This business is not for the faint of heart. If you have trouble handling stress then get the heck out of this industry! I feel that applies to real estate professionals, mortgage professionals, title professionals and anyone else involved in the transfer of real estate.
It's not getting any easier!
But it is getting a lot harder every day. Underwriting departments across the board are tightening their standards and guidelines. Some lenders are looking for excuses not to fund loans and programs are being cut left and right.
I have a file in process that has been in process since last summer including the time that it took the couple to find a home to their liking. The actual file has been in process since mid last month; I got everything on my end done in 5 days then I just had to wait on everyone else to get their end done to schedule a closing.
We all knew about the new PMI restrictions that we queued to to go into effect on the 31st of last month. This file in particular is 100% financing which does not exist as of the 31st of March 2008. Because we knew that these changes would be going into effect on the 31st we (Lake City Mortgage Staff) called all of our lenders that we have files in process with and told them to order MI on any loan that is above 97% well before the 31st.
Tuesday I received the last condition that I was waiting on from a third party involved; 24 hour turn time on condition review and yesterday I was given the authorization to close. After receiving the clear to close I got an email from the UWA (underwriter assistant) telling me that she is trying to get the MI certificate but is not having any luck with 100% and that I may need to re-work the deal!
I couldn't believe it; my heart sank! This is after having trouble with UW on my files all week, this felt like the final blow. I just wanted to lay back in my big leather chair and give up on it all. I felt like such an ass for relaying to the borrowers and attorneys that we were cleared then to find something like this out.
I sat and spent a few minutes gathering my thoughts and planning my next course of action. I picked up the phone and called the UWA; left a message. Next I whipped up an email demanding answers for why this loan did not already have an MI cert when we're cleared by the 2nd and had been in process and almost finished well before the 31st.
I got an email back from the UWA shortly after sending mine to her. All the email said was "call me". I called her to find out what it is that she wanted or to find out what kind of a solution she had for me. When she answered she apologized and she said that she did not realize but that someone else had ordered the MI in time and that it is in the file, she just had not signed off on it yet.
Now tentatively I will be closing this loan on the 11th of this month; the attorney's want to close the 11th and I am waiting to hear back from the buyers as to whether or not that is a good day for them. Rate lock does not expire till the end of the month so on my end this file is done and awaiting a final closing date.
No one but the bank and I know how close this file came to getting killed and now you all know. Loan origination is risky business now-a-days. If you do not handle stress very well; run, don't walk, RUN!
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