Warning – we are not a happy group of mortgage folks right now. This industry is downright nuts. The good news is we still get to meet and serve lots of great people; and that’s why we stay at it – to continue to do everything we can to give clients a positive and worry free mortgage experience.
But, it’s not a simple endeavor! A recent example, and the reason for this rant, centers around a television and a couple of built in speakers. These items may seem harmless, but according to the underwriter we’re working with on this particular transaction, they have the power to cause the borrowers, our clients, to implode financially and lose everything, including their house. You see, our clients are purchasing a house, and in the deal the seller threw in a 7 year old flat screen and some 7 year old built in speakers.
So, the underwriter proceeded to let us know that these are personal items that will have to be assigned a value, the total of which will have to be deducted from the loan amount allowed. Well, she came back with a value of $2,400 for this stuff!! $2,400???!!! My first question to her is: “would you pay $2,400 for this crap?” If so, I’ve got a bunch of crap to sell her – let’s make a deal. What’s next, assigning a value to the 2 year old toilet – how about $1,500. I wonder if this underwriter worked in procurement for the federal government prior to taking this job. This is ridiculous.
So as we battle to get this perfectly good deal done due to an obsolete tv and set of speakers, we ask ourselves what in the world has happened to this great industry; and this is one tiny little example of what comes up on a daily basis. I can’t help but wonder if none of this would have been an issue if the tv would have simply been stored in the garage.
More rants to come. We simply must let people know what’s really going on in the mortgage industry. Oh, and if you’re wondering how this kind of stuff is allowed to happen, think government control and lenders that are scared to death.