"Because" ... The Mortgage Underwriter is Requesting it!
Re-Blogging This!
I just happened upon this blog entry today and it hit home with me because I just had this experience in a closing! Love this article and the line:
The Underwriter's request for documentation must be acknowledged, reacted to, and fulfilled as thoroughly and as quickly as possible.
As the agent, my job is to see that everything is fulfilled and get all the parties to that closing table to the best of my ability!
Closings can be smooth sailing, but when a "hick-up" occurs, the right agent can be a huge asset to helping keep all the parties headed toward that common goal... a happy closing!
"Because" ...The Mortgage Underwriter is Requesting it!
As parents, we often find ourselves trying to explain things or reason with our children. And when we do, it's almost inevitable that we hear a "Why?" after each attempt. I know each of my boys did this. Sometimes relentlessly.
If you're like me, when this occurred you eventually reached a breaking point. Thoroughly exhausted mentally and having no more explanations, you finally offered up the only answer left to you ... "Because!"
Yesterday I wrote a post entitled, "Creating a Paper Trail to Document Funds for Your Mortgage Closing". In that post I related just how important it is to create and prepare a trail of easily-understood and easily-followed documentation prior to and during a Mortgage Application.
This "paper trail" really trips-up some of my Applicants. Especially when that "trail" has to be marked and clarified a bit better. When that happens, it's not uncommon to hear the "Why?" question arise.
Now it's important to remember that each Mortgage Applicants' financial scenario is unique and different. And the demands of Underwriting are based on those scenarios. In other words, they can vary greatly.
When requests are made by Underwriters for further documentation, we must comply. Some Applicants can get frustrated by this. When that occurs, I've exhausted all my explanations, and I'm still meeting resistance for compliance, my last remaining answer can become ...
"Because!" "Because the Underwriter is requesting it."
Truth is:
- The Mortgage Process comes to a grinding halt if the requested documentation isn't submitted
- If the documentation submitted doesn't fully answer and satisfy the Underwriter's question and concerns, it can mean you will have to produce even more documentation ... or write a detailed explanation addressing their concern
I understand the feelings of frustration vented during those times. But the bottomline for any Mortgage Applicant remains:
The Underwriter's request for documentation must be acknowledged, reacted to, and fulfilled as thoroughly and as quickly as possible.
There's no circumventing their request. There is no talking them out of it. Yes, the request may seem redundant. It may seem over-the-top. But full compliance is mandatory or you go no further. Period.
Sometimes"Because" explains it perfectly ...
* If hoping to Buy, Construct, or Refinance a home in New Lenox, another Lincoln-Way Community, Will County, or elsewhere in the Chicago area, contact me. I'll put my 36 years of Mortgage experience and expertise hard to work on your behalf.
I can be easily found at:Direct:815.524.2280
Cell or Text:708.921.6331
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Gene Mundt
Regional Manager - Mortgage Lender
American Portfolio Mortgage Corp.
Personal NMLS #216987
NMLS # 175656
Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking: Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including: The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL. Gene Mundt, Mortgage Lender can be contacted at: 815.524.2280 or via his email: gmundt@goapmc.com.
Contact Gene Mundt, Mortgage Lender soon!
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