Loans By Kathy: "But that's personal information, I would rather not send it."

"But that's personal information, I would rather not send it."

 

"But that's personal information, I would rather not send it."  This is direct quote from a client that I spoke with earlier today.  Here is what any mortgage applicant must know:

  1. We will look at your tax returns and verify that it is the same information sent to the IRS
  2. We are going to verifiy your income through your pay stubs, and written verification of employment by your Human Resources Manager.
  3. We are going to review your bank statement for enough funds for closing.  Other items that will be reviewed are any returned checks for non-sufficient funds.  Are your savings commensurate with your earnings.

Yes this is personal information, but you are asking for a loan for thousands of dollars.  We are going to do our homework to evaluate your ability and likelihood that you will repay this loan.  It matters not if you apply for a $100,000 or $1,000,000.

 

But that's personal information, I would rather not send it. Better rethink that statement if you want your loan closed.

 

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Kathy Sheehan Senior Loan Officer

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Bay Equity LLC

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

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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 20 commentsKathy Sheehan • August 26 2013 05:07PM

Comments

It is hard to hand that information out, but like you said, if the applicant expects to get a loan, they should expect to hand over the information.

Posted by Pam Graham, Jacksonville, Clay & St Johns Counties (All Real Estate Options) almost 5 years ago

Kathy- we've been so conditioned these days not to give out any personal information at all however, to get a mortgage, you have to "give it up."

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) almost 5 years ago

But why can't you just loan me a few hundred thousand dollars without my personal information? Do you think I may not pay it back?

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) almost 5 years ago

Pam, it is all part of the process.

Kathy, that is true.  I recently had a client that sent documents with all social security numbers, account numbers and address blacked out.

Margaret, you are so funny!

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

Kathy why don't you trust me he says,  my word is good as gold.  Really ask my Mother she'll tell you.

Posted by Anna Banana Kruchten CRB, CRS 602-380-4886, Arizona's Top Banana! (Phoenix Property Shoppe) almost 5 years ago
Kathy-I get this all the time especially when I had been in the mortgage business, sometimes I hear them up front that they do not want to give up their email address...most of those I cannot proceed any further to help them to realistically save a mint (refi). I do my best to pursued them for their own benefit, doesn't work all the time!
Posted by Pete Xavier, Outstanding Agent Referrals-Nationwide (Investments to Luxury) almost 5 years ago

Anna, that is funny!

Peter, you can only help those that want it.  If they won't provide the information, I don't want to waste my time.

Posted by Kathy Sheehan, Senior Loan Officer (Bay Equity, LLC 770-634-4021) almost 5 years ago
Kathy-You don't what you don't know so I guess it should come as no surprise that some haven't a clue about what it takes to get a loan for several thousands of dollars.
Posted by Wayne Johnson, San Antonio REALTOR, San Antonio Homes For Sale (Coldwell Banker D'Ann Harper REALTORS®) almost 5 years ago

Kathy...

Borrowers need to understand that no cooperation equals no loan. Plain and simple.

Posted by Richard Weisser, Richard Weisser Retired Real Estate Professional (Richard Weisser Realty) almost 5 years ago

Good morning Kathy. I guess I understand the comment but it is pretty funny to think a consumer would expect a loan without providing personal information.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) almost 5 years ago

Wayne, there are many that don't understand..., it is my job to educate them.

Richard, no cooperation - no loan, exactly!

Sheila, I didn't see that one coming.

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

We hear this too and we reassure the buyers that only the Loan Specialist will know these numbers. We as Realtors and the sellers never see them...

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Condo & Home Sale Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) almost 5 years ago

Real estate agents should not be handling ANY of the buyer's financial records.  

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

Hi Kathy - In this time of disappearing privacy, I can understand wanting to maintain as much of it as you can for as long as possible. It's the inability to understand when that door has to open voluntarily that's puzzling here, but I expect we'll all see more of this as privacy becomes a luxury item.

Posted by Dick Greenberg, Northern Colorado Residential Real Estate (New Paradigm Partners LLC) almost 5 years ago

That is a good piece of advice for buyers. I can't imagine that many people really expect to receive a mortgage without providing some financial info, but everyone has their limit for how much they are asked to divulge.

Posted by Dana Hollish Hill, Lead Associate Broker (Hollish Hill Group, Keller William Capital Properties) almost 5 years ago

Dick, exactly!

Dana, the problem is when they black out the pertinent information.

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

Some of my buyers grumble and complain but others act like it is no big deal. I think it is very intrusive but then again, if you want the loan you have to do it.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) almost 5 years ago

Debbie, it is what is required pure and simple.

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

There are so many scams out there today that I can understand the initial fear of providing that kind of information but without it, no loan, no closing.

Posted by Marnie Matarese, Showing you the best of Sarasota! (DWELL REAL ESTATE) almost 5 years ago

Marnie, no info, no money... it is as simple as that!

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

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