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why is our loan officer asking for our loandlords info.?

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why is our loan officer asking for our loandlords info.?

We already went through underwriting and are in process of finalizing our loan. Our appraisal is next week and our LO emails us today asking for our landlords number address ect and says they will not call him until they have our permission?! Well they already have all the checks that we payed rent with so why call? I just sent him a message with his info. and told him that we prefer they don't call him until we are almost moved out of here or we will have possible future tenants in and out of this house and we have small kids. We have always dropped our rent in the dropbox/mailbox at his office anywhere from the 1st to the 8th and its due on the first. But the landlord cannot prove that we were late because we did not personally hand the checks to him.

Message 1 of 4
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Regular Contributor

Re: why is our loan officer asking for our loandlords info.?

I'm guessing that you probably went through automated underwriting and now they are pulling your file through manual underwriting to make sure everything is as it appears. This is a normal process.

 

Also, I don't know how it works as far as what your landlord has to say about your payment history. Is this a special condition of your approval? I would think a bank statement or cancelled checks would be better proof of payment. Either way, payment on the 8th should still be considered on time. I think they are more looking for non-payment or 10+ days late. Your best bet would be to ask your LO. In my experience, the LO is there to help you, not hurt you - and it's best to be honest with them about any concerns you have.

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Message 2 of 4
Moderator Emeritus

Re: why is our loan officer asking for our loandlords info.?

As a landlord myself; I would hate to know that I have tenants planning to move out before their lease is up and wouldn't notify me. As an aside; I had a tenant last year who called me up and explained that he and his fiance planned to think about buying a house and he asked about ending the lease early or even extending it for a week or two if they were still househunting. I appreciated his thoughtfulness and told him I had no issues with ending the lease early and to just keep me in the loop as far as closing dates etc. Well they apparently breezes through with no issues; he kept me up to date on the timelines. So about 3 weeks before scheduled move out; I listed the house. I checked with him to make an appointment to show the house and stressed how great it would be for both of us if the house showed really well and I didn't have to show it again.

Sure enough the lady loved the house. Signed a holding agreement that day and got a deposit. She moved in a few days after he moved out. The house was in great shape when he moved out and he got his deposit back

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 642 EQ 656 EX 647
Filed Chapter 13 on 06/01/2017 after job loss.

Goal: FHA Construction Loan

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Message 3 of 4
Moderator Emeritus

Re: why is our loan officer asking for our loandlords info.?

Just keep in mind that if you fail to notify the landlord in an adequate amount of time for him to get the house rented; you may be on the hook for any financial losses he incurs due to failure to make proper notifications.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 642 EQ 656 EX 647
Filed Chapter 13 on 06/01/2017 after job loss.

Goal: FHA Construction Loan

Take the myFICO Fitness Challenge
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