I am fond of saying that as mortgage bankers in Florida, we make mortgages, and that doesn’t necessarily mean we make sense.
I serve as an intermediary between the home buyer and underwriters who hold the keys to the kingdom. Believe me, I know what they are looking for and I know how to be proactive and alert the buyer as to what the underwriter is going to want.
So basically, if I request something from a buyer, it’s not because I am just looking to add even more paper to an already bulging file. I just want to get that person to the closing table on schedule with the right mortgage product.
Case in point: a recent closing went way beyond the date that it should have because the borrower was pretty adamant that she knew more about mortgages than I do. And you know what? She didn’t and maybe never will. And the irony is she had some complicated things about her file that could have made her ability to get a mortgage just that much more challenging. But by conducting a thorough initial assessment we were able to address any of those things before they became issues; because that’s what we do.
The thing that held up the whole show was an undisclosed liability discovered when the credit report was pulled right before closing. Always in the Top Ten Things Not to Do Before You Close on Your Home, whatever happens in that time period between loan pre-approval and the subsequent underwriting process is not only fair game, it could kill your deal.
At the end of the day, don’t run with scissors and don’t ignore the mortgage professional. We managed to get this loan closed, but you’re not going to dodge the Fannie Mae’s of the world by thinking you can hide stuff because you know more than I do. Not when it comes to mortgages anyway…