Monday, September 27, 2010

The Joys of MortgageLand

yes, these 2 stories REALLY happened. and today actually :

1. i underwrote a loan where the borrower has had 2 jobs in the last 2 years and his most current job, he was laid off and on unemployment for a couple of months THIS year. so i asked that the employer state the dates of unemployment on the verification of employment and MUST state that it was not likely to happen again.

broker responds with an email stating that the borrower is upset about this and why would we need this, etc.

i respond back with "unfortunately I need them to state that it is unlikely to happen in the future to establish stability of income. His employment is not 100% stable in my opinion."

so broker responds back with "what about his employment is not stable?!"

so we go round and round....this was last week.

this morning, we get an email from the broker...

"Good Morning,

Please do NOT continue working on the above file. Customer has cancelled.


so ivycurlz emails her back and asks if she wants us to go ahead and cancel out the file.

her response :

"please..................guess what.................Mr. S* lost his job !!!............guess the underwriter called that one, huh !!!"


2. "This is an emergency we are going to lose this loan if we don't fund for september. Conditions attached - lets get the CTC!!!

Thanks again, *name withheld*"

let me clarify that CTC means 'clear to close'.

so ivycurlz looks at the conditions that were sent in and the broker fails to realize that the written verification of employment that was completed by the employer states that the borrower RESIGNED 9/8/10.




no, these scenarios did NOT happen, but we made fun anyway :

butterfly : Hey I have a borrower that has been at 12 jobs in the last 2 years and unemployment on top of that. But we PROMISE they will still be at their job for many years to come, so you shouldn’t need to prove stability of income, right?


farls : ok so my borrower has never had a job but promises to get one if you approve this mortgage loan.
Please condition for the promise note, and make that a funding condition...need to close asap!

ivycurlz : Scenario:
Excellent credit customer (mid 500’s) been on the job for 6 months (laid off twice in the last year its not their fault though I can get an LOX) and only 42 NSF’s in the past 60 days, what do you think?

butterfly : Hey! I need a CTC right now like yesterday like right now and here all my conditions and I’m such an idiot that I didn’t even see that the VOE says he had resigned. OMG> LOL. IDK. I’m so silly.

farls : I really need to close this file, the borrowers girlfriends, cousin's, neighbor's, best friend is going to promise to split the payment if he can use the garage for a pharmaceutical production facility.Borrowers promises this is not an illegal operation and will be very profitable, can you make this a funding condition? Really need to get this done before the end of the month.


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