Is the Mortgage Underwriting process horrible for everyone now? (rate lock, finance, loan)
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We just closed a couple weeks ago and while the process is bit random as far as timing and pace goes it wasn't too bad.
Week one: We need these 100 documents. Sign these 100 documents.
Week two: Silence
Week three: We need these docs signed and send us this one piece of info.
Week 4: Silence'
Week 5: We need these 100 docs that are amazingly similar to the docs from week one...
and on and on...
Just for fun around the week five document flurry as we were scanning and emailing away my wife came across her 2nd grade report card. Just to entertain ourselves I scanned it and sent it through to the mortgage broker with a bunch of other docs...she thought it was hilarious and forwarded it around her office!
I swear that little bit of personalization gave us a a warmer interaction...underwriting was just a waiting game.
We just closed a couple weeks ago and while the process is bit random as far as timing and pace goes it wasn't too bad.
Week one: We need these 100 documents. Sign these 100 documents.
Week two: Silence
Week three: We need these docs signed and send us this one piece of info.
Week 4: Silence'
Week 5: We need these 100 docs that are amazingly similar to the docs from week one...
and on and on...
Just for fun around the week five document flurry as we were scanning and emailing away my wife came across her 2nd grade report card. Just to entertain ourselves I scanned it and sent it through to the mortgage broker with a bunch of other docs...she thought it was hilarious and forwarded it around her office!
I swear that little bit of personalization gave us a a warmer interaction...underwriting was just a waiting game.
That is very funny! Our loan officer had ZERO sense of humor or patience for that matter. I was shaking in my shoes every time she emailed me. Not a pleasant experience at all.
I'm not going to defend lost documents, nor will I defend not reviewing documents until 3 days prior to closing. And while I won't try to excuse the seemingly whacked out required documents, I will say anytime we see mortgage lending guidelines contract, the incidence of fraud skyrockets. We are at that time right now, tight guidelines that limits who can borrow, putting fraud at its highest.
As someone on the requesting end of those dreaded documents that you guys all talk about...
BELIEVE ME ....if I didnt need them all for the lender I wouldnt ask for them!!
Some lenders are much more particular than others. Generally speaking the more detailed lenders give the better rates, NOT always, but generally speaking....
Gotta say though some people ask a lot of retarded questions of "why this doc, why that one...I don't know where it is...do you really need it?
If it was as simple as 'do you get paid? yes... great how much do you want to borrow?'
I'd love that, So dont always bust the Loan Officers so much (even though some do have personalities of wood) they are really only paperpushing for the big banks that ask for that this stuff...
Welcome to the world of mortgages! No one ever said it was easy or else everyone would do it. Best thing you can do is ask for a complete list and get everything together. Realize though that until underwriting is completed, you will be asked more documents. That's the way it is. Take it or leave it.
The day before closing don't be surprised if there needs to be a phone call directly to HR to verify your husband's job again. It's not meant to humiliate a person. It's meant to satisfy government and banking requirements.
Using a broker is also different than going directly through a bank.
Reading again your original post, did the bank really need your checking account info (if you had all the funds available for closing in savings)?
Asking that because our LO told me she just need saving account statements with the down payment/money for closing/reserve in it. I guess they dont need to see where my paychecks get deposited.
Also, like you my bonus came in (last week so its not showing in the bank statements I gave to lender and they didnt need to see it to qualify) so I hope it wont cause problems?Does underwriting ask for updated bank info until the last minute??
It varies by lender. Some will ask for more documentation. With one mortgage we had, we had to send them weekly print outs from our online bank accounts. We had to send the last batch like 3 days before closing.
Normally, yes, you do need to submit documentation for ALL bank accounts not just checking and savings. Just because you haven't been asked doesn't mean you won't be.
My bank (Box Home Loans) had a web page set up where I could log-on and upload files. It also had a list of "needed documentation" that was crossed out when completed and verified. This seamed to make the process a much more pleasant one that trying to email everything back and forth.
My bank (Box Home Loans) had a web page set up where I could log-on and upload files. It also had a list of "needed documentation" that was crossed out when completed and verified. This seamed to make the process a much more pleasant one that trying to email everything back and forth.
That sounds pretty user friendly and flat out a good idea.
I'm not going to explain the whole story, because it will be too long, but I'm going through the same thing and I just want to say that that's the worst experience in my live and I just can't belive that these mortgage companies make people so stressed out and sick of the entire process. I just don't believe that there will be the end of the process at all. Every time I'm sending something to them, they request 5 more things again. I'm really sorry for the people who are in the process right now like me or will be in the future. All we can do is keep strong and wait when this hell will end.
P.S. We are now have to make a 5k repairs in the house that not even ours yet and nobody knows if the deal will work out after all. This is just ridiculous. (
I'm not going to explain the whole story, because it will be too long, but I'm going through the same thing and I just want to say that that's the worst experience in my live and I just can't belive that these mortgage companies make people so stressed out and sick of the entire process. I just don't believe that there will be the end of the process at all. Every time I'm sending something to them, they request 5 more things again. I'm really sorry for the people who are in the process right now like me or will be in the future. All we can do is keep strong and wait when this hell will end.
P.S. We are now have to make a 5k repairs in the house that not even ours yet and nobody knows if the deal will work out after all. This is just ridiculous. (
No one said getting a mortgage was easy. Why should it be? Banks are on the hook for millions - in some cases billions - that they're hoping will be repaid. If getting a mortgage was as easy as ordering a burger and fries at Mickey D's, the everyone and their brother would be doing it.
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