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bramous
662 Posts |
 Posted - 05/07/2008 : 2:19:44 PM
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Social Security Benefits letter reads:
What if I have questions?
"Visit our website...............or, you can visit your local office at:
3174 Tamiani Trail
Naples, FL"
U/W Stip- "Provide proof to show that borrower occupies subject as primary residence and have borrower explain property address on awards letter(3174 Tamiani Trail)."
Sheesh.... |
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clarenceworley
3255 Posts |
Posted - 05/07/2008 : 2:24:22 PM
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Maybe they will order a Field Review on 3174 Tamiani Trail.
On the bright side, that is a fixable(albeit retarded) stip. The annoying ones are those which are retarded and unable to to be documented. |
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AK__47
437 Posts |
Posted - 05/07/2008 : 3:03:45 PM
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| I had a stip asking why the VOE said my borrowers salary was $30,000 a year, but his paycheck stub was $1,153.85 every two weeks. I called the underwriter and asked him if he had a calculator, and walked him threw it. |
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lucky1s
3124 Posts |
Posted - 05/07/2008 : 3:19:02 PM
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| I heard Provident made someone get their carpets cleaned PTF. |
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AK__47
437 Posts |
Posted - 05/07/2008 : 3:29:24 PM
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quote:
Originally posted by lucky1s
I heard Provident made someone get their carpets cleaned PTF.
I read that on here too. My stip about the salary was with Provident. |
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lucky1s
3124 Posts |
Posted - 05/07/2008 : 3:31:00 PM
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Here is what my processor told me about provident-
Just enter a "case" online and your condition will be signed off.
They just need something on writing for the file.
They dont (obviously) use very experienced U/W. |
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sc312001
879 Posts |
Posted - 05/07/2008 : 3:35:43 PM
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Dumbest condition I ever got was from Wells a few years ago.
Borrower provided stock statements as assets.
Borrower's name was a common name like John Smith
UW stipped for explanation of who Kimberly Clarke is & advise why she isn't on title or 1003.
The UW was of foreign decent & obviously not in the country too long. He was reading the stock statement from the paper company Kimberly Clarke!!! I had a devil of a time explainng it & finally had to go over his head, he wasn't budging.
I had a great laugh over it. |
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CoralSnake
9199 Posts |
Posted - 05/07/2008 : 3:36:20 PM
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A guy I used to work with got a stip once- on a 300+ unit condo building, there was some issue with one of the boilers in the building (no idea how the lender picked this up, maybe the appraisal) they wanted the borrower to replace the boiler in this condo building. Wtf?
He just flipped it to another lender and closed it. |
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willpage
176 Posts |
Posted - 05/07/2008 : 3:42:38 PM
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I used to be an underwriter and I loved typing this condition:
"Loan officer to access the Florida Corporations Database (www.whateveritwas.com), type in the applicant's last name, and after realizing how easy it was to verify that an applicant is family-employed/self-employed/owner/principal/etc. and submit last 2-years complete tax returns (everything submitted to the IRS when filing) to verify income."
OR WHEN STATED REQUIRED BEING SELF-EMPLOYED:
"Explanation from applicant why application reports applicant has been "owner" of company for past 8 years, yet the Florida business database reports someone else as owner and applicant is not listed anywhere as a principal member."
Granted, these are somewhat loaded condition, considering we all know that the explanation letter is never delivered to the UW... Either the LO wants to re-structure the application or it just disappears quietly into the night...
Yep, those sure are some "stupid" conditions to have to ask for... but nonetheless, stupid is as stupid does...
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808
1270 Posts |
Posted - 05/07/2008 : 3:59:47 PM
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I've always loved the: loan suspended, underwriter cannot determine reasonableness of income please submit how they generate income, how many employees they have, how they mkt/advertise blah blah blah.
I had a guy I refi'd 765FICO, 75%LTV a yr ago who's a Poker Dealer at Hard Rock making $7k/mo and I got this stip. I told the underwriter to go over to Hard Rock on a Sat and play poker for a couple of hrs to see if she thought the income was reasonable (I've worked w her on loans before). She cleared the stip on Monday and took it out of suspense.
