It’s been covered a bundle of times that getting a mortgage approved is a major league challenge if you are a consumer. “Just a few more documents”, explanations of minute details in your bank statements you can barely remember and arcane rules related to your homeowners association are only the tip of the iceberg. Some days you want to lash out at someone just to try and “move the ball” and get to the closing table.
That’s fine. As mortgage loan officers, we get that. It’s part of the deal. Especially if you have not gotten a loan in the last couple of years. It’s true, the documentation is getting worse, not better. And there is no end in sight. The reasons for this were detailed in this post.
If you are a consumer though, you won’t believe what is going on inside the four walls of your mortgage company. Your loan officer is trying to get you to the closing. And trust me on this, when he sees a request for any of these crazy details, one of two things runs through his/her mind.
1. Can I talk processing/underwriting/closing out of this silly/redundant/unnecessary request?
2. Can I get it from the client without too much headache/damage to my relationship with them?
This conversation is had every time. Trust me on this. This means that by the time you as the client get that call, we have already tried to negotiate a work around. It’s not happening. Just do it.
Just remember that your loan officer is fighting with processing. Processing is fighting with underwriting etc. Everyone is worried about keeping their jobs in spite of the fact that as an industry we are flooded with business. We have had a challenging few years and now instead of wondering how we will ever find another deal, we are wondering if we ever will be able to close another one.
Trust me when I tell you the path of least resistance is getting the extra stuff in quickly.
