When our parents and grandparents went to the local bank years ago to get a loan, they would meet with a banker who may have known them and they would apply for a loan.
The banker would consider many factors, including their personal relationship, to approve the loan; this is not the case today. Today, it is about the saleability of the loan.
Loans are sold in the secondary market. When the loan is underwritten, it is reviewed with an eye towards meeting the investor’s specific requirements to sell the loan.
For example: If the investor needs 3 pay stubs, the underwriter will ask for 3 pay stubs. So, when your loan originator is asking you for documentation, don’t take it personally. Provide them the documentation so they can sell the loan. If the loan is saleable, you will be approved.
Please feel free to contact us here at Counsel Mortgage Group, we’re here to help.
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