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katbunk
1162 Posts |
Posted - 05/07/2008 : 4:00:39 PM
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| when I was submitting for broker approval once, the person reviewing our broker package wanted to know who the person was that signed our articles of incorporation (it was the secetary of state), and asked us to provide proof this person had no interest in our company. |
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EMScommercial
3736 Posts |
Posted - 05/07/2008 : 4:04:07 PM
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tamiami.... we are doing an office building purchase down there....
a stupid stip? how about 'please resend all items previously sent' |
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lunarhamster
2291 Posts |
Posted - 05/07/2008 : 4:05:02 PM
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quote:
Originally posted by lucky1s
I heard Provident made someone get their carpets cleaned PTF.
Ya, that was my loan.
No shi*, I was stunned. |
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Banker0679
6480 Posts |
Posted - 05/07/2008 : 4:05:41 PM
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| i once had an U/W ask for 30days of paystubs when i sent in an offer letter, and he was only going to work for 1 day before closing day! |
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808
1270 Posts |
Posted - 05/07/2008 : 4:06:00 PM
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quote:
Originally posted by 808
I've always loved the: loan suspended, underwriter cannot determine reasonableness of income please submit how they generate income, how many employees they have, how they mkt/advertise blah blah blah.
I had a guy I refi'd 765FICO, 75%LTV a yr ago who's a Poker Dealer at Hard Rock making $7k/mo and I got this stip. I told the underwriter to go over to Hard Rock on a Sat and play poker for a couple of hrs to see if she thought the income was reasonable (I've worked w her on loans before). She cleared the stip on Monday and took it out of suspense.
Oh I almost forgot, she said she lost $100 playing poker but won $250 on the slots and thanked me for the idea of going to Tampa that weekend
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egamarro
71 Posts |
Posted - 05/07/2008 : 4:06:49 PM
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when doing loans with CWBC years ago I would always hate when they would ask for those goofy LOE's like say the client had another address on credit report 1 year ago and we listed as previous address on 1003.... Juliana Nyhuen where ever you are I hope you are working at McDonalds now..... my LOE said as explained on 1003 previous address was and client was there for X amount of time as listed on 1003, Dear Underwriter I hope you choke.
The loan funded
Now that i think about it those were EASY conditions vs today's |
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VVance
922 Posts |
Posted - 05/07/2008 : 4:17:08 PM
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| Years ago, I had a client who worked for Anheuser Bush. One of the conditions was "copies of one month's canncelled checks from borrower's employer documenting borrower's employment". |
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CoralSnake
9199 Posts |
Posted - 05/07/2008 : 4:26:56 PM
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quote:
Originally posted by sc312001
Dumbest condition I ever got was from Wells a few years ago.
Borrower provided stock statements as assets.
Borrower's name was a common name like John Smith
UW stipped for explanation of who Kimberly Clarke is & advise why she isn't on title or 1003.
The UW was of foreign decent & obviously not in the country too long. He was reading the stock statement from the paper company Kimberly Clarke!!! I had a devil of a time explainng it & finally had to go over his head, he wasn't budging.
I had a great laugh over it.
Kimberly Clarke is an international company, all over the world, must have been a real dumb one. |
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slyder1z
28 Posts |
Posted - 05/07/2008 : 5:00:38 PM
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This is the truth, I swear. About 5 years ago, at another company, I had a loan turned down by the lender solely because of a statement made on the appraisal;
"Basement had very strong odor of dog feces"
The loan was denied, no lie. |
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MarieS
195 Posts |
Posted - 05/07/2008 : 5:05:48 PM
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quote:
Originally posted by bramous
Social Security Benefits letter reads:
What if I have questions?
"Visit our website...............or, you can visit your local office at:
3174 Tamiani Trail
Naples, FL"
U/W Stip- "Provide proof to show that borrower occupies subject as primary residence and have borrower explain property address on awards letter(3174 Tamiani Trail)."
Sheesh....
What lender was that? I have to make sure to never send a deal there. |
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kellamtom
334 Posts |
Posted - 05/07/2008 : 5:06:26 PM
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quote:
Originally posted by CoralSnake
quote:
Originally posted by sc312001
Dumbest condition I ever got was from Wells a few years ago.
Borrower provided stock statements as assets.
Borrower's name was a common name like John Smith
UW stipped for explanation of who Kimberly Clarke is & advise why she isn't on title or 1003.
The UW was of foreign decent & obviously not in the country too long. He was reading the stock statement from the paper company Kimberly Clarke!!! I had a devil of a time explainng it & finally had to go over his head, he wasn't budging.
I had a great laugh over it.
