I realize adequate documentation is important and necessary. There were perhaps one or two instances during my process that documentation required appeared redundant and perhaps excessive. The two examples I will offer reflect my thoughts.1. I was asked to submit a written statement explaining why I was moving from a 500,000 house to a 200,000 house in the same town. I explained that our children were grown and we wished to down size.Following that submission, I received another request to provide a written statement Explaining g what I intended to do with our existing property! I think that was over the top ... Do I qualify for the loan or not! A second issue that I found puzzling was when asked to transfer a specific amount of savings to checking to pay closing costs. I sent a copy of the check and a deposit slip reflecting the change. Not good enough! Had to send bank print outs of both the account showing the money coming out and another showing the money deposited in checking! Really! If I can't pay closing costs the deal won't go through. Everyone knows that so why would I not transfer the funds. I have a good credit score with a long history. I have enough cash to pretty much cover the funds I am borrowing without considering three other properties that are mortgage free. I think that may have been the capstone of my irritation. I essentially had a net worth more than five times what I was borrowing and underwriters seemed to totally ignore that while focusing on seemingly redundant paper.Beyond this rant, please understand that I wanted this loan and appreciate the need for careful lending practices. Further, my loan officer excelled in courtesy and professionalism.
Nothing, everything went as smooth as possible.
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One thing that would help improve the process is more people in processing so that loans get processed quicker
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