Re:Big Banks Had a Spectacular Quarter Despite All the Rules
by toomuchtodo on Friday July 21, 2017 @11:17AM
(#14821203)
Underwriters are difficult because every day people are trying to pull a fast one on them and it's their job on the line if there is fraud and the mortgage gets bought back.
Source: Father and step mother are contract underwriters.
Re:Big Banks Had a Spectacular Quarter Despite All the Rules
by javajosh on Friday July 21, 2017 @11:15AM
(#14821179)
In these cases I often wonder if there is a piece of software (or three) to blame. When someone's role is tied to a form requires them to pick an option, and gives no free-text alternative, this creates a recipe for making mindless, illogical demands. But in truth, it's not the underwriter, really: it's the underwriter parroting their bad software that is making mindless, illogical demands. (And the manager who gives instructions like, "Just fill out the form. No, I don't want to hear about exceptions. The form has worked for 15 years, why are you so special?")
- transactions between my own accounts to put enough in one place for down payment (this despite sending them transaction records from both sides multiple times)
- the fact that my dad and I co-purchased a condo in the Midwest for 100k in cash. They kept asking for docs on the mortgage for that when there wasn't ever a mortgage. Idk how they wanted me to prove something that never existed. Finally got our insurance agent to call them up on the phone and explain, "yes real estate prices in flyover really are that cheap; no there never was a mortgage; no, that means there's no other bank to talk to"
Really frustrating process when they keep asking for stuff that doesn't exist. The loan officer at the bank that I was working with was similarly frustrated with their own underwriters.