Kimberly Clarke is an international company, all over the world, must have been a real dumb one.
wow lol |
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moneyluck
3573 Posts |
Posted - 05/07/2008 : 5:22:31 PM
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i had a loan turned down because the subject was 60 minutes from the borrower's work and the UW just couldn't FATHOM anyone driving that far to get to a job.
wanted me to prove that the borrower really worked there and had experience driving daily long distances.
borrower owned no other properties. . . .
and owned the company where he worked.
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moneyluck
3573 Posts |
Posted - 05/07/2008 : 5:42:38 PM
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| i feel better reading this thread . . .thanks for the laugh! |
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velecico
2238 Posts |
Posted - 05/07/2008 : 7:25:14 PM
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| I has CWBC question a fast a sleazy that a pizza delivery boy could make $8000.00 per month , WTF , I told her he was the fastest driver in all of Dominoes and that he had awards to proove it , she asked for a copy of the awards certificate which he had from a box of Trix Cereal and they approved it the next day |
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Scrooge McDuck
6573 Posts |
Posted - 05/07/2008 : 7:44:22 PM
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quote:
Originally posted by velecico
I has CWBC question a fast a sleazy that a pizza delivery boy could make $8000.00 per month , WTF , I told her he was the fastest driver in all of Dominoes and that he had awards to proove it , she asked for a copy of the awards certificate which he had from a box of Trix Cereal and they approved it the next day
at the dominoes in my town, its like a car show. no lie, these dudes are driving infinitis and bimmers. my paper boy drive a nasty boy navigator. i love this guy's navigator.
worst stip ive ever had on a loan came not too long ago. TBW asked for a reciept for an engagement ring to prove that the 2 buying the home were engaged. in the same day, seperate loan, they asked for a character reference. i called uw and ae about the character refernce and what that could possibly be for, and the UW said they wanted to make sure the guy wasnt on drugs, cause he makes a decent living, but has no savings. saywhaaaaa? |
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velecico
2238 Posts |
Posted - 05/07/2008 : 7:48:55 PM
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| thats funny , this kid has been working at Dominoes for like 10 years , the whole area is 10 square miles , he has bought 2 homes , both around 300K , which is basically a teardown in the area where he drives , he only takes off 1 Sunday a month , pulls lots of doubles , never makes below $200.00 per shift ,on weekends he pulls in about $800.00 |
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propertylender.c
776 Posts |
Posted - 05/07/2008 : 8:56:04 PM
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| Underwriter wanted to see a copy of the graduation picture (This was a loan done in 1993). |
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jsarausad
144 Posts |
Posted - 05/07/2008 : 10:53:07 PM
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| What about this? Having three appraisals done on one borrower. First appraiser was blacklisted everywhere, second one only had a trainee license for his own appraisal company because he started his own appraisal company on the side while working for a didderent company with the same trainee license, the third appraiser was properly licensed but put a note that my borrowers county is known for having radon gas... Even though this was.a refinance and their house did not... The lender requested a soil sample to test radon gas levels as my borrowers were on their way to the title company.... Borrower drove 4 states away the night before to sign with her husband, as the lender requested this stip right as they were arriving at the title company. |
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Mandyvilla
2047 Posts |
Posted - 05/08/2008 : 03:32:25 AM
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Too many to count. They question the golden ones, and yet, send them one that is a bit of a stretch on the guidelines and they approve it.
Everyone is in the same boat right now, training DEU as fast as possible. After returning from orbit, I now just take a copy of whatever mortgagee letter applies (usually it's the killer appraisal memo on conditions) and send it over w/ a "I wanted to share this with you....this stuff is so hard to keep up with....I would really appreciate it if you would take a look at loan # xyz and see if we can clear a couple (ALL OF THEM YOU MORON!!!)conditions. The seller is a bank and I am trying to hold this deal together" (BECAUSE OF YOUR SCREWUP!!)
Unfortunately, by the time we get this group trained, it will be a fixed rate market.. |
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darkstar
13795 Posts |
Posted - 05/08/2008 : 04:28:15 AM
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| Had to prove 2 people signing with same last name weren't married... |
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mettlin
6 Posts |
Posted - 05/08/2008 : 04:39:30 AM
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I did a loan for our New Century account executive several years ago with Steward Financial. The underwriter asked for an LOE itemizing what the responsibilites of an AE were.
