Mortgage Loan approval hell

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I recently got an approval and went through a similar process. My hitch was that I had to show enough income to pay for my current house and the new house. I could not count any rental income, which to me seems a bit ridiculous in some ways.

Back in late 2002 I went through a similar rigorous process to get my mortgage through Wells Fargo on my current house; which is why I had no idea that at the same time basically anyone could get a mortgage. Yes, I got burned.

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[quote=davelj][quote=jimmyle]
Is this normal now? Any one else having problems with your mortgage loan approval?[/quote]

Yup, it’s Back to the 90s! These are not “problems” – they are good things. It’s called “proper underwriting” – a long-forgotten art that was absent for over a decade. You should feel lucky because I personally wouldn’t make a loan to anyone who put only 10% down – regardless of their credit history, etc. So, in my view, you should be kissing your lender’s ass instead of complaining. But that’s just me.[/quote]

Oh get off your high horse

[img_assist|nid=14709|title=High Horse|desc=|link=node|align=left|width=100|height=75]

And BTW those lenders are way more than likely the American tax payers not some con artist mortgage broker.

[paramount]

[quote=davelj][quote=jimmyle]
Is this normal now? Any one else having problems with your mortgage loan approval?[/quote]

Yup, it’s Back to the 90s! These are not “problems” – they are good things. It’s called “proper underwriting” – a long-forgotten art that was absent for over a decade. You should feel lucky because I personally wouldn’t make a loan to anyone who put only 10% down – regardless of their credit history, etc. So, in my view, you should be kissing your lender’s ass instead of complaining. But that’s just me.[/quote]

Oh get off your high horse

[img_assist|nid=14709|title=High Horse|desc=|link=node|align=left|width=100|height=75]

And BTW those lenders are way more than likely the American tax payers not some con artist mortgage broker.

[paramount]

[quote=davelj][quote=jimmyle]
Is this normal now? Any one else having problems with your mortgage loan approval?[/quote]

Yup, it’s Back to the 90s! These are not “problems” – they are good things. It’s called “proper underwriting” – a long-forgotten art that was absent for over a decade. You should feel lucky because I personally wouldn’t make a loan to anyone who put only 10% down – regardless of their credit history, etc. So, in my view, you should be kissing your lender’s ass instead of complaining. But that’s just me.[/quote]

Oh get off your high horse

[img_assist|nid=14709|title=High Horse|desc=|link=node|align=left|width=100|height=75]

And BTW those lenders are way more than likely the American tax payers not some con artist mortgage broker.

[paramount]

[quote=davelj][quote=jimmyle]
Is this normal now? Any one else having problems with your mortgage loan approval?[/quote]

Yup, it’s Back to the 90s! These are not “problems” – they are good things. It’s called “proper underwriting” – a long-forgotten art that was absent for over a decade. You should feel lucky because I personally wouldn’t make a loan to anyone who put only 10% down – regardless of their credit history, etc. So, in my view, you should be kissing your lender’s ass instead of complaining. But that’s just me.[/quote]

Oh get off your high horse

[img_assist|nid=14709|title=High Horse|desc=|link=node|align=left|width=100|height=75]

And BTW those lenders are way more than likely the American tax payers not some con artist mortgage broker.

[paramount]

[quote=davelj][quote=jimmyle]
Is this normal now? Any one else having problems with your mortgage loan approval?[/quote]

Yup, it’s Back to the 90s! These are not “problems” – they are good things. It’s called “proper underwriting” – a long-forgotten art that was absent for over a decade. You should feel lucky because I personally wouldn’t make a loan to anyone who put only 10% down – regardless of their credit history, etc. So, in my view, you should be kissing your lender’s ass instead of complaining. But that’s just me.[/quote]

Oh get off your high horse

[img_assist|nid=14709|title=High Horse|desc=|link=node|align=left|width=100|height=75]

And BTW those lenders are way more than likely the American tax payers not some con artist mortgage broker.

[Diego Mamani]

[quote]These are not “problems” – they are good things. It’s called “proper underwriting”[/quote][quote]had the same experience (…) Both our credits were above 800 + I’ve held the same job for close to 10 yrs.[/quote]

I think that “proper underwriting” would require that lenders be smart about it, and require somewhat less documentation from borrowers with ~800 scores, stable incomes, low LTV, etc.

These “smart” bankers went from lending money freely in NINJA fashion, to now being completely tight and giving everybody, regardless of creditworthiness, a hard time.

Both extremes are wrong.

[Diego Mamani]

[quote]These are not “problems” – they are good things. It’s called “proper underwriting”[/quote][quote]had the same experience (…) Both our credits were above 800 + I’ve held the same job for close to 10 yrs.[/quote]

I think that “proper underwriting” would require that lenders be smart about it, and require somewhat less documentation from borrowers with ~800 scores, stable incomes, low LTV, etc.

These “smart” bankers went from lending money freely in NINJA fashion, to now being completely tight and giving everybody, regardless of creditworthiness, a hard time.

Both extremes are wrong.

[Diego Mamani]

[quote]These are not “problems” – they are good things. It’s called “proper underwriting”[/quote][quote]had the same experience (…) Both our credits were above 800 + I’ve held the same job for close to 10 yrs.[/quote]

I think that “proper underwriting” would require that lenders be smart about it, and require somewhat less documentation from borrowers with ~800 scores, stable incomes, low LTV, etc.

These “smart” bankers went from lending money freely in NINJA fashion, to now being completely tight and giving everybody, regardless of creditworthiness, a hard time.

Both extremes are wrong.

[Diego Mamani]

[quote]These are not “problems” – they are good things. It’s called “proper underwriting”[/quote][quote]had the same experience (…) Both our credits were above 800 + I’ve held the same job for close to 10 yrs.[/quote]

I think that “proper underwriting” would require that lenders be smart about it, and require somewhat less documentation from borrowers with ~800 scores, stable incomes, low LTV, etc.

These “smart” bankers went from lending money freely in NINJA fashion, to now being completely tight and giving everybody, regardless of creditworthiness, a hard time.

Both extremes are wrong.

[Diego Mamani]

[quote]These are not “problems” – they are good things. It’s called “proper underwriting”[/quote][quote]had the same experience (…) Both our credits were above 800 + I’ve held the same job for close to 10 yrs.[/quote]

I think that “proper underwriting” would require that lenders be smart about it, and require somewhat less documentation from borrowers with ~800 scores, stable incomes, low LTV, etc.

These “smart” bankers went from lending money freely in NINJA fashion, to now being completely tight and giving everybody, regardless of creditworthiness, a hard time.

Both extremes are wrong.

[jpinpb]

[quote=Diego Mamani]Both extremes are wrong.[/quote]
I agree. In fact, punishing someone who has a high credit score b/c the banks screwed up before is really bad business. But it is what it is. I’d rather they double check than turn a blind eye.

[jpinpb]

[quote=Diego Mamani]Both extremes are wrong.[/quote]
I agree. In fact, punishing someone who has a high credit score b/c the banks screwed up before is really bad business. But it is what it is. I’d rather they double check than turn a blind eye.

[jpinpb]

[quote=Diego Mamani]Both extremes are wrong.[/quote]
I agree. In fact, punishing someone who has a high credit score b/c the banks screwed up before is really bad business. But it is what it is. I’d rather they double check than turn a blind eye.

[jpinpb]

[quote=Diego Mamani]Both extremes are wrong.[/quote]
I agree. In fact, punishing someone who has a high credit score b/c the banks screwed up before is really bad business. But it is what it is. I’d rather they double check than turn a blind eye.

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