my best friends are underwriters......one this past week had the file from h#ll. Told the processor last Monday EXACTLY what was needed to satisfy the investor condition. Jumbo loan. Even spelled out what was NOT acceptable. Tuesday, processor submits, exactly same documentation from original submission. Doesn't understand why it's not acceptable. My friend explains it doesn't meet investor guidelines. Wednesday, same thing happens. Thursday, same thing happens. By Thursday afternoon, it's escalated to screaming, yelling, upper management. Finally, the processor gets it, and sends over the necessary documentation. File has to close on Friday, so now, upper management has to get involved, push this one to the front to get docs out and fund.
Underwriters can get dinged with audit findings. And, God forbid, the lender ends up with an unsaleable loan. Underwriters have to hold the line....or bad/unsaleable loans get made, they are out of jobs, and well, mortgage industry meltdowns have been known to happen.
Not much has changed in underwriting world since I left it years ago. And, there are some underwriters who live to make processors and LOs miserable. Worked with a few of those as well. But, for the most part, underwriters want to follow the guidelines, make good, saleable loans, and get paid.
Thanks for listening. End of rant. |
