Comments on: Lender Conditions 2008 vs Lender Conditions 2006 — Income Related Conditions

By: Shannon

Shannon — Wed, 13 May 2009 11:29:25 +0000

I can not tell you how upset I am about the lending business right now. I get social security and have submitted everything and even worked on the house I want to buy. Spent money on inspectors and appraisers and now the bank tells me that if I am going to get reviewed by social security with in the next three years I will NOT get the loan. This was the very last thing I needed to prove or provide the bank before closing… Had I known about this, I wouldn’t have done all that I did and spent the money that I had before making a simple phone call to social security and asked when is my next review date? it’s like they totally took my money and set me up to fail, everyone gets reviewed at some point or another why does it matter, this is a 30 year mortgage not a 3 year mortgage.

By: justin.mchood

justin.mchood — Tue, 15 Jul 2008 10:11:25 +0000

@Shailesh — I think you are right — loan officers have to work *much* harder today than they did 2 years ago. If someone is a loan officer today and is still in the business, chances are that they are “one of the good ones” and probably do a great job. Most of the ex-car-sales guys are gone — or so it seems like.

By: Shailesh Ghimire

Shailesh Ghimire — Tue, 15 Jul 2008 04:18:22 +0000

Ver y good comparison. When you’re in the thick of things you don’t realize how much things have changed. Comparing just 2006 and 2008 is huge. Loan officers today have to work much harder, have to be more competent and keep track of more things.