Author Topic: Loan Officer Challenges/Reassurance Wanted  (Read 1127 times)

Tig_

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Loan Officer Challenges/Reassurance Wanted
« on: March 08, 2019, 04:45:24 AM »
So here's the situation:

I'm in the processing of buying my first home.  For various reasons, I didn't pull funds out of my Vanguard taxable account until I was putting in the offer. So, I have a Dec 31 statement from Vanguard and a February account statement since that's when I sold.  My loan officer and underwriter though are pressing me for the January statement.  But statements for the account are quarterly unless you make a trade, and I didn't do anything in January.  Part of it is trying to "source" the increase from the December statement to the deposit check (...the market went up), and part of it I think is that it's apparently a Fannie Mae loan so there's just a box they need to check that they have a January statement. I've already shared the following:
  • Account Valuation statements (doesn't show market gains, I don't think this was shared with underwriter)
  • Transaction history (showing there were no other deposits, doesn't show market gains, I don't think the version of this going back to December 31 was shared with underwriter, just transaction history for Feb as part of that statement)
  • Balances over time table (doesn't show account number or name)
  • Screen shots of balances over time chart (shows name/account number but doesn't give numeric values; included screen shots with hover overlay showing numeric values)
I've called Vanguard about 8 or 9 times at this point (and one time conferenced in the loan officer so she could hear them say there is no January statement), and they are really being amazing within the rules they have.  If they could just write an email saying that the balances over time in the screenshot are in fact for my account, that would be ideal, but that's not something they do.

At this point, I *think* we're looking at trying to get all other other conditions of the loan met (should be easy, just needs to wrap up) and then the loan officer alluded to trying to get her supervisor involved to override the requirements of the underwriter, but at this point, I'm not confident in her as a professional.  (This has been going on for weeks, in part because she keeps asking me for a "transaction history" which I provided, but it doesn't show where the gains came from ...because it wasn't a transaction... so it took me a while to understand she wasn't actually interested in having the transaction history despite her insistence that I provide this.)

Any one in the industry have any suggestions?  Or reassurance that if we just get her manager/someone else involved, they will see how silly this is and approve the loan?

As a note, the home is in a housing cooperative, so there's only a few loan officers approved to work with the community. So while I would have liked to work with someone else, the other approved folks I called had worse financial terms (I think one of them only offered a balloon mortgage, one of them the interest rate was a lot higher with the "but there's no PMI!" claim...).

Jon Bon

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Re: Loan Officer Challenges/Reassurance Wanted
« Reply #1 on: March 08, 2019, 06:35:35 AM »
Yeah this is pretty much par for the course.

Every time you send them a single document usually they freak the hell out and say OMG I have never seen anything like this before, explain yourself! They will pitch a fit over a birthday check you cashed from grandma. It happens all the time, but you can almost always work though it.

I am surprised that vanguard does not have a process for this I might keep digging there. The easy solution is to transfer the cash to your bank. The bank should be able to print you out a current balance on their letterhead that should be official enough for the loan officer.

But yeah its annoying as hell but super common unfortunately. The whole process is pretty silly and you are often dealing with unqualified people. The rules are set by the federal government basically so yeah they dont bend them even a little bit. I could write a book on the stupid stuff they have challenged when I was getting my loan(s)

Good luck.

Tig_

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Re: Loan Officer Challenges/Reassurance Wanted
« Reply #2 on: March 08, 2019, 12:26:16 PM »
Yeah this is pretty much par for the course.

Every time you send them a single document usually they freak the hell out and say OMG I have never seen anything like this before, explain yourself! They will pitch a fit over a birthday check you cashed from grandma. It happens all the time, but you can almost always work though it.

I am surprised that vanguard does not have a process for this I might keep digging there. The easy solution is to transfer the cash to your bank. The bank should be able to print you out a current balance on their letterhead that should be official enough for the loan officer.

But yeah its annoying as hell but super common unfortunately. The whole process is pretty silly and you are often dealing with unqualified people. The rules are set by the federal government basically so yeah they dont bend them even a little bit. I could write a book on the stupid stuff they have challenged when I was getting my loan(s)

Good luck.


Thanks!  It's good to know that I'm not alone in dealing with this headache.  The money has already been transferred to the bank.  It sounds more like they are trying to source the market increase than the amount I cashed out. They have all the documentation for the amount I deposited to my credit union, they are just confused about the jump from the December statement to the February cash out.  Loan officer told my realtor her manager is working with the underwriter, so fingers crossed.

robartsd

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Re: Loan Officer Challenges/Reassurance Wanted
« Reply #3 on: March 08, 2019, 01:40:56 PM »
Doesn't the Vanguard statement indicate the number of shares, the share price on statement date, and the dollar valuation. The Vanguard transaction statement should indicate the number of shares transacted, the share price at time of transaction, and dollar amount of the transaction. How anybody can work anywhere in the financial industry and not be able to compute the market gains using the share prices is astounding.

affordablehousing

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Re: Loan Officer Challenges/Reassurance Wanted
« