Surprise!

November 14th, 2010

Ever get a surprise you did not want? Chances are you have if you have gotten a mortgage in the last 3 years.

I have had to pass on more last minute surprise paperwork requests and loan approval conditions in the past 3 years, than I have in all the prior years in my 25 years in this business.

I have seen a loan approval come through with some loan approval conditions, then I send up those conditions from my client, but then have seen an underwriter decide to add a new one after the fact!

Or I have sometimes received a clean loan approval with no loan conditions, and then have seen an underwriter add a condition they “missed” just prior to settlement.

I recently had a loan approved and the credit report had expired (credit reports are usually only valid for a certain period of time), and the underwriter who did not notice this at loan approval decided to ask for an updated credit report 1 day prior to closing, which delayed closing!

The bottom line is to expect the unexpected, comply as best you can, and understand that the mortgage environment is very difficult right now. I never count a settlement as completed until the clients have signed, received their keys, and walked in the door of their new home!

Brian Martucci is a loan officer for Capital Bank Home Loans, a division of Capital Bank, N.A. He has been in the mortgage industry since 1986 and has served in a number of roles, including loan processor, loan officer, mortgage broker, branch manager, and vice president. Brian Martucci – NMLS# 185421. His opinions do not necessarily reflect the opinions and beliefs of Capital Bank Home Loans or Capital Bank. Capital Bank, N.A.- NMLS# 401599. Click here for the Capital Bank, N.A. “Privacy Policy”.

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