THIS IS A COLLECTION OF RANTS OF WHEN THINGS WENT BAD & A FEW SOLUTIONS
( PLEASE SHARE YOURS )
I working as a tech recruiter one time along my career.
The IT/data base admin guy for this small agency was this middle aged rocked out biker dude named Curt. He didn't say much but when he spoke he would tell stories and use analogies. The story would drive it home though. On his spare time Curt worked on custom high end $100K choppers making sure all the electrical wires were hidden and had a clean look. ( before the reality shows ) One story he told me was this one.
Curt old me that often times he had these high maintenance CEO's cracking the whip wanting their bikes done yesterday. Curt said that his only push back that seemed to work he said was this one: "HEY! " you can have SPEED, QUALITY or QUANTITY ( PICK 2 and get off my back ) They often chose, Quality and Speed of course. That being said, he could only crank out one a week. Does that ring true for you? Do your best to balance all three but when one drops off, adjust your game and start again. This site will help.
- I GET WET STATE DOCS BACK, LOAN IS SCHEDULED TO FUND TODAY the 31st YAY!!!
It's a DURP w/ MI transfer. It's a lil squeaky Buck "O" Seven. Not a grand deal by any means all alone BUT its a tier maker for me and worth a grip in the big picture. So...
I get this emailed to me from the funder...
"Upon review of the document package for this closing it looks like the MI was not shown correctly on the loan documents. We did not disclose the monthly amount due from the borrower.
Unfortunately this has a major impact on the APR and must be fully redraw.
I will discuss with the doc drawer and have them correct and draw a new set.
I am very sorry for the inconvenience.".... ARE YOU SERIOUS?
This is the kinda stuff that makes you go nuts!!
- MAKE SURE YOU ALWAYS DOULBE CHECK YOUR SOCIAL SECURITY NUMBERS !! ( or else ) see below
A Loan was initially submitted and credit was run using the wrong SSN for the co-borrower.
The loan was submitted as 2XX-57-XXXX, should be 2XX-59-XXXX. ( Wife did the 1003 )
This was missed by the L.O., Processor and the Underwriter. We funded the loan some 100 days later. ( Ugh )
The problem is that when we re-ran credit post closing, after the Shipper caught the error, the borrower’s now have a 1x30 on their ( payoff ) loan with XYZ Bank and we are now getting a “Refer with Caution” and cannot sell to Fannie Mae. The UW to call the bank but they would only tell her that the Note was due in full on 10/25/2012, but they agree to extend and additional 30 days for the refinance. This loan should have funded by 11/25/2012, but due to the Holidays, did not fund until 11/30/2012, thus causing the 30 day late.
- Make sure you have all your bank statements and paystubs updates PTD.
Check Expiration dates or your credit report too!! I had a fico dip below 720 on a GAP credt report. Lost the deal because the guy couldn't source all the cash to close from the new risk based adjusters. ( I got bronchitis... )
- You need a LOE of credit inquires that WE pulled? Come on...I swear a grey hair jut popped in my crop.
- Had a sweet TIER loan that needed JUST a Warranty Deed to get out.
My processor didnt upload in time, lost the deal. I even said HEY, cant we just get this one uploaded and trail the Warranty Deed? DUHHHH
Its gonna take the UWr a few days to get to it. Sorry, we missed the cut off...I missed my tier..
- I had an FHA streamilne with docs out.
The HUD I called out was from 20 days prior. It was $1300 STC. Fine.
Got the new HUD, $4,300 STC. Come on........ YGTBFKM!!! ( Borrower is PISSED!! to no end ) I don't blame him. Who the HALE screwed up the HUD?
- I have an CA FHA Streamline.
Bank Of America. All we need is an updated payoff and we can re-calculate the loan amount and move forward, get the HUD, sell the #'s and doc it. This guy ( the borrower ) mails in the payment on the 9th so it can be there by the 15th..Okay fine...BUT....jeeez.. Who mails in payments these days. Its 2012. In the future, please make sure they process a check by phone. The sad thing is that he did the same thing the month before and I even told him to call in the payment 30 days prior. At least thats a move from the 90's. ( Dude....90 days in process ) dox out! YGBFKM!!
