Getting a mortgage today can require a lot of documentation. Lenders are concerned about layoffs and furloughs that could affect the ability of their loans to be repaid. Fannie Mae and Freddie Mac have tightened their asset documentation requirements from 120 days to 60 days old. Employment is being verified more than once. Self-employed borrowers have to provide year-to-date profit & loss statements. Some clients have expressed their displeasure with these requirements, calling some of them ridiculous. I have to agree, however, loans today are not made for the benefit of the borrower, they are made for the benefit of the lender.

The mortgage market exists as a result of the liquidity provided by the lenders. Lenders package the loans and sell them. If not for the liquidity in the secondary market, then mortgages would not be available. In order to sell the loans, the files need to contain specific documentation. The lenders want to ensure the loan files are fully packaged so they are not returned to them after they are sold. This is why you may be asked for what appears to be more documentation than you may be used to when applying for a loan.
We are experts in getting the right documentation to the lender to get your loan approved. Contact us and we can help you.
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