Mortgage Blog

For the last a few years, some lenders allow us to submit anything
to them and they will review the files and then ask the broker
to provide the missing files.

And they changed the game, they need the complete pacakge before
reviewing the file.

Since the lender is very very slow now(we can not close a loan
within 30 days now), we are going to change the requirement from
our borrowers as well.

1)We will not lock the rate until I have the income docs:
w2, paystub, bank statements, 4506t, loan disclosure

2)Borrower and agents will work closely to get the appraisal
ordered, scheduled and inspected.

3)If the borrower wants to get better rates, we may need to float the
files a few days.

4)For some lenders, they may need to have some "unusual" documents
requirement, other than tax returns. We will have to work with them
in order to get better rates.