Just when i thought i had heard it all from underwriters...... - Posted by Jim_MA

Posted by Ed Garcia on December 09, 1999 at 10:07:05:


I know your wife. She’s going to tell you to forget about it, don’t go there.


Ed Garcia

Just when i thought i had heard it all from underwriters… - Posted by Jim_MA

Posted by Jim_MA on December 08, 1999 at 21:20:33:

got my 16th loan approved today…get this for a condition.

buyer must provide letter from his spouse granting him access to their “joint accounts” i 've been laughing for hours but they were absolutly serious

That’s pretty extreme. - Posted by Paul Macdonald

Posted by Paul Macdonald on December 11, 1999 at 23:34:42:

The only possible reasons I could guess at would be that:

  1. You are buying the new property and your wife is not to be on the deed and or title.
  2. She is “employed” and has the qualifing income vs.your self employed status.
  3. A portion of her income which is placed into the family joint account is designated trust proceeds.

Is that the case or any other unusual circumstance involved with this loan?

If not have some fun. Tell them in writing to have the underwriters manager write you a letter telling you that the UW has permission to be so stupid. Don’t worry about being blackballed or turned down. Loans are far more scarce in these days of “high” rates and add winter season to the equation and they’ll back down fast as long as everything else floats. The manure would hit the mechanical air pusher. And Ms/Mr Anal UW would hear about it for months.

I like it. Be a sqeeky wheel.


It’s Real - Posted by Hugh James

Posted by Hugh James on December 09, 1999 at 10:27:09:

It’s called CYA in the business. The best one I ever heard was this one: I had a husband and wife client who were buying a new custom built home. It was their first house, although over the years they had purchased and paid for a number of small apartments and mixed use properties. The husband managed their investments and the wife was a $100K a year plus systems something with the local gas company. Probably a net worth of $2M. The selling price was $275K and they had already deposited $65K with the builder. The day the loan package was ready to be picked up by the title company, the underwriter demanded a letter from the borrower explaining “Why I Want To Live In This House.” What’d they think, they picked out some plans and decided they hated the idea so much they had to plunk down sixty-five grand and move? I told the manager I wouldn’t humiliate myself or my clients with such an inane request. They made the loan anyway.

Not often, but on occassion loan underwriters can be anal to the point of the ridiculous.

Re: Just when i thought i had heard it all from underwriters… - Posted by JPiper

Posted by JPiper on December 09, 1999 at 07:32:17:

What’s access to a joint account? Never heard of it! I’ll have to ask my wife about this.