Why do I have to provide so many bank statements, tax returns and, pay stubs to get a mortgage?

Why do I have to provide so many bank statements, tax returns and, pay stubs to get a mortgage?. Loan Processing - Loan Underwriting Services - Mortgage Processing

Why do I have to provide so many bank statements, tax returns and, pay stubs to get a mortgage? video duration 2 Minute(s) 24 Second(s), published by Physician Home Loans on 22 05 2014 - 01:17:23.

http://fairwayphysicianhomeloans.com/ Why do I have to provide so many bank statements, tax returns, paycheck stubs, and how come there are more

Matthew Mcconaughey ticked off at Mortgage loan Underwriter http://www.BlueStripeMortgage.com 1-800-775-0965 Maine & Florida Residential Home Financing Experts This video is about how it is essential for your Mortgage loan processing and loan underwriting services http://www.kevinleonardmortgageexpert.com/loan-products/ Our solutions ensure seamless .

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Why do I have to provide so many bank statements, tax returns, paycheck stubs, and how come there are more conditions that come from the underwriter throughout the underwriting process or mortgage process?

This is another question that we get all the time and we see in forums and posts, not only from our own clients, but from clients all over going through the mortgage experience. And so I just wanted to address it real briefly.

What has happened after the mortgage meltdown is that - well, let me go back. Before the mortgage meltdown, it was the Wild, Wild West. If you had the money in your checking or savings account, and if you had a job, basically you could do a stated income loan and close on a home.

That was a great, great experience for a client, how simple was that. But, the downside was, we blew up our entire country's real estate market. There was a lot of fraud. People weren't making as much money as they said they were. That money that was in their bank account was sometimes borrowed and had to have payments to pay back that actually drove the client's debt to income ratio very high. And so there were all kinds of problems with that underwriting process.

So, the pendulum has swung. We're now in the most documentation heavy era of mortgage underwriting of all time. It has never been more complicated to get a mortgage loan.

So, now, you're going to submit your documents - and it's going to be more documents. We're going to try and make that as streamlined as humanly possible by preparing you for what we need, getting all those documents early in the transaction versus last minute.

And then once those documents go through the underwriting process, you should anticipate that the underwriter's going to have questions. Do not be offended. It has nothing to do with you, or your integrity or your ability to repay. It has everything to do with the fact that where we are in the mortgage world right now is a very documentation heavy world and it requires every t to be crossed and every i to be dotted.

So, I hope that shed some light on the situation. Again, don't take it personally, don't be offended, if you just get the documents back to your processor or your loan officer, you're going to have a great experience. Thanks so much and I invite you to reach out to us with any more questions.

Josh Mettle
fairwayphysicianhomeloans.com
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