Posted by jba/fl on 10/29/09 10:20am
Msg #309112

Borrowers ask why it takes so long?

Many reasons - siome are listed in the following article

http://tinyurl.com/ylldhfc

Reply by CopperheadVA on 10/29/09 10:36am
Msg #309116

That was interesting - especially the part about unreimbursed employee expenses being deducted from income used to qualify for the loan.

Reply by Linda_H/FL on 10/29/09 10:42am
Msg #309117

The Self-Employed paragraph snagged us

In 2008 I put a lot of money into advertising - more than in 2007 and 2009 - worked great for taxes but when we went to refinance that actually worked against us - they didn't like the looks of my business....we were okay and making our payments but all those deductions worked against us.

Reply by Shoshana/AZ on 10/29/09 10:58am
Msg #309120

The self-employed are now getting the short end of the stick

It makes sense because if the individual is taking all those deductions, then that money is not part of their income. They don't really have it to spend.

Reply by Notarysigner on 10/29/09 10:45am
Msg #309118

Thanks for the article..very interesting...I wondered what the 2nd appraisal (drive-by) was for.LOL

Reply by Jim/AL on 10/29/09 10:58am
Msg #309121

Great article, thanks Julie. n/m

Reply by MW/VA on 10/29/09 4:38pm
Msg #309192

Great article. I know I'm encountering a lot of people who applied back in June? The process has become extremely slow.

Reply by JanetK_CA on 10/29/09 10:55pm
Msg #309238

Up until a week or two ago, it seemed that everyone I met with had started back in February! And they all complained about the exact same things. It's a very different world in the loan business than it was a few years back...

Thanks for posting, Julie. I agree with the others - great article! Unfortunately, I don't see this situation changing any time soon. It sure explains a lot, though. I feel like printing out the link to give to borrowers when I get the same old story again. [But I won't.] I should add that I've seen exceptions from those who are using private capital.

Reply by jojo_MN on 10/30/09 12:00am
Msg #309241

That is why I started last week having 1 on Monday, 1 on Wednesday, 2 ond Thursday and three on Friday. Monday cancelled after they saw terms were variable, Wednesday, the borrowers names were spelled wrong on every one of the documents, Both on Thursday were cancelled due to not getting "clear to close", Two on Friday cancelled becasue they were still in underwriting. One signed with no problem. Hurrah! Two on Friday signed Saturday morning and afternoon. Wiping out my day with my g-kids. ;-(

Borrowers need to have final terms one week in advance., with the final hud at least one day in advance.