After having a good laugh with the office, I went to Steward's website, found their careers section, and copied, cut, and pasted their job description for an AE into the letter. |
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CoralSnake
9199 Posts |
Posted - 05/08/2008 : 06:39:23 AM
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quote:
Originally posted by willpage
I used to be an underwriter and I loved typing this condition:
"Loan officer to access the Florida Corporations Database (www.whateveritwas.com), type in the applicant's last name, and after realizing how easy it was to verify that an applicant is family-employed/self-employed/owner/principal/etc. and submit last 2-years complete tax returns (everything submitted to the IRS when filing) to verify income."
OR WHEN STATED REQUIRED BEING SELF-EMPLOYED:
"Explanation from applicant why application reports applicant has been "owner" of company for past 8 years, yet the Florida business database reports someone else as owner and applicant is not listed anywhere as a principal member."
Granted, these are somewhat loaded condition, considering we all know that the explanation letter is never delivered to the UW... Either the LO wants to re-structure the application or it just disappears quietly into the night...
Yep, those sure are some "stupid" conditions to have to ask for... but nonetheless, stupid is as stupid does...
Were you the UW who asked me to get a printout from the state corporations website showing that the borrower is owner of the business? I had already sent this, and just went to the website, printed it out and sent back?
Even if you didnt see the printout, you obviously know how to go to the website and get the info, so why would you stip for it? |
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pdm
216 Posts |
Posted - 05/08/2008 : 07:07:34 AM
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This is my boardroom classic.
Flagstar siva
Closing attorney
need proof of self employment.
give them business licence, his cert with the state & cpa letter . They turn loan down, no proof that he actually practices law! even though he has been lawyer for 20 years.
I go all the way to SR management.
get the same deal, how can we prove he actually practices law, because , his yellow page add, his lease, his business license wasnt good enough, because when they put him into lexes, it showed he doesnt have a web site!
Then I sent them his name from thier approved attorney list!
after a week they closed it. |
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AK__47
437 Posts |
Posted - 05/08/2008 : 07:14:55 AM
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Now thats funny
quote:
Originally posted by mettlin
I did a loan for our New Century account executive several years ago with Steward Financial. The underwriter asked for an LOE itemizing what the responsibilites of an AE were.
After having a good laugh with the office, I went to Steward's website, found their careers section, and copied, cut, and pasted their job description for an AE into the letter.
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Pat
466 Posts |
Posted - 05/08/2008 : 07:39:27 AM
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Provident. Had a borrower that worked for GEICO, his paysub said "Government Employees Insurance Company" at "One GEICO Plaza". the validaor wanted proof that they were one and the same. I tried to point out that GEICO is an acronyn.
Referred them to the geico.com website under "contact us" and had them look at this:
Home Office
Corporate Offices
Government Employees Insurance Company
One GEICO Plaza
Washington, DC 20076
Wasn't easy, but after talking to another employee they relented. |
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mganovsky
1128 Posts |
Posted - 05/08/2008 : 08:29:38 AM
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File suspended, submit proof of applicants name, (birth Certificate would be best) Experian and Trans Union have her first name as Michele, with one "L" and Equifax has it spelled with 2 "L"'s as Michelle.
Now in the original file I included copy of Drivers license and social security card and the 1003 was spelled correctly as "Michele".
I called and asked the U/W; at closing dont you have to sign a name affidavit if the credit report shows different variations of the applicants name.
Her reply was" OH yeah thats right, and she cleared the condition and gave me CTC. |
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fburgh
11 Posts |
Posted - 05/08/2008 : 08:41:16 AM
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MY MOST STUPIDEST U/W/ STIP EVER?????
65% LTV on $1,100,000.00 HOME PUCHASE.
Buyer gave us a copy of this stock portfolio from his broker, with a value of over 2 million on about 40 to 50 different stocks that he played, some blue, some not so blue.
U/W came back with a stip of they needed a copy of each stocks last quarterly statement.
I was at first shocked, then angry, then mad, and when the AE showed up that afternoon, we really had a showdown. Needlees to say the AE made 5 phone calls, 5 phone calls. The last one to a DM or AM who had to go to Corp. to overturn the U/W. It seems that the U/W was a long time employee that no one in the office would overturn, that was the reason we were given for going to corp. OH YES we did beleive her also. ?????? |
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efrederick
763 Posts |
Posted - 05/08/2008 : 08:46:19 AM
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Just got my worst one ever.
