2008 FBI Mortgage Fraud Report Reminds Buyers (and Sellers) Why it is So Darn Hard to Get that Loan Approval
It is getting harder and harder to satisfy mortgage loan underwriters these days. Ask anyone who makes a living helping Chicago area home Buyers or Sellers close their real estate contracts. Tight mortgage lending guidelines are requiring Buyers to document every last nickel of income and savings, the sources of those funds. New appraisal rules are insulating property appraisers from real estate agents and loan officers. Lenders are requiring specific (and increasingly careful) examination of chains of the transfer of title ownership. There is a lot more paperwork being required. Its taking Longer. Frankly, it is a pain in the kishkes trying to manage the process and keep deals together as a loan application winds its way through the lending pipeline. I hear a lot of grousing from Buyers, Sellers & Real Estate Agents. (OK, I grouse about it too) But then, Tuesday's FBI report on Mortgage Frau d reminds us all why we are working so much harder. Our present day (would be) borrow...