|
Very detailed mortgage looks now required
02-29-2008, 07:44 AM
|
#1
|
Dryer sheet aficionado
Join Date: Jan 2008
Posts: 35
|
Very detailed mortgage looks now required
I recently bought another rental property in Northern VA. I chose Wachovia as the lender due to their attractive rates.
As part of underwiriting, I was expecting to be asked for my leases and I was.
The next question was unexpected, they asked me to provide bank statements showing depositis that matched the rents in the lease. I highlighted the statements and sent them along.
1 day before closing I was asked for copies of the checks from my renters. I dont keep those, which significantly raised my stress level. I had to get on a 3 way call with my bank (BoA), while Wachovia and BoA went line by line through my deposits and looked at the signer on the check.
I.E. A check in the amount specified on the lease, signed by the person identified on the lease, was actually deposited to my account.
things are different now. Clsoing the barn door well after the horse has left...
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
02-29-2008, 07:54 AM
|
#2
|
Thinks s/he gets paid by the post
Join Date: Jan 2007
Location: Silicon Valley
Posts: 1,812
|
I've never heard of a lender being so thorough, however I see it as being a good thing, as hopefully it will prevent a similar mess to the current sub prime disaster playing out any time in the future.
__________________
I be a girl, he's a boy. Think I maybe FIRED since July 08. Mid 40s, no kidlets. Actually am totally clueless as to what is going on with DH.
|
|
|
02-29-2008, 08:47 PM
|
#3
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,304
|
FWIW, I can look at images (front and back) of checks deposited with BofA's online banking. These are checks deposited into thier newish ATMs which also provide an image of the check on the receipt.
I agree its good that things are being reviewed carefully. Not so good that this came as a surprise...it seems to me they should have just provided you with a list of required docs to keep your stress level low....Good luck with those properties. Im sniffing around suburban MD, but just a looky lou.
|
|
|
02-29-2008, 09:29 PM
|
#4
|
Full time employment: Posting here.
Join Date: Nov 2005
Posts: 655
|
Quote:
Originally Posted by DangerMouse
I've never heard of a lender being so thorough, however I see it as being a good thing, as hopefully it will prevent a similar mess to the current sub prime disaster playing out any time in the future.
|
I agree and it will also make it more difficult for someone to sell a home.
|
|
|
03-01-2008, 02:22 AM
|
#5
|
Full time employment: Posting here.
Join Date: Jul 2005
Posts: 588
|
I remember in the 80's getting commercial development loans on small properties north of Manhattan with my brother. Both raw subdividable land and spec properties. All one-on-one relationships with our local bankers. You built up that relationship and trust basically one project at a time. Every meeting was in person and always ended with family conversation and a handshake. Even visits to the sites. Same with our personal homes. It was also the day when most small RE investors could do just about every job a subcontractor could do, from running a backhoe loader to installing a kitchen. Change is inevitable but I honestly miss those days.
Man, I sound like my elders (back when we were kids we had to ....... )
|
|
|
03-01-2008, 04:06 AM
|
#6
|
Recycles dryer sheets
Join Date: Feb 2008
Posts: 53
|
I guess the days of the "no doc" mortgages are over
amy
|
|
|
03-01-2008, 08:21 AM
|
#7
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 7,107
|
I trust you also reviewed their documents as thoroughly.
My DD recently purchased and remodeled a home. Being the nervous Nellie that I am I asked about her mortgage. She told me not to worry, she read every page. I trust she understood them too as she is a CPA.
__________________
Duck bjorn.
|
|
|
03-01-2008, 09:23 AM
|
#8
|
Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 1,543
|
i remember in the 1990's everyone used to say getting a mortgage was hard, you had to document everything, the bank would check, they would make a last minute credit check so you weren't supposed to open any new lines, variable rate mortgages were for the real subprime and rich people mortgages or bridge loans
reversion to the mean
|
|
|
03-01-2008, 11:20 AM
|
#9
|
Thinks s/he gets paid by the post
Join Date: Oct 2005
Posts: 2,713
|
Somewhere I read that this was in the Countrywide 10k:
Quote:
Our financial condition and results of operations could be negatively impacted to the extent we rely on customer information that is not complete or accurate.
|
In effect, 'buyer beware' rather than 'we did our homework'.
Glad to see things coming back around!
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|