Have you ever had a borrower who thinks they are entitled to make the rules when being considered for mortgage lending? I recently had the opportunity to work with one of these clients. Should have been a pretty easy file to do. 760 credit score, 20% down dream borrower right. Well we submitted the file and when it came out of underwriting there were 3 conditions. Title, appraisal and proof that land he owned was free and clear. I emailed the borrower and asked for his help with one of the conditions. All I needed was proof that the land he owned was free and clear. Usually a declarations page will satisfy this conditon (showing no mortgage company) but to this being land only it was not insured. I followed up with several phone calls with no response. Finally eleven days later I contacted him and he wanted to know why we were making him jump through hoops to get this loan. I told him that all I need him to meet was the one condition and we were finished. What he said to me next sent my blood pressure through the roof. He said that the banks should be begging him to borrow money from them. He also said that a person with his financial stature should not be so inconvenienced. I told him that about 8 months ago I could have gotten the loan done with a drivers license and social. Well we finally satisfy the condition and its time to go to closing. This was a foreclosure he was buying and the title company was on the other side of town. He said that if he has to drive to the other side of town to sign paperwork he is not closing. I called my processor and told her what was going on. I asked her to take care of this for me because if I called him back I would have lost the deal.
What stories can you share??
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