Mortgage Info for Homes and Small Business Financing

New Apple iTunes Version Illustrates Persistence in Mortgage Process

Some would call it a waste of time.

I have this older, refurbished computer that even my teenager had given up on.  Slow.  Runs Windows XP.  The processor was not dual core let alone quad-core.  Had only the minimum amount of RAM to run programs.  The browsers and registry were infiltrated with viruses and other traffic monitoring trojans.

Over the last several weeks while doing other things I cleaned it up, reinstalled the OS, installed an antivirus program and ran that.  All I wanted was to use it as the server to stream iTunes radio over my home’s stereo system, particularly in my home office.

itunes-images

The streaming radio feature of iTunes that I was familiar with allowed me to listen to a diversity of music from around the world.  This ranged from Latin America samba to Africa’s intricate rhythms.  One of my favorites is the acoustic alternative station.

This whole process of sanitizing the computer and preparing it for a specialized function reminded me of what I do when processing a mortgage file.  The credit report must be generated and checked for correctness.  Income documents must be reviewed, looking for loans being repaid from payroll or tax returns that have K-1s reporting.  This item is especially important for the self employed borrower.  Bank statements must be scrutinized for large deposits as these are currently red flags for underwriters.  Once the appraisal is complete, it too must be reviewed paying close attention to the comparables used and the final value which determines loan-to-value (LTV).  This information is submitted to an automated underwriting system (AUS) to obtain and approval or a approve/eligible finding.

When I tried iTunes it said it was corrupt and could not run.  It was iTunes 11.0.4.4.  I installed the newest version from Apple’s website not knowing the consequences.

Apple sucks.

They changed iTunes so that the new version (11.1.0) mandates login to access the streaming radio and that requires having a credit card on file.  Ridiculous or genius?  Didn’t matter.  It wasn’t for me.

I went out and searched the web for an old version of the software and installed it.  It worked!

When I tried to play it I had trouble directing audio to the USB output.  Just figured that out and it’s now playing.

Sweet, sweet success.  Persistence.  Pays off.

Once again, the process reminded me of the persistence required to get a borrower’s request approved and funded.  Today, you don’t need just another loan officer.  You need a bold champion who will go to battle for you and your loan approval.

 

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