5,216,398
Lack of communication between processors and underwriters leading to unneccessary delays!
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Dusty Rhoton CLHMS, AB...
Flagstaff, AZ
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Nina Hollander, Broker
Charlotte, NC
1,725,996
Crazy dumbass underwriters that barely made it out of high school and their insane documentation demands.
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John McCormack, CRS
Albuquerque, NM
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Dusty Rhoton CLHMS, AB...
Flagstaff, AZ
4,800,082
I feel that the most challenging issue is that wages in this country are not keeping up with the cost of housing. So, lenders are being very careful about lending.
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Richard L. McKinney P.A.
Port St Lucie, FL
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Roy Kelley
Gaithersburg, MD
5,104,931
I have not seen lending rules change in the middle of a transaction once a file has been opened. The major issues I see are loan officers who put in sloppy documentation to the udnerwriter who then has to keep asking for more information, sometimes to the last minute. I don't work with lenders like this, but sometimes when it's a buyer for a listing of mine, I have no control over their lender.
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John McCormack, CRS
Albuquerque, NM
2,538,633
Good morning Dusty. The biggest issue that I see is the "last minute" stuff that holds stuff up that underwriters come up with.
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Nina Hollander, Broker
Charlotte, NC
4,319,419
Dusty Rhoton, SFR, SRS, CDPE, RSPS - working with right lender perhaps resolves all kind of obstacles.
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Nina Hollander, Broker
Charlotte, NC
3,727,873
Usually any difficulties arise during the pre-approval process.
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Nina Hollander, Broker
Charlotte, NC
3,340,443
We select lenders carefully....furnishing lists....and have had no problems.
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Nina Hollander, Broker
Charlotte, NC
1,452,819
For me, this text from my Go-To-Mtge-Broker:
"Today's industry does not cater to well-off, retired, asset-based clients buying executive real estate!"
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Susan Emo
Kingston, ON
2,362,942
I think the lender mindset is the most difficult.
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Roy Kelley
Gaithersburg, MD
1,577,943
I actually have seen it get better. Been awhile since we had issues.
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Nina Hollander, Broker
Charlotte, NC
6,393,179
979,496
Dusty - I think that there are so many rules and regulations that nobody really knows or understand everything about every possible loan scenario, so things come up unexpectedly. Part of the problem is lenders want to be everything to everyone (just like agents), so they have to know the ins-and-outs of hundreds of different programs, with their guidelines and interest rates changing all the time.
I have heard that some of the lender guidelines for specific types of loans are like hundreds of pages long. Try memorizing just a couple of those, let alone 50, and you can see how things go wrong.
283,833
This past week we had a new one come up...Client buyer has been renting for 3 years and the seller decided to sell the house to them... The appraiser says the current rents in THAT neighborhood are $2100 p/month and the buyers have only been paying $1550 p/month. So, FHA says effective October 2015 you have to take the difference in the appraiser's opinion of market rent and the rent they have been paying and times that for the length of time they are renting and they have to add that now to their down payment!
I spent all weekend getting the CORRECT rents for that neighborhood and now the appraiser has to explain "why" he used rents from homes over 2,000 S/F in the Country Club area when this house is only 1500 S/F and then ....we wait for the underwriter to make their new determination.
Very frustrating rule that makes no sense to me! (Evidently FHA says this new rule is in place for sellers who rent undermarket to their future buyers!!) Thanks for letting me vent and I will keep you posted on our progress.
5,868,482
I wish the self-employed borrowers an easier system. Some business owners are still having issues with obtaining a loan.
3,071,489
I think the key is to work with lenders who (along with their underwriters) know what they are doing...
1,661,936
I'm not seeing any problems. Thankfully the lenders we work with are outstanding.
2,759,812
Good morning Dusty. I would have to say wages not keeping up with the cost of housing.
634,482
Debt to income ratio not adjusted for expensive housing markets like mine.
5,772,575
617,935
Dusty,
I’m fortunate not to have to deal with low score clients’ so I’m not seeing any issues.
231,224
i see some openings on the scene for some additional creative lending. banks wanting to not lend, and some private money going toward real estate
140,560
hmmm ...the obstacle are having Good Credit, Solid Income, minimum 2 yr Work History and then being able to provide the documention to support all of it LOL .. The whole mortgage process just sucks!
3,986,258
4,434,127
I am sure there will be obstacles as people are getting used to the new rules.
7,836,129
Recent statistics show that a very high percentage of TRID settlements have errors.
1,712,676
Guidelines are loosening up, and TRID is helping the process. Buyers have to get their info in in a timely fashion, and REALTORS® must finally show competence and not last minute incompetence.
5,583,278
1,239,901
Needing stellar income to buy a modest home in SF Bay Area.
$280K a year income......
1,844,291
I don't think that buyers know enough about how their credit score effects them. Most are clueless & I've just had one buyer think that putting 20% will cure 'all the evils' on his credit report. Boy, was he surprised!
Finding people with good credit.
You MUST work with a loan officer that knows what they are doing & knows what questions to ask. That is essential because deals are just getting tougher not easier.
1,157,785
The lending obstacles depend upon the particular transaction and the ability of the parties to overcome them.