Those words came from my best friend last night while he was aggravating over some less-than-perfect underwriting on his new mortgage in a state I’m not licensed in. I hear you, my friend – the world needs more people like you!
And what was the speedbump that he encountered?
There was a large deposit that appeared in his checking account that the U/W demanded that he document. Only, it was a transfer from his savings account which they already had. Worse yet, he banks at the very same bank that the U/W works for and, thus, the bank statements should be a least a little familiar looking to her.
His larger question was why would they care about the source of funds if he doesn’t need them for closing? Ahhh, welcome to my world! It’s true that the rulebooks for mortgages require that we document all “Large” deposits (the calculus for which would put all of you to sleep) that appear in the bank statements we present.
The missing element, of course, is ‘common-sense’ – an ingredient that appears to be missing in my industry. My answer to that, however, is that it’s awfully difficult to apply common sense when you have 70-million mortgages outstanding. Think about it – if every underwriter had to roll-up their sleeves and attempt to apply common-sense to your loan, it would bog the system down with the time and energy required.
So, if you can’t count on common-sense, the answer is to work with a mortgage professional who can anticipate the speedbumps so that these last-minute items never come up.
Oh, and what gives my friend the privilege to say “I guess not everyone has to do their job right every time?”
He’s a pilot…