Comments on: Dear Loan Underwriters – Please stop asking for pointless, time wasting minutiae

By: Laguna Beach Realtor

Laguna Beach Realtor — Fri, 26 Feb 2010 19:09:03 +0000

Great article, this is very true. Especially in the real estate market we are all going through!

By: brandyrude

brandyrude — Sun, 18 Oct 2009 01:26:36 +0000

I totally agree! I'm still waiting to get an approval. The next thing our uw will ask for is probably a blood sample followed by a stool sample. Get real!

By: Shar Rundio

Shar Rundio — Mon, 05 Oct 2009 23:04:27 +0000

I love when they tell you the contract is illegible but the document would have been beautifully legible if they would have accepted the electronic signature initially submitted.

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Sat, 03 Oct 2009 06:24:31 +0000

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By: SpokaneHomeGuy

SpokaneHomeGuy — Fri, 02 Oct 2009 04:41:14 +0000

I had an underwriter throw out the appraisal (came in at value + 1,000) and “reformulate” the value to $2,000 less than the negotiated price – $2,000… seriously. Was a mess.

By: Brian @ Blythewood Real Estate

Brian @ Blythewood Real Estate — Fri, 02 Oct 2009 04:18:12 +0000

This has to be the post of the year! Is there any logic to obtaining a loan anymore? Local lending may be the only solution. At least local banks would have an opportunity to physically research the property they are lending for. Is this such an obvious concept that no one has considered it?

By: UpstartAgent

UpstartAgent — Thu, 01 Oct 2009 05:08:39 +0000

This is something we all struggle with – why doesn't anybody think about these policies that make no sense?

Kind of reminds me of the letter my son's school sends me every month stating he owes the cafeteria $3 – they've already spent $8 in postage.

And people wonder why banks are in so much trouble?

By: easyrent

easyrent — Wed, 30 Sep 2009 16:42:36 +0000

Good post.worth to read

By: Lutherville Homes

Lutherville Homes — Wed, 30 Sep 2009 15:40:40 +0000

Lending stipulations and underwriters are similar to government employees these days. If its on their checklist you need to provide it. Most underwriters get their criteria from the secondary market. Why you ask? So they can sell the loan as quick as they close on it. If we want any positive and logical change it will neeed to come from the secondary buyers of loans – who by the way are the same people you created CDO's.