Mortgage Blog

Why do we have so many problems in the industry?

November 18th, 2011 3:35 PM by Eric Fang

This is for your entertainment.

I submitted the loan to one lender. But I was amused
by his underwriting skills. I don't know why the lender
hired that person.

I had the borrower originated the loan about 4 months ago.
His new loan was not on the credit report. So this
underwriter asked me to provide a documents to prove the
borrower with the lender A.

I provided the Note, the Deed of Trust, the final closing
statement from the last refi and the Verification of
mortgage and the last mortgage statement(I was so patient,
is not it?). Normally the Verification of Mortgage is
good enough for the proof.

Then this underwriter(We call him S, you know what I meant),
tried to call the lender again to verify himself. And the
lender asked him to provide a PIN to access. And I asked
my borrower to provide one for this S underwriter.

And S said it does not work. He did not even know that
he could try spouse's SSN too. And I recorded the
auto system and gave him the instructions how to access
the lender's automatic system.

WOW. How can they review all those loans? Most of my
borrowers have FICO over 740, all with good income
and low DTI(FICO 807; DTI 22% for this case). And
"S" still tried to "screw up" this loan. Now I understand
why the lenders had so many bad loans a few years ago.

Posted in:General
Posted by Eric Fang on November 18th, 2011 3:35 PM



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