Does Anybody Here Work For an Underwriting Company?

Skerpokes

Skerpokes

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And if so:

go fuck yourself middle finger GIF by IFC
 
Skerpokes said:
the-little-rascals-scum.gif
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Well, most underwriting guidelines are established by the government. Seems like your beef ought to be with them, or alternatively, yourself if you can’t meet them. Don’t shoot the messenger.
 
I work for an overwriting company actually
 
Underwriters? The dumbest guy in my fraternity became and underwriter after he failed out of dental school
 
williewilliejuan said:
I manage teams of underwriters. What’s your beef?
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Got "pre-approved" to purchase a house (which I now know is complete bullshit). Put an offer on it, they accepted the offer. This was back in October. So the underwriting process has been going on for almost two months now. Closing date was originally supposed to be 12/9 but we were able to move it up to 12/5, this coming Monday. Yesterday I was informed by the underwriting company that they were not aware of the change in closing date, so I sent them the signed addendum showing the change.

We are doing 50% down for the down payment. In the past two months I have sent the underwriters:

August and September bank statements
All of my investment account statements
My tax returns
Whatever the hell else they requested

Then two weeks ago they requested my October bank statements which I provided them
They also requested a report showing my YTD revenue which I provided them
There was a quarterly estimate payment to the IRS on my September bank statement so they wanted a letter from my CPA

Now three days away from closing they are saying that they want more evidence of recurring income for me even though it clearly shows payroll deposits on the three months of bank statements I sent them.
The mortgage lady who is heading this up sent the underwrites the link to my company website.
They wanted another letter from my CPA confirming my income which he provided them.

I called my bank and asked them to send me a statement showing just deposits into my checking account for as far back as she could which she provided me that shows all payroll deposits going back to August. I sent that to them.

Mind you I have enough in my checking account to write a check for the house and pay for it in cash which the underwriters can see because they've seen my bank statements! I emailed the mortgage lady and said at this rate, I am considering just paying for the house in cash and then taking out a loan on the house after the fact and essentially paying myself back.

leonardo dicaprio middle finger GIF
 
Skerpokes said:
Got "pre-approved" to purchase a house (which I now know is complete bullshit). Put an offer on it, they accepted the offer. This was back in October. So the underwriting process has been going on for almost two months now. Closing date was originally supposed to be 12/9 but we were able to move it up to 12/5, this coming Monday. Yesterday I was informed by the underwriting company that they were not aware of the change in closing date, so I sent them the signed addendum showing the change.

We are doing 50% down for the down payment. In the past two months I have sent the underwriters:

August and September bank statements
All of my investment account statements
My tax returns
Whatever the hell else they requested

Then two weeks ago they requested my October bank statements which I provided them
They also requested a report showing my YTD revenue which I provided them
There was a quarterly estimate payment to the IRS on my September bank statement so they wanted a letter from my CPA

Now three days away from closing they are saying that they want more evidence of recurring income for me even though it clearly shows payroll deposits on the three months of bank statements I sent them.
The mortgage lady who is heading this up sent the underwrites the link to my company website.
They wanted another letter from my CPA confirming my income which he provided them.

I called my bank and asked them to send me a statement showing just deposits into my checking account for as far back as she could which she provided me that shows all payroll deposits going back to August. I sent that to them.

Mind you I have enough in my checking account to write a check for the house and pay for it in cash which the underwriters can see because they've seen my bank statements! I emailed the mortgage lady and said at this rate, I am considering just paying for the house in cash and then taking out a loan on the house after the fact and essentially paying myself back.

leonardo dicaprio middle finger GIF
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Pay cash.
 
Skerpokes said:
Got "pre-approved" to purchase a house (which I now know is complete bullshit). Put an offer on it, they accepted the offer. This was back in October. So the underwriting process has been going on for almost two months now. Closing date was originally supposed to be 12/9 but we were able to move it up to 12/5, this coming Monday. Yesterday I was informed by the underwriting company that they were not aware of the change in closing date, so I sent them the signed addendum showing the change.

We are doing 50% down for the down payment. In the past two months I have sent the underwriters:

August and September bank statements
All of my investment account statements
My tax returns
Whatever the hell else they requested

Then two weeks ago they requested my October bank statements which I provided them
They also requested a report showing my YTD revenue which I provided them
There was a quarterly estimate payment to the IRS on my September bank statement so they wanted a letter from my CPA

Now three days away from closing they are saying that they want more evidence of recurring income for me even though it clearly shows payroll deposits on the three months of bank statements I sent them.
The mortgage lady who is heading this up sent the underwrites the link to my company website.
They wanted another letter from my CPA confirming my income which he provided them.

I called my bank and asked them to send me a statement showing just deposits into my checking account for as far back as she could which she provided me that shows all payroll deposits going back to August. I sent that to them.

Mind you I have enough in my checking account to write a check for the house and pay for it in cash which the underwriters can see because they've seen my bank statements! I emailed the mortgage lady and said at this rate, I am considering just paying for the house in cash and then taking out a loan on the house after the fact and essentially paying myself back.

leonardo dicaprio middle finger GIF
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Without getting too personal, how large of a loan is this? Trying to understand whether its Agency or Jumbo.
 
williewilliejuan said:
Oh, and by the way, you can absolutely pay cash and do a quick cash out refinance to get your money back. It’s called delayed financing and it’s a standard Fannie Mae option.
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I'm seriously considering it at this point. But with where the stock market is, and a possible recession on the horizon I'd like to hold onto as much cash as possible for the time being.
 
Skerpokes said:
Independent. You gonna ask for my social security number next?

tom-hanks-snl.gif
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Nope. Just trying to understand the landscape. The process you described sounded like a bank. They don’t know what they’re doing most of the time. Not sure of your loan situation, but most of our purchase transactions get completed in under 21 days from application to closing with two underwriting touches. Sounds like you got a bad lender. Not going to ask who in case it is us.
 
williewilliejuan said:
Nope. Just trying to understand the landscape. The process you described sounded like a bank. They don’t know what they’re doing most of the time. Not sure of your loan situation, but most of our purchase transactions get completed in under 21 days from application to closing with two underwriting touches. Sounds like you got a bad lender. Not going to ask who in case it is us.
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The most frustrating part is that I've been told multiple times that everything looks good and that we're near the finish line. Only to be told later, multiple times that they need more documentation.
 
Skerpokes said:
The most frustrating part is that I've been told multiple times that everything looks good and that we're near the finish line. Only to be told later, multiple times that they need more documentation.
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That’s what’s not making sense. A 50% LTV Agency loan should be a slam dunk. Credit docs are good for 120 days, so if they have your Aug/Sept statements, there’s no reason to pull in October. I also don’t understand why they’d be asking for information from your CPA.

Seriously, the underwriter shouldn’t look at the file more than twice. Once upfront to tell you what they need and once to clear your loan to close. They shouldn’t have to go back multiple times unless they don’t know what to ask for or don’t understand what they’re seeing.
 
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