Quote:
Originally Posted by eastwest2300
I didnt know that, I'm also a first time homeowner.. good stuff.
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There is so much that goes on behind the scenes for each mortgage application. Each loan officer/originator is different, and me personally, I like to err on the side of caution and am a bit stricter. So if there is something that really bugs me, I will try to figure out any potential issues before it gets to the Underwriter. You'd be surprised at the sh!t people will try to pull to get qualified under false pretenses.
And it's not just the Underwriter that gets questioned, it's also the branch manager and the loan officer/originator on the file that gets questioned by many governing agencies, such as CFPB, NMLS, State Financial Regulating Boards, DBPR, etc. Depending on the severity of the issue/violation, it could be civil and/or criminal.