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Completed Frustrated by my Underwriter

Valued Member

Completed Frustrated by my Underwriter

I have been approved for my FHA loan.  Every time my LO and processor say, you should be done, the underwriter keeps coming back with some pretty ridiclous stuff.

 

For example, my employer gave me an gift.  Sent it directly to the title company.  My employer sent the gift letter and proof of wire payment. My employer then sent their November and December bank statements.  The underwriter came back saying that they needed the gift letter on their document because they could not take it on the company's letterhead.  My boss rewrote the gift letter, signed it and sent it off. 

 

The UW finds a filing document for my employer that has my name on it (I file our annual reports for each state we do business in) and he was under the impression I owned the company. It's a $100M a year company owned by a HUGE automotive company. If I owned that company, I would not be trying to get an FHA loan and I would have just gave myself a super huge raise to get my loan... sigh. We get that sorted out and then the underwriter came back AGAIN and asked for a signed letter of recommendation from my boss on company letterhead. My boss wrote the letter and then had HR send it to the lender directly.  They also asked if my employer had some HR policy for providing gifts.  They don't, the policy only states they do not provide advances or loans.  The underwriter then asked the title company provide proof of wire receipt, which they did provide. 

 

Today, they asked for another signed letter from MY BOSS AGAIN removing all the nice stuff he said on the letter of recommendation and just restating it was indeed a gift for their employee to purchase said home and my emploer did not require repayment.  OMG, I am so glad I work for a very very supportive company. They also asked me to search and send the foreclosure deed that I used to own with my ex to prove that our foreclosure date was in 2014 (for some reason they would not take the 1099-A that I received from the bank that had the same date). I would have thought that was what CAIVRS was for, to make sure I was outside the 3 year limit.

 

Today they also came back and tried to say that when they repulled my credit report, there were 3 accounts that were not on my credit report when I initially filed.  I pulled up my Uniformed Residential Loan Application they sent me back on Dec 20th and told them those accounts were on page 6. My LO and processor went to the UW manager and they waived requesting statements for those. 

 

If I did open new credit since my initial application and/or for some reason or another, my company did not provide the gift letter/proof of wire/ bank statements, I would be more forgiving but at this point, I could NEVER EVER recommend them.   It's so funny because I have been so proud of the improvements I have made to my credit to get where I am today and to have the respect of my employer that they would offer this benefit to me.  The fact that a lender would let one person dictate ridiculous demands really baffles my mind.  Where are the standards, guidelines for professionalism?

2 REPLIES
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Frequent Contributor

Re: Completed Frustrated by my Underwriter

Frustration understood.   

 

Every action causes a re-action and often times one explanation needs further explanation or clarification. 

 

Regarding the foreclosure--banks typically want to see the recorded deed which is really the only legal proof of property ownership transfer out of your name.  

 

the Gift/Letterhead/LOXs.....never a dull moment but GENERALLY SPEAKING, the UW is required to ensure that there are no unorthodoxed inducements to purchase which would make the loan ineligible for HUD insurance / FHA financing.    

 

 

__________________________________________________

Licensed NC Mortgage Loan Originator
Message 2 of 3
Valued Member

Re: Completed Frustrated by my Underwriter


NC_Mtg_Loaner wrote:

Frustration understood.   

 

Every action causes a re-action and often times one explanation needs further explanation or clarification. 

 

Regarding the foreclosure--banks typically want to see the recorded deed which is really the only legal proof of property ownership transfer out of your name.  

 

the Gift/Letterhead/LOXs.....never a dull moment but GENERALLY SPEAKING, the UW is required to ensure that there are no unorthodoxed inducements to purchase which would make the loan ineligible for HUD insurance / FHA financing.    

 

 


They sent me the wrong document number for the deed they needed the first time.  I paid $33 for no reason... 0_o

 

I'd have been okay but to ask for a recommendation letter but to then come back and say they want it rewritten so that all the good things my employer said about me are excluded and it just restates the gift letter, just seems redundant.  The underwriter received 5 different pieces of evidence from the employer in addition to VOE, that should withstand a **bleep** audit.

Message 3 of 3