"Borrower must sign in blue ink". My title company called and said we only have black ink pens. Had to go to staples and hand deliver the blue ink pens to title. |
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jvanpetten
1684 Posts |
Posted - 05/08/2008 : 08:58:59 AM
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Yikes!! Did you use them again after that? Talk about problem solving.
quote:
Originally posted by efrederick
Just got my worst one ever.
"Borrower must sign in blue ink". My title company called and said we only have black ink pens. Had to go to staples and hand deliver the blue ink pens to title.
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efrederick
763 Posts |
Posted - 05/08/2008 : 09:08:33 AM
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No and won't. They are crossed off my lender list (in blue ink).
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Originate_This
202 Posts |
Posted - 05/08/2008 : 09:10:06 AM
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| Some states require a certain ink color. Helps the brilliant people at the county recorder's office to determine a copy from an original. |
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jvanpetten
1684 Posts |
Posted - 05/08/2008 : 09:12:11 AM
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| Blue ink has been required for a few years now. It is now the norm, doesn't even need to be in the instructions. All the closings I have been to, they use blue ink. I make sure my clients sign the application package in blue ink. |
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bramous
662 Posts |
Posted - 05/08/2008 : 09:12:55 AM
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| I really hope that the U/W on this file doesn't try to Google the tamiani trail address to verify...I'll surely be screwed. |
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CoralSnake
9199 Posts |
Posted - 05/08/2008 : 09:15:18 AM
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quote:
Originally posted by jvanpetten
Blue ink has been required for a few years now. It is now the norm, doesn't even need to be in the instructions. All the closings I have been to, they use blue ink. I make sure my clients sign the application package in blue ink.
I dont think Ive ever seen a closing in blue ink.
All the pens in my office are black. |
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jvanpetten
1684 Posts |
Posted - 05/08/2008 : 09:18:32 AM
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Maybe it is state specific.
quote:
Originally posted by Originate_This
Some states require a certain ink color. Helps the brilliant people at the county recorder's office to determine a copy from an original.
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richsalazar2003
128 Posts |
Posted - 05/08/2008 : 09:18:44 AM
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| Ok I had a refi few months back. Another property came up on MERS so the u/w asked for utilities bills to show principle residence on the subject. I got a NICOR gas bill and sent it in. The U/W questioned why this was being delivered to a P.O. Box instead of the brwrs home address. I reviewed the bill and seen that is where to send payments. My processor and I went rounds with this u/w who insisted that that is his mailing adress. We ended up losing the deal completely for another reason but c'mon, no more cracker jack U/W's! |
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clos25
232 Posts |
Posted - 05/08/2008 : 09:20:34 AM
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| I forgot who the lender was a couple of years ago lender asked to fax over a copy of the L.O I.D or Drivers License along with his originator license because his name match the one of a convict that recently escaped cook county jail. |
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efrederick
763 Posts |
Posted - 05/08/2008 : 09:25:31 AM
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quote:
Originally posted by CoralSnake
quote:
Originally posted by jvanpetten
Blue ink has been required for a few years now. It is now the norm, doesn't even need to be in the instructions. All the closings I have been to, they use blue ink. I make sure my clients sign the application package in blue ink.
I dont think Ive ever seen a closing in blue ink.
All the pens in my office are black.
I've always done black as well. Had one where the client would only sign with her 'lucky' purple pen. That one I did clear with the lender.....
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mustang05
183 Posts |
Posted - 05/08/2008 : 09:26:24 AM
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| I have had a condition to have my borrower provide a LOE of why her last name changed after she got married. |
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Loan Pro
374 Posts |
Posted - 05/08/2008 : 09:42:34 AM
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What is the Stupidest U/W Stip Ever?
This is the truth, I swear, am I the only one the banks are asking to verify "Income and Assets"? I can't believe this... how stupid!
I remember just a couple years ago the banks would fund with an "IOU" only and did not require anything else. 
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lucky1s
3124 Posts |
Posted - 05/08/2008 : 09:44:18 AM
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I am trying to do a NOO R&T for $300,000 for a brazillionaire with a 680 fico and I have to go stated.
Because of the fico (he doesnt use credit) the U/W wants proof of 10 million in reserves.
It was a short term seller carry back for a house he bought for his priest to use as a retreat.
He laughed in my face and paid it off in cash.
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