Mortgage Underwriters Are Not Scary

March 5th, 2013

It is time to report on another crazy underwriting story. The paperwork that people have to provide and the rigid underwriting guidelines that I have to put them through are really absurd at times. The fact that we cannot interject any small amount of logic into the discussion is really getting painful. It is not really the underwriters fault though, they are only interpreters of guidelines imposed on them (and all of us) by the rule makers, like Fannie Mae and Freddie Mac. I had what may be the strongest mortgage borrower of my life go through a four-month nightmare with a large bank.  Read the rest of this entry »

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Self Employed People Cannot Use Money From Their Own Business?

November 30th, 2012

The mortgage rule makers say that self-employed mortgage borrowers can’t use money from their business accounts for a mortgage, not without some explanation anyway. Why? It’s their money! You would think they would know best what to do with it. Yet, Fannie Mae and Freddie Mac say that they don’t want a self-employed mortgage borrower to use funds from their business bank accounts without some further analysis. There is the possibility to allow the withdrawal of funds from business bank accounts if the self-employed mortgage borrower’s accountant writes a letter stating that the withdrawal of funds from their business bank accounts “should not” adversely affect the operations of the business. Read the rest of this entry »

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Who Is Responsible For The Nightmarish Mortgage Process? Go Scream At The Government!

April 10th, 2012

I am from the government and I am here to help you. That punch line seems to be coming more and more true these days. Fannie Mae and Freddie Mac were taken over by the federal government in bankruptcy receivership in 2008. Fannie Mae and Freddie Mac, along with FHA and VA make up almost 100% of mortgage lending in our country. I would not say that the mortgage industry has been socialized, but it certainly is dominated by government. In the last four years the big government stamp on the mortgage process is undeniable and is the sole reason people scream bloody murder at their mortgage lenders during the process. Below are some exact reasons you can thank the Feds for your mortgage nightmares: Read the rest of this entry »

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