Loans By Kathy: Let me double check that...

Let me double check that...

"Let me double check", that should probably be one of my tag lines for my business.  Why do I say that?  Mortgage applicationWell, everything that we do is double checked at least once, and sometimes even more.  For example, a borrower sends us a copy of their Federal tax returns then we request a copy of their transcript directly from the IRS.  Do they match?  If yes, great, if not time to ask for more questions.

A borrower sends in bank statements, we may ask for a verification of deposit.  A borrower provides us with their employment information by sending a copy of their W-2 and pay stubs, we will ask for a verification of employment.  A borrower answers the declarations questions on the application, we will check for any bankruptcy and foreclosure filings through the court system.

Oh, and if that borrower applies for new credit during the process, we will find out about that too!  

 

Now, some may say this is an invasion of privacy.  In fact, you are receiving a loan and the investors are trying to insure that they receive payment.

All of this is done to confirm that the information provided is accurate!  Why?  This is one way to detect mortgage fraud.  

 

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Kathy Sheehan Senior Loan Officer

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770.634.4021

F:

404.745.8060

 

Bay Equity LLC

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11475 Great Oaks Way, Suite 350, Alpharetta, GA 30002

800.BAY.3703 Bay Equity LLC NMLS ID#76988


 

 

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The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.

 

Comment balloon 6 commentsKathy Sheehan • May 19 2013 01:17PM

Comments

Hi Kathy -- this is so true -- ask, check, verify, re-check --- borrowers/buyers need to know --- put it all out there and be prepared to provide documentation and responses.    

Posted by Michael Jacobs, Los Angeles Pasadena Area Real Estate 818.516.4393 (Coldwell Banker Residential Brokerage) over 5 years ago

Michael, it is.  I had to call a client on Friday and ask about the 3 credit inquiries made on his credit report last week.

Posted by Kathy Sheehan, Senior Loan Officer (Bay Equity, LLC 770-634-4021) over 5 years ago

Kathy...smart business and it should serve as a warning to consumers who will try to get something by the system.

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (ColdwellBanker SSK Realtors ~ 478.960.8055) over 5 years ago

Anita, I had a client that paid someone to remove a BK and FC from a credit report, but it didn't get past our search.  I refused to put my name on his mortgage application.

Posted by Kathy Sheehan, Senior Loan Officer (Bay Equity, LLC 770-634-4021) over 5 years ago

Interesting post Kathy, I have heard old time realtors say "in the 70's if they could breathe they could get a loan".

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) over 5 years ago

Noah, that was actually the case probably from 2000-2007.  I sold real estate in the early 80's and there were still plenty of borrowers that were not qualified.

Posted by Kathy Sheehan, Senior Loan Officer (Bay Equity, LLC 770-634-4021) over 5 years ago

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