third coast.. said:
You know nothing about my situation besides this thread. Kindly stfu
Dude- you have more issues than just these real estate transaction. You need to check your attitude. STEVE is just trying to give you information and you come across as a ******.third coast.. said:
You know nothing about my situation besides this thread. Kindly stfu
third coast.. said:
You know nothing about my situation besides this thread. Kindly stfu
So true and eventhough my current assets should make me bullet proof for loans, I still have to show my last 2 pay stubs which makes no logical sense. Even now when I take a mortgage out, I have to jump through the same nonsensical hoops that everyone else jumps through and there is no way around it. Its the game that you have to play to get the best Fannie backed rates/terms. If you can't or won't jump through these hoops they will reject you.hph6203 said:
I work in the industry, but not as a loan officer so I have no incentive to mislead you in anyway. I don't need you to, nor would I suggest that you use my company's services in the future. Mortgage companies are attempting to generate conforming/conventional loans (i.e. they meet FreddieMac/FannieMae guidelines) so that they are easier to sell and recoup the money they loaned you plus a profit from Fannie/Freddie and then reloan it to someone else in a constant cycle.
You are not going to receive special treatment from USAA, and in general their service level is likely to be worse than that of a smaller institution if you have variable income (i.e. overtime comes and goes, but is consistent on a year by year basis) or unique compensation, because they work on volume with several different customer sources/references (like you choosing them, because you use their banking/insurance/whatever services you utilize them for). Their goal is to close as many loans as possible, and the majority of their loans are going to be W2 salaried/hourly employees with consistent income week to week. It's not their intention to piss you off/disappoint you, everyone in this industry gets paid on a per loan basis, but they can afford to piss you off, because they've got another 30 loans that will go smoothly and garner recommendations.
The smaller institution is going to acquire customers through providing better service and trying to make the process as simple/smooth as possible for you, because they don't already own mindshare in the public and they generate business based solely upon their mortgage services, not because they have great checking/savings/brokerage etc. services and mortgage is just a side hustle.
My advice is to not completely throw out the advice he's giving you, because it is accurate. When you haven't seen behind the curtain of a mortgage company its hard to understand, but we are handcuffed by the guidelines set out by Freddie/Fannie and there's not much room for deviation.
I just find it not logical that having 2 pay stubs is required to secure a loan but I understand that now with automation, the computer needs all the information.jja79 said:
Why does it not make logical sense to have to produce 2 pay stubs?
I get it. But would a Fannie backed loan reject me if I had 2 mil in liquid assets needing a 200K loan but did not earn any income the past 6 months? I would think that I would be rejected.CJS4715 said:
Paystubs are part of the game. Even in business loans where you offer sufficient assets as collateral, they still want to see all of your financial statements... including an income statement. That is essentially the paystub part of the equation for individuals.
flown-the-coop said:
If Joe has $5MM in the bank he is not going to Bank of the Corner. He is private banking. In private banking, they would offer him something less than market for his rental in exchange for his deposit on account.
Ive spent the better part of the past decade building several small business, building homes, residential lending and dealing with very wealthy folks (and their banks.
A voice of reason ^^^, we don't like having to put some of our best clients through the ringer, much like a doctor dislikes the the process of giving a prostrate exam. BUT in order to say we did our jobs, do what is best for our clients, and maintain our fiduciary responsibility to the client and the lender we have to. It sucks but I feel like this boils down to proper expectations.Southlake Ag said:
One of the main issues with consumer lending today is that all mortgage lenders have to ask and receive a large number of items to be able to provide a loan to a prospective borrower. A ton of the new requirements have to do with the Fair Lending Laws. You have to treat all borrowers the same. Doesn't matter how much money someone has in the bank, who they are, how many houses they own, etc. Lenders have to be able to prove up income, debt to income ratios. If you don't do it correctly, and provide a person a loan that wasn't correctly underwritten (according to debt to income ratios, loan to value ratios, etc.), then the Lender and officer have larger issues.
Bill Gates, Ross Perot, or whomever you pick have to go through the same process. It's a pain for all involved!
