with your earnings.

Yes this is personal information, but you are asking for a loan for thousands of dollars.  We are going to do our homework to evaluate your ability and likelihood that you will repay this loan.  It matters not if you apply for a $100,000 or $1,000,000.

 

But that's personal information, I would rather not send it. Better rethink that statement if you want your loan closed.

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Kathy Sheehan Senior Loan Officer

P:

770.634.4021

F:

404.745.8060

 

Bay Equity LLC

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11475 Great Oaks Way, Suite 350, Alpharetta, GA 30002

800.BAY.3703 Bay Equity LLC NMLS ID#76988


 

 

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The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.

 

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Rainmaker
307,734
Pam Graham
All Real Estate Options - Jacksonville, FL
Jacksonville, Clay & St Johns Counties

It is hard to hand that information out, but like you said, if the applicant expects to get a loan, they should expect to hand over the information.

Aug 26, 2013 10:11 AM #1
Ambassador
3,964,264
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Kathy- we've been so conditioned these days not to give out any personal information at all however, to get a mortgage, you have to "give it up."

Aug 26, 2013 10:16 AM #2
Ambassador
3,063,352
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

But why can't you just loan me a few hundred thousand dollars without my personal information? Do you think I may not pay it back?

Aug 26, 2013 10:27 AM #3
Rainmaker
647,093
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Pam, it is all part of the process.

Kathy, that is true.  I recently had a client that sent documents with all social security numbers, account numbers and address blacked out.

Margaret, you are so funny!

Aug 26, 2013 10:32 AM #4
Ambassador
2,912,338
Anna Banana Kruchten CRB, CRS
Phoenix Property Shoppe - Phoenix, AZ
602-380-4886

Kathy why don't you trust me he says,  my word is good as gold.  Really ask my Mother she'll tell you.

Aug 26, 2013 10:50 AM #5
Rainmaker
747,859
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide
Kathy-I get this all the time especially when I had been in the mortgage business, sometimes I hear them up front that they do not want to give up their email address...most of those I cannot proceed any further to help them to realistically save a mint (refi). I do my best to pursued them for their own benefit, doesn't work all the time!
Aug 26, 2013 10:53 AM #6
Rainmaker
647,093
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Anna, that is funny!

Peter, you can only help those that want it.  If they won't provide the information, I don't want to waste my time.

Aug 26, 2013 11:29 AM #7
Rainmaker
724,401
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale
Kathy-You don't what you don't know so I guess it should come as no surprise that some haven't a clue about what it takes to get a loan for several thousands of dollars.
Aug 26, 2013 12:01 PM #8
Ambassador
1,726,269
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Kathy...

Borrowers need to understand that no cooperation equals no loan. Plain and simple.

Aug 26, 2013 12:20 PM #9
Rainmaker
3,693,219
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Kathy. I guess I understand the comment but it is pretty funny to think a consumer would expect a loan without providing personal information.

Aug 26, 2013 09:33 PM #10
Rainmaker
647,093
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Wayne, there are many that don't understand..., it is my job to educate them.

Richard, no cooperation - no loan, exactly!

Sheila, I didn't see that one coming.

Aug 26, 2013 10:42 PM #11
Rainmaker
3,226,993
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

We hear this too and we reassure the buyers that only the Loan Specialist will know these numbers. We as Realtors and the sellers never see them...

Aug 26, 2013 11:32 PM #12
Rainmaker
647,093
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Real estate agents should not be handling ANY of the buyer's financial records.  

Aug 26, 2013 11:38 PM #13
Ambassador
2,799,837
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Kathy - In this time of disappearing privacy, I can understand wanting to maintain as much of it as you can for as long as possible. It's the inability to understand when that door has to open voluntarily that's puzzling here, but I expect we'll all see more of this as privacy becomes a luxury item.

Aug 27, 2013 12:16 AM #14
Rainmaker
378,102
Dana Hollish Hill
Hollish Hill Group, KW Capital Properties - Bethesda, MD
Lead Associate Broker

That is a good piece of advice for buyers. I can't imagine that many people really expect to receive a mortgage without providing some financial info, but everyone has their limit for how much they are asked to divulge.

Aug 27, 2013 06:00 AM #15
Rainmaker
647,093
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Dick, exactly!

Dana, the problem is when they black out the pertinent information.

Aug 27, 2013 10:21 AM #16
Ambassador
3,983,717
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Some of my buyers grumble and complain but others act like it is no big deal. I think it is very intrusive but then again, if you want the loan you have to do it.

Aug 27, 2013 10:48 PM #17
Rainmaker
647,093
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Debbie, it is what is required pure and simple.

Aug 27, 2013 10:56 PM #18
Rainmaker
403,993
Marnie Matarese
DWELL REAL ESTATE - Sarasota, FL
Showing you the best of Sarasota!

There are so many scams out there today that I can understand the initial fear of providing that kind of information but without it, no loan, no closing.

Sep 04, 2013 11:01 AM #19
Rainmaker
647,093
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Marnie, no info, no money... it is as simple as that!

Sep 05, 2013 09:40 AM #20
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Kathy Sheehan

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