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ohlookahipster t1_isci2bo wrote

Reply to comment by Itsmissile in Real Estate Agents Caught on Camera Facilitating Mortgage Fraud for a Fee by Puzzleheaded-Bug7189

Compared to my LO who was the extreme opposite lol. She was like the DEA trying to build a case.

Things that required a letter, screenshots, or an explanation via email, often at random hours of the night:

  • buying coffee every Friday morning except for one Friday was a “suspicious buying habit”
  • taking money out at an ATM to go to a casino followed by a deposit at another ATM was suspicious
  • a gift letter from my mother explaining a deposit didn’t count because my mother has a different last name (LO did not understand that married couples don’t always share last names) so my dad had to write the letter
  • the gift letter was further disputed because the gift came from my mother’s checking account that my dad is not a user on
  • screenshots of my statements had to be redone multiple times if screens didn’t come from the exact same device (work laptop used OSX, personal used Windows)
  • making a deposit via Venmo for $100 was sus

Lol

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Chadzilla- t1_isdrkhu wrote

Loan officer here: most of the time these ridiculous conditions come from over zealous underwriters, not the loan officer. Most of us are compensated with commissions, so we don’t make money unless loans close (unless you work for a big bank and are a salaried employee). On the other hand, you’ll get some underwriters that are truly impossible to please.

The best defense in these situations is a good offense. Work with a loan officer that truly understands the guidelines of the loan product(s) you’re working with; be forthcoming so they can help structure your file in an open and honest way that they can paint the picture on your behalf for the underwriter. Most of my conversations about conditions happen between me and my operations/underwriting team and the borrower never knows because typically they can be resolved with some common sense.

On the flip side, I could write a novel about the things I’ve seen borrowers do and why certain things will undoubtedly cause issues for them during the process.

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EARSLAY t1_isextma wrote

In the real estate system, loan based offenses are considered especially heinous. In New York City, the dedicated detectives who investigate these vicious felonies are members of an elite squad known as Loan Officers. These are their stories.

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tomu- t1_isecu2y wrote

Works at car dealerships too.

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quintk t1_ishj1cm wrote

Ours was like this too, though he did warn us that we basically shouldn’t buy anything, sell anything, or transfer any money from the time we first talked to him to the time we signed the loan. He especially warned us not to buy furniture before we bought the house, apparently he had seen this ruin deals.

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