- I had this real nice 95% HARP 1, CTC. ( clear to close )
Got the HUD back from processing, appeared to be all good. Took it at face value and called it out SOLD ALL the figures.DUMB!!! Come to find out that the HUD was drawn up off the initial fee worksheet and NOT the from the LOCK FORM itself. Escrow received instructions to draw the HUD from my spaced out processor. My processor used the initial fee worksheet from when we originated the transaction. Long story short, rates went up, I locked at about -.625 in fee higher. My HUD read and inaccurate cash to close amount. The borrower was happily locked at 4.50% bringing in about $2000.
After he realized the REAL figures, the guy got quiet and went with his own lender @ 4.375% and closed one week later. F! The loan amount was about $380K. Borrower was like, "Sorry man...I have to do what's best for me and my family"....I can't really blame the guy. My fault....I should never have called out the HUD until I verified all figures and credits!!! If I would of caught it, we would of corrected the problem beforehand and maintained the trust level of the borrower. I wanted to punch my processor in the nose. But when it all boils down to it, THEY work for US and its YOUR loan!...so get on it!
#################Once again, DO NOT TAKE YOUR HUD AT FACE VALUE UNTIL YOU MATCH IT WITH YOUR, APPROVAL, LOCK AND YOUR PAYOFF!!! Important documents like this are created by people. People make mistakes.
If you make that final HUD ( BOX 303 ) call. You can't take it back. MEASURE TWICE, CUT ONCE!...its YOUR loan not the processors. They lose a small amount of cash. If you lose the deal, this can cost you your tier. It happens all the time. doesn't make sense at all. ( Sweet Brown )
- Title & Escrow was opened with middle initial in the name of the borrowers. ( check property profile 1st )
It was'nt caught till we went to draw loan docs. We had to disclose for the added fee to draw the Grant Deed $100 and had to wait 24 hours to draw one up. Why did we catch this at docs and why not in underwriting? YGBFKM For real...
- The guy didnt have all the cash readily available but his wife did.
We can use her bank statement to source funds of course. So I got them faxed over, the condition is signed off and crossed out and when it came time to get the cashiers check. Where do yo think he got it?...Of course, his own account.
Now we need his NEW bank statement to source the funds to close as he was paid 3 days prior. Did I tell him to get the cashier check from his wife's account? H-YES!
- My Processor and I are busting our tail's to get docs out for 2 weeks in a row chasing stips etc on this lil bitty DURP loan.
It's one that had a previous PMI. My processor requested all stips to be signed off and the UWr comes back with this
NOTE: I had verbally requested for the updated MI Cert (the quickest way for updating cert ) and per Radian, it would take 8 business days for the New Cert" What?...8 days?... Why couldn't we order this waaay back when the loan was approved? 3 1/2 weeks ago? ( stay on top of your files buddy )
Fannie Mae HARP 1& 2
Have your Fannie Mae login account # handy to get in the
system and talk to the fannie drones!
I thinking that I have an
90%-ish CA, AJ DURP ( $432,000 ) that was closed in May 2009. I'm thinking okay
cool, 4% Zero cost, Done!!
I looked up the addy on the Fannie mae web
site and saw that its owned by fannie mae and possibly eligible.
sure your address is correct and re-run DU. Condos don't need the Unit # when you
run DU but will need to be on all other documentation etc. Mine is a
CONDO/TOWNHOME I tried that and still go this message below.
Call them in this situation...and ask what the deal is...BUT so far Ive been on
hold for 20 minutes and counting...I hope it pays off in the
############### MAKE SURE YOUR FINDINGS DON'T LOOK
LIKE THIS ##################
5. This limited
cash-out loan casefile was not underwritten according to the DU Refi Plus
expanded eligibility guidelines because the subject property was not identified
as a Fannie Mae loan that is eligible to be refinanced with DU Refi Plus.
Refer to the Selling Guide for additional information regarding why an existing
loan may not be eligible to be refinanced using DU Refi Plus.
6. This loan case file is ineligible for delivery to
Fannie Mae because, on a high-balance mortgage loan limited cash-out
transaction, the LTV cannot exceed 90 percent for a fixed rate loan with a loan
amount not exceeding $625,500, 80 percent for a fixed rate loan with a loan
amount exceeding $625,500, or 75 percent for an adjustable rate mortgage