The Top 10 Reasons Home Loans Get Denied In Underwriting
1. Home loans are getting harder than ever to try to close nowadays with all of the changes going on in the mortgage industry. During the refinance boom years of 2002-2007 everybody could get approved on some kind of loan for the most part. Even if you tried to get approved on a normal conventional kind of home loan and could not get approved you could always fall back on a no income no asset loan (NINA) to close the loan. This loan was considered a sub-prime loan and came with higher interest rates but at least it could close.
2. By the time a home loan gets sent down to underwriting a mortgage banker or mortgage broker should already know whether or not your loan is going to get approved or denied. The majority of times your home loan will be approved from the second you talk to your mortgage
Click here to continue readingThe Top 10 Reasons Employees Of Mortgage Companies Did Not Know What They Were Doing
1. Over the past 5 years or so people that worked at mortgage companies were making really good money doing their jobs that required very little skill. They were there to sell loans.
2. The goal of the mortgage company is to do loans, not to inform their clients if what they are doing is financially smart. This happened because nobody informed their loan consultants if what they were doing for their client is something that they would want somebody else to do to them.
3. Many loan officers were telling people supposedly great advice but would not even do what they were telling people to do. Many loan officers were in the same situations there clients were in. In debt up to their head because they were spending their huge commission checks on crap instead of saving.
4. There was no real training going on at mortgage companies. Since mortgage companies only
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