August 31st, 2010 9:40 PM by Eric Fang
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 appraisalordered, scheduled and inspected.
3)If the borrower wants to get better rates, we may need to float thefiles a few days.
4)For some lenders, they may need to have some "unusual" documentsrequirement, other than tax returns. We will have to work with themin order to get better rates.