Does Anybody Here Work For an Underwriting Company?

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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"more documentation" sounds like a stall tactic to me. Someone is on vacation or they didn't want you to move up the closing date for some other reason.
 
fordman84 said:
"more documentation" sounds like a stall tactic to me. Someone is on vacation or they didn't want you to move up the closing date for some other reason.
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Yeah, that could be it also.
 
williewilliejuan said:
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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I have no clue. The only thing I can think of is that I'm self employed. The company name changed in 2015 after a new partner came on, but the partnership holds no assets and generates no income. It's simply a name. The tax ID and everything stayed the same during the name change. I guess the name on the schedule C with my tax returns still had the old company name (even though the tax ID was the same) and so it is throwing the underwriters off.
 
Skerpokes said:
I have no clue. The only thing I can think of is that I'm self employed. The company name changed in 2015 after a new partner came on, but the partnership holds no assets and generates no income. It's simply a name. The tax ID and everything stayed the same during the name change. I guess the name on the schedule C with my tax returns still had the old company name (even though the tax ID was the same) and so it is throwing the underwriters off.
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Self-employed shouldn’t be an issue. You’re a partnership, but file Schedule C? Not a 1065 that flows to Schedule E via a K1?
 
williewilliejuan said:
Self-employed shouldn’t be an issue. You’re a partnership, but file Schedule C? Not a 1065 that flows to Schedule E via a K1?
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It's not a partnership. It's just a name. We each have our own business but work under the same name.
 
Skerpokes said:
It's not a partnership. It's just a name. We each have our own business but work under the same name.
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Got it. Schedule C is actually an easier underwrite than a wage earner (W2). Not sure who you’re using, but really hope it isn’t us.
 
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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Sorry dude. Sounds like a shitty loan company. Shitty loan companies all seem to employ their braindead cousins as underwriters who want you to do all of their work for them.
 
Skerpokes said:
I have no clue. The only thing I can think of is that I'm self employed. The company name changed in 2015 after a new partner came on, but the partnership holds no assets and generates no income. It's simply a name. The tax ID and everything stayed the same during the name change. I guess the name on the schedule C with my tax returns still had the old company name (even though the tax ID was the same) and so it is throwing the underwriters off.
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Skerpokes said:
It's not a partnership. It's just a name. We each have our own business but work under the same name.
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So you've been committing tax fraud since 2015. Go on... *hits record button*
 
Skerpokes said:
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.
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Pay cash and take out a home equity line. You will be saving like 6.5% interest if you don’t need the cash but have access to it whenever you need it. Best you are going to do in a savings account is about 3%.

If you are just holding the cash then pay off the house and start building savings again by putting monthly payments to yourself.

With the increased standard deduction I doubt you will get the mortgage interest write off anyway.
 
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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FWIW we did a build-to-perm loan that was HFA. The documentation was a pain in the ass and the lender was repeatedly "we are almost finished but I just need a few more items". Then had to essentially repeat the whole process over again for an auditor. I wanted to punch that bitch
 
Skerpokes said:
I have no clue. The only thing I can think of is that I'm self employed. The company name changed in 2015 after a new partner came on, but the partnership holds no assets and generates no income. It's simply a name. The tax ID and everything stayed the same during the name change. I guess the name on the schedule C with my tax returns still had the old company name (even though the tax ID was the same) and so it is throwing the underwriters off.
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Have they put a GPS tracker on your vehicle?
 
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
Click to expand...

Trust me, the banker is just as frustrated as you. I don’t miss it. Hope it all works out for you.
 
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