The "500 Pages" is referring to is all the documentation needed to fund a loan. While, in actuality, its less, it can be overwhelming to new buyers. The income, assets, taxes, etc that Fannie and Freddie now require with the application. As the promise of "QM" in 2014 will only make that more true. The article talks about the need for everything from the borrower including the "source of large deposits" which is something we run into often with borrowers' assets. A lot of this can be avoided, or at least streamlined, at the Pre-Approval Process.
If I can give one piece of advice to you to pass on to your buyers it's this: get the loan officer everything upfront during the pre-approval process. The article reiterates that as well, stating:
"All this amassing and analyzing of documents costs both time and money. And new mortgage lending rules that are going into effect in January will make it even more complicated. 'New rules require you to triple-check everything,' said Jeff Taylor of Digital Risk, a mortgage processing company. 'The best thing you as a borrower can do to help yourself is to have all your documentation together before you apply. Get needed items like your credit report and get any errors corrected so you can get through the process as smoothly as possible.'"
Heres the article if you want to read:
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I never thought that I will be qualify for a loan that Officer Pedro and his loan company granted me which was very smooth and transparent in every conversation that we make through the loan process, I will once again thank him and his loan organization for a job well done by offering me a loan of 22 million Euro with the low rate of 2% annual return they are genuine and loan register company with simple terms and conditions.
ReplyDeleteContact the loan company through pedroloanss@gmail.com