Question by Daniel G: Do personal loan underwriters spend a lot of time verifying income or do they rely on credit score?
Do personal loan underwriters spend as much time as mortgage loan undertwriters verifying income? I know mortgage loan underwriters spend days checking a loan and have tools to check docs. Do personal loan underwriters follow the same guidelines?
Best answer:
Answer by kelly
yes they do they need both statements and information that support what you have written down to make sure that you are not a risk worth taking.
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Question by Allison: why is my FHA mortgage banker refiance taking so long?
We have had our complete FHA refinance package with the underwriting 2 weeks today. The loan officer tells us that it’s a more difficult file to process but says all looks good. I asked if they want to see any more documention and he told us that they haven’t asked for anything. We are getting concerned. If everythink looked fine, symptoms but they wanted some more documentation, wouldn’t they approve with stipulations? What could the hold up be? And at what point do we walk away and go with someone else?
Best answer:
Answer by MoneyMonkey
Sometime the squeaky wheel gets the grease. Ask him for a deadline, and keep calling him politely every day until it is complete. Ask him outright if you should be looking for a loan elsewhere.
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Question by Manny: can i sue chase bank for selling my mortgage with good credit during a HARP application?
During my application for modification or refinancing program to get a lower rate, information pills after 4 month
back and forth with paper work, without any detail explanation, the letter said I was not qualified
I never been late in payments, our credit scores were above 740 & 760 and we could make our payments,but our mortgage was underwater and this was the purpose for refinancing.
Two month later our mortgage was sold to LBPS/Seterus a motrgage service company.
Best answer:
Answer by A Hunch
Seturus a mortgage service company. They don’t own the loan, so Chase couldn’t have sold them the loan. They service the loan for the owner.
Was Chase the owner? Is Chase still the owner? Was Chase ever the owner or were they a servicer too?
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Question by ruby: How long is the process of a Home Affordable Modification Program with a bank last.?
I’m in a Modification Program with my bank since April and they are giving me the run around. My three months trial period had ended. They ask me for document which i presented, there now ever other week they are asking for the same documents or something new. I pay my mortgage on time and i have done ever thing in my power to please this bank. I have a lawyer on the case but nothing have change and i don’ t have any money to seek another. How can i resolved this situation.
Best answer:
Answer by linkus86
Loan modification is subjective Stay prepared and make copies of everything. Don’t be afraid to seek another contact person in regards to the modification. Be tenacious in your efforts.
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