Posted on: 07th Aug, 2008 03:58 pm
I have been trying to get a loan through the FHA.
My broker told me that they needed certain letters, verifying my employment. Then, after two weeks after they were submitted, the broker asked for more related info from the same sources. It seems that the broker should have asked for all the information right from the start.
Doesn't this seem incompetent? the delay is really frustrating.
My broker told me that they needed certain letters, verifying my employment. Then, after two weeks after they were submitted, the broker asked for more related info from the same sources. It seems that the broker should have asked for all the information right from the start.
Doesn't this seem incompetent? the delay is really frustrating.
Hello.
Getting mortgage is a time consuming process. So don't worry. If you feel that the broker is not efficient or you are not happy with the rates and terms offered to you then you can contact with other brokers.
Getting mortgage is a time consuming process. So don't worry. If you feel that the broker is not efficient or you are not happy with the rates and terms offered to you then you can contact with other brokers.
checking around with other lenders will prolong your agony. what has likely happened is that the original loan has gone to an underwriter who isn't happy with the verification information received. perhaps you've got higher ratios than desired, and that would lead to a very tight consideration of income.
this isn't a question of competence. this, unfortunately, is what has become of the mortgage industry this year. we're faced with underwriting standards that are changing on the fly, virtually daily. what we think we can get approved today may just be declined tomorrow. there are no safe bets any longer. even those with excellent credit (740, 750, etc) are held to higher standards than we had become accustomed to a couple of years ago.
bear with your lender...comply with what is requested, but ask questions so you'll get adequate explanation as well.
this isn't a question of competence. this, unfortunately, is what has become of the mortgage industry this year. we're faced with underwriting standards that are changing on the fly, virtually daily. what we think we can get approved today may just be declined tomorrow. there are no safe bets any longer. even those with excellent credit (740, 750, etc) are held to higher standards than we had become accustomed to a couple of years ago.
bear with your lender...comply with what is requested, but ask questions so you'll get adequate explanation as well.
Agree with George. The broker is a go between. The UW asks he gathers. They either like it or in this case they ask for more. Patience is definitely needed or you will give yourself ulcers.
Good Luck
Brian
Good Luck
Brian
