We have a jumbo borrower right now who is pulling his hair out b/c he is extremely well-qualified but still getting conditioned to death by an underwriter. His file is very complex, as he has assets of all types and multiple income sources.
He was convinced the underwriter and investor did not want to lend him money. But, nothing could be further from the truth. Everyone in the mortgage industry only gets paid if and when a loan funds.
Our borrower will never default and the underwriter knows that.
BUT- our underwriter has to make sure every compliance box is checked and every possible issue is addressed, or the loan will not be salable on the secondary market.
No matter how strong a borrower is, every underwriting guideline has to be met or a loan cannot fund. Since 2008, underwriting guidelines have become extremely complex and onerous. Seemingly excessive demands from underwriters are just the nature of the business nowadays.
We repeat the above message often, but it is necessary so borrowers do not feel unfairly singled out.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646