Anyone who knows me personally and professionally can attest that I just don’t cry wolf or yell “Fire!” in a crowded theatre unless said wolf or flames are in pursuit of my person.
By the same token, I am not going to unnecessarily harass my clients for information unless I know it is the only way they are going to get their financing. And I only say “harassed” because that is (I believe) how the buyers in a recent transaction felt because I needed information that was essential to the success of the closing that they didn’t feel they should have to provide.
I don’t insist on anything idiosyncratic like using a lucky pen to fill out the paperwork, I only insist that you give me the information that I know the underwriter is going to need to approve you. I’ve said this a million times before, you are simply figures on a balance sheet to an underwriter and if they don’t add up then guess which big rubber stamp the underwriter is going to reach for?
I know that borrowers sometimes feel like their privacy is being invaded, but if you deal in a cash only business and have no paper trail to show where the money came from, (then trust me on this)…the underwriter will kick you to the curb.
Basically, I am trying to set my clients up for success. While every borrower’s application and situation is different, circumstances repeat and I do know exactly what the underwriter requires in certain circumstances.
My underwriters have worked with me long enough to know if I submit something that is not complete or if I don’t represent the appropriate proof or address a situation head on, they will discern that something is not being disclosed. Trust me…they’ll know…that is their job.
At the end of the day, while I can completely understand the borrower, I have to feed the need of the underwriter in order to ultimately get the borrower what they want…which is the house. It is really sort of that simple.