Posted on: 29th Dec, 2010 04:04 pm
I am separating from my husband my name is currently on the title but not the mortgage after applying for a mortgage for a less expensive house the i could afford on my own
the underwriter told my broker she doesn't believe I would be occupying the new property and wants to treat it as investment. what is needed to PROVE IT?
Seems wrong to just basically call me a liar.
the underwriter told my broker she doesn't believe I would be occupying the new property and wants to treat it as investment. what is needed to PROVE IT?
Seems wrong to just basically call me a liar.
i will demand the broker work this out with the underwriter.
although i might have the solution, after speaking to a third attorney, he recomends doing a quit claim deed and providing a copy to the underwriter
then any further request for separation/divorce papers become discrimination.
lots of b.s.
although i might have the solution, after speaking to a third attorney, he recomends doing a quit claim deed and providing a copy to the underwriter
then any further request for separation/divorce papers become discrimination.
lots of b.s.
changing lenders isnt the fix.
unless the uw is unreasonable.
your loan officer needs to grow a pair and demand to talk to the uw and sort it out.
i have seen this a hundred times. uw asks for something and the broker cant deiver it so they flip to a new lender. wel, guess what, they will likely want the same.
if the loan officer cant talk to the underwriter.... then THAT is a problem.
i keep getting logged off.....
pita
unless the uw is unreasonable.
your loan officer needs to grow a pair and demand to talk to the uw and sort it out.
i have seen this a hundred times. uw asks for something and the broker cant deiver it so they flip to a new lender. wel, guess what, they will likely want the same.
if the loan officer cant talk to the underwriter.... then THAT is a problem.
i keep getting logged off.....
pita
dmarcil103...I'm sorry. That situation stinks.
George's advice was spot-on (separately, I love the U/W jokes). This shouldn't be an issue, but it is.
I agree with you--you can't prove you're moving in. That's not actually what the underwriter wants. What they want is proof that you're not living in that home with your ex. I know it's stupid, but that's why a utility bill or pay stub to a different address says more than a quitclaim. Are you living separately now?
In defense of that broker, it's not discrimination. That's brokerage in 2011. I fully agree with you that broker v. direct lender / mortgage bank is part of the problem. Brokers don't have underwriters, don't have control. Worse, when a broker goes from their first choice to their second choice, that list was ranked by rate & cost. You don't want a broker going to their third or fourth option.
My $0.02,
George's advice was spot-on (separately, I love the U/W jokes). This shouldn't be an issue, but it is.
I agree with you--you can't prove you're moving in. That's not actually what the underwriter wants. What they want is proof that you're not living in that home with your ex. I know it's stupid, but that's why a utility bill or pay stub to a different address says more than a quitclaim. Are you living separately now?
In defense of that broker, it's not discrimination. That's brokerage in 2011. I fully agree with you that broker v. direct lender / mortgage bank is part of the problem. Brokers don't have underwriters, don't have control. Worse, when a broker goes from their first choice to their second choice, that list was ranked by rate & cost. You don't want a broker going to their third or fourth option.
My $0.02,
dmarcil, today's world of lending is a result of excesses (by everyone consumers, Realtors and lenders) that caused this meltdown.
An Underwriter's job is risk assessment and based on your facts, without supporting documentation, there is a legitimate occupancy question.
It's similar to a court case, there is a presumption and one party (you) has the burden of proof to overcome that presumption.
Lenders lost billions of dollars "taking people's word for it" and we're not likely to go back to that anytime soon.
If you live in a community property state there may even be bigger hurdles for you to overcome.
An Underwriter's job is risk assessment and based on your facts, without supporting documentation, there is a legitimate occupancy question.
It's similar to a court case, there is a presumption and one party (you) has the burden of proof to overcome that presumption.
Lenders lost billions of dollars "taking people's word for it" and we're not likely to go back to that anytime soon.
If you live in a community property state there may even be bigger hurdles for you to overcome.
Ok people my broker did switch lenders and the loan closed I'm glad this b.s. is over. So YES for me changing lenders was the answer!!!
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