Yes, I will ask you a lot of questions during the loan application process.
It’s more important than ever for me to know your situation. That way I can best assist you in obtaining all that you deserve when it comes to financing your new home or refinancing your existing property, be it your primary residence, a second home or an investment property.
You may think that I am anal in the amount of detail that I require. I assure you, it’s in your interest. Details, or lack thereof, can make or break a loan request.
We just successfully closed the purchase loan of a young, newly married couple. It is their first home. Fresh out of college, just starting their careers, they have joined together and realized that this moment was better than most for purchasing.
But, like many people starting out their employment history over the past two years was filled with varying types of jobs and lengths of employment. They are fortunate in so far as the employment they currently have is what they wanted. She even had to leave her current employer for several months and go to the competition just to get hired back at the position and salary that she knew she was worth.
For a loan request in today’s market that complicates things a bit. But, with the right amount of detail and your loan officer paying attention to specifics it was not a problem. Today, lenders must align dates of employment through W-2s, verifications of employment and through verbal verification of employment.
As an example, in a previous refinance transaction our borrower’s verification of employment stated that she was a “Professor” and had a start date that was different than the verbal Verification of Employment (vVOE). The verbal also said she was “Full Time Faculty”, further complicating an otherwise pristine loan.
As we later learned, the individual who had provided the vVOE had not returned to the college’s old database to retrieve the original date of employment. The same date that I as her loan officer had on the loan application. That being resolved, we quickly closed the loan.
Please be prepared to provide details to your loan officer. I, for one, will not rest until I know I got it right.
Photo: Stefan Baudy