Why is a Borrower/Buyer asked so many questions by the Lender? Why does the Mortgage Lender require so much documentation, so much paperwork, and so much proof?
"Today's mortgage processing and underwriting is all about producing a fully-documented story. There can be no part of the story missing, out of chronological order, or not making sense to the Underwriter and Lender receiving or reviewing it," says Mortgage Lender Gene Mundt, in the comments to the Original Blog.
Lately my buyers have been asking me this question. They feel that some of the things that the loan officer is asking for is none of their business. Sometimes I tell them if you were lending me over 300K what you would you ask me? Sometimes that does the trick other times it does not. I had one guy tell us one thing that we needed verified by his employer. Neither he nor the employer would put in writing like required by law.
I explain to my buyers that many of these things are required by law and we must fully comply with these requirements.
I explain that it is harder and harder to get credit but that the loan officer wants them to buy their dream home, so if he is telling you that he needs something it is because he really needs it. I also tell them to keep a copy of everything they send the loan officer so that if it is asked for again they have it handy.
We also reached this because of many unscrupulous lenders and I tell them a couple of stories that I will save for later blogs.
So the loan officers ask for all these things to get you the best loan possible and to get you a loan.
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Disclaimer: Nothing in the above blog article is to be construed as legal advice, tax advice, or financial advice. For legal advice see an attorney. For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.