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Rainmaker
4,633,737
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Lack of communication between processors and underwriters leading to unneccessary delays!

Dec 12, 2015 08:56 PM
Rainmaker
1,678,575
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West - Carlsbad, CA
Presence, Persistence & Perseverance

Crazy dumbass underwriters that barely made it out of high school and their insane documentation demands.

Dec 12, 2015 05:07 AM
Rainmaker
4,799,732
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I feel that the most challenging issue is that wages in this country are not keeping up with the cost of housing.  So, lenders are being very careful about lending.

Dec 12, 2015 02:49 AM
Rainmaker
4,573,335
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I have not seen lending rules change in the middle of a transaction once a file has been opened. The major issues I see are loan officers who put in sloppy documentation to the udnerwriter who then has to keep asking for more information, sometimes to the last minute. I don't work with lenders like this, but sometimes when it's a buyer for a listing of mine, I have no control over their lender.

Dec 12, 2015 09:02 PM
Rainmaker
2,537,524
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Dusty. The biggest issue that I see is the "last minute" stuff that holds stuff up that underwriters come up with.

Dec 12, 2015 06:13 PM
Ambassador
4,318,202
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Dusty Rhoton, SFR, SRS, CDPE, RSPS - working with right lender perhaps resolves all kind of obstacles.

Dec 12, 2015 03:53 PM
Ambassador
3,724,327
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Usually any difficulties arise during the pre-approval process. 

Dec 12, 2015 12:02 PM
Rainmaker
3,337,660
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

 We select lenders carefully....furnishing lists....and have had no problems.

Dec 12, 2015 04:59 AM
Ambassador
1,420,634
Susan Emo
Sotheby's International Realty Canada - Brokerage - Kingston, ON
Kingston and the 1000 Islands Area

For me, this text from my Go-To-Mtge-Broker: 

"Today's industry does not cater to well-off, retired, asset-based clients buying executive real estate!"

Dec 12, 2015 04:38 AM
Rainmaker
2,049,976
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

I think the lender mindset is the most difficult. 

Dec 12, 2015 03:33 AM
Ambassador
1,571,370
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

I actually have seen it get better. Been awhile since we had issues. 

Dec 12, 2015 02:41 AM
Ambassador
5,827,067
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Red tape is a perennial problem.

Dec 24, 2017 08:59 PM
Rainmaker
937,491
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Dusty -  I think that there are so many rules and regulations that nobody really knows or understand everything about every possible loan scenario, so things come up unexpectedly. Part of the problem is lenders want to be everything to everyone (just like agents), so they have to know the ins-and-outs of hundreds of different programs, with their guidelines and interest rates changing all the time.

I have heard that some of the lender guidelines for specific types of loans are like hundreds of pages long. Try memorizing just a couple of those, let alone 50, and you can see how things go wrong.

Dec 14, 2015 03:39 PM
Rainer
283,583
Dusty Rhoton SRS, MRES, ABR, SRES, GRI
RE/MAX Fine Properties - Flagstaff, AZ
Northern Arizona Real Estate

This past week we had a new one come up...Client buyer has been renting for 3 years and the seller decided to sell the house to them... The appraiser says the current rents in THAT neighborhood are $2100 p/month and the buyers have only been paying $1550 p/month.  So, FHA says effective October 2015 you have to take the difference in the appraiser's opinion of market rent and the rent they have been paying and times that for the length of time they are renting and they have to add that now to their down payment!  

I spent all weekend getting the CORRECT rents for that neighborhood and now the appraiser has to explain "why" he used rents from homes over 2,000 S/F in the Country Club area when this house is only 1500 S/F and then ....we wait for the underwriter to make their new determination. 

Very frustrating rule that makes no sense to me!  (Evidently FHA says this new rule is in place for sellers who rent undermarket to their future buyers!!)   Thanks for letting me vent and I will keep you posted on our progress.

Dec 13, 2015 11:17 PM
Rainmaker
5,400,673
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I wish the self-employed borrowers an easier system.   Some business owners are still having issues with obtaining a loan.

Dec 13, 2015 01:18 AM
Rainmaker
3,071,034
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

I think the key is to work with lenders who (along with their underwriters) know what they are doing...

Dec 12, 2015 10:08 PM
Ambassador
1,614,236
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

I'm not seeing any problems.  Thankfully the lenders we work with are outstanding.

Dec 12, 2015 09:18 PM
Rainmaker
2,759,637
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

 Good morning Dusty. I would have to say wages not keeping up with the cost of housing.

Dec 12, 2015 05:12 PM
Rainmaker
634,382
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

Debt to income ratio not adjusted for expensive housing markets like mine.

Dec 12, 2015 04:35 PM
Rainmaker
5,768,742
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

I am with Sandy Padula and Norm Padula, JD, GRI on this subject.

Dec 12, 2015 12:38 PM
Rainmaker
617,585
David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

Dusty,
I’m fortunate not to have to deal with low score clients’ so I’m not seeing any issues.

Dec 12, 2015 08:56 AM
Rainer
231,174
Mike Rock
Complete Design - Granite Bay, CA
Granite Bay Luxury New Construction...For Less

i see some openings on the scene for some additional creative lending. banks wanting to not lend, and some private money going toward real estate

Dec 12, 2015 06:11 AM
Rainer
140,510
Richard L. McKinney P.A.
Atlantic Shores Realty Expertise - Port St Lucie, FL
For Results that MOVE you on the Treasure Coast!

hmmm ...the obstacle are having Good Credit, Solid Income, minimum 2 yr Work History and then being able to provide the documention to support all of it  LOL  .. The whole mortgage process just sucks!

Dec 12, 2015 05:56 AM
Rainmaker
3,986,000
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Lately Things have been really sstable in my area

Dec 12, 2015 05:44 AM
Rainmaker
4,433,809
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I am sure there will be obstacles as people are getting used to the new rules.

Dec 12, 2015 03:52 AM
Rainmaker
7,130,570
Roy Kelley
Retired - Gaithersburg, MD

Recent statistics show that a very high percentage of TRID settlements have errors. 

Dec 12, 2015 03:36 AM
Rainmaker
1,708,245
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Guidelines are loosening up, and TRID is helping the process. Buyers have to get their info in in a timely fashion, and REALTORS® must finally show competence and not last minute incompetence.

Dec 12, 2015 02:48 AM
Rainmaker
5,581,328
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

credit scores are now and have been in the past a major issue....

Dec 12, 2015 02:27 AM
Rainmaker
1,191,144
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Needing stellar income to buy a modest home in SF Bay Area. 

$280K a year income......

Dec 12, 2015 02:21 AM
Rainmaker
1,775,857
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

I don't think that buyers know enough about how their credit score effects them. Most are clueless & I've just had one buyer think that putting 20% will cure 'all the evils' on his credit report. Boy, was he surprised!

Finding people with good credit.

You MUST work with a loan officer that knows what they are doing & knows what questions to ask. That is essential because deals are just getting tougher not easier.

Dec 12, 2015 02:15 AM
Rainmaker
1,157,535
FN LN
Toronto, ON

The lending obstacles depend upon the particular transaction and the ability of the parties to overcome them.

Dec 12, 2015 02:12 AM