OrangeJumper 0 #1 April 7, 2008 My mortage finally made it through underwriting and I settle on my new Condo this week. Man, my security clearance reviews weren't that demanding. I have a credit score of 720 so I assumed this would be a fairly simple process. To quote the loan officer, "Paying your bills on time isn't enough anymore." Man, what a painful process this has become. The Original Cabana Boy! Quote Share this post Link to post Share on other sites
happythoughts 0 #2 April 7, 2008 My favorite line is the "We read through your credit report. Is there any of these items that you'd like to explain?" In other words, "We are fishing and want you to provide us with information that we may not know about". I usually just say that I work for credit agencies and get a copy of my credit report every 6 months. I ask them to explain why their analysis is incorrect. Quote Share this post Link to post Share on other sites
OrangeJumper 0 #3 April 7, 2008 No kidding! I had to explain every charge made to my checking account for 90 days. It was way excessive if you ask me. The Original Cabana Boy! Quote Share this post Link to post Share on other sites
ACMESkydiver 0 #4 April 7, 2008 Quote No kidding! I had to explain every charge made to my checking account for 90 days. It was way excessive if you ask me. Depends. As you know, mortgage lending has three sides, like a triangle...your credit, your income, and LTV. All 3 sides have to be strong, otherwise they have to bolster up the other two... So if you are new to your job (even just the location or position), that might weaken that side -some of our lenders wanted 5-7 years in job in position. Going for more than 80% LTV will weaken that side. -And if you're asking for any kind of sub-standard loan (biz for self, stated, 100%, 110%, manufactured home, condo, land, etc) well yeah just prepare for the body cavity search as well. At least that's how it was back when I was an LO, then a manager, then instructor. Pretty much the same over 3 different companies. That was during the mortgage boom though, and we're in FAR different lending times now... Sorry for what you had to go through, but CONGRATS on being done! ~Jaye Do not believe that possibly you can escape the reward of your action. Quote Share this post Link to post Share on other sites
OrangeJumper 0 #5 April 7, 2008 Yeah, I was living in fear for six weeks because I just knew that they were going to ask for a body cavity search...LOL! There were a lot of contract issues that the bank had w/ the builder. I guess the verbage they were using didn't comply w/ new underwriting policies. Oh well, at least it's over and I have a shiney new condo all to myself. Thank you for the congrats! The Original Cabana Boy! Quote Share this post Link to post Share on other sites
billeisele 122 #6 April 8, 2008 Employment Application Question #1: Have you recently applied for a loan and been accepted? If yes, skip to the end, sign the form, congratulations you are hired. Men In BlackGive one city to the thugs so they can all live together. I vote for Chicago where they have strict gun laws. Quote Share this post Link to post Share on other sites
wildcard451 0 #7 April 8, 2008 Congrats on the house man. Quote Share this post Link to post Share on other sites
JohnMitchell 14 #8 April 8, 2008 I didn't know you used to be a LO. Cool. Now I know who to go to for my questions. I've got 23+ years now at the same job, and a paid off house, but when we went to change our home equity account around a little last Spring, it was like a 3 ring circus, all the hoops I had to jump through. And that was with us changing from 90% LTV available down to 80% LTV, just to get 1.5% better rates. Stupid WAMU anyway. No wonder their stock is in the toilet. Quote Share this post Link to post Share on other sites
TomAiello 25 #9 April 8, 2008 QuoteSo if you are new to your job (even just the location or position), that might weaken that side... That's pretty wacky. Aren't a good number of new home buyers people who've just moved into town with a new job?-- Tom Aiello [email protected] SnakeRiverBASE.com Quote Share this post Link to post Share on other sites
DangerRoo 0 #10 April 8, 2008 congrats!! (I.C.D#2 VP) ""I'm good with my purple penis straw" ~sky mama Quote Share this post Link to post Share on other sites
OrangeJumper 0 #11 April 8, 2008 Thanks bro! You guys will have to come up to my side of the world some day and visit. The Original Cabana Boy! Quote Share this post Link to post Share on other sites
ACMESkydiver 0 #12 April 9, 2008 Quote Quote So if you are new to your job (even just the location or position), that might weaken that side... That's pretty wacky. Aren't a good number of new home buyers people who've just moved into town with a new job? -Who said it's supposed to be fair? Every lender is different in some small (or huge) way. Some are more common-sense lenders, some toe the mark completely, and some will take more...um, creative financing options?? Man did I have some crazy ones! The best were what we called 'liars loans', or 'pimp 'n prostitute loans'. We don't care HOW you get the money...just show us that it comes in regularly, and you can have a piece of the American dream. B lending was always so much more exciting thatn A paper. I'm afraid I'm of no help on the mortgage front nowadays, though. Things have changed so much and I haven't been in the biz in probably 5 years.~Jaye Do not believe that possibly you can escape the reward of your action. Quote Share this post Link to post Share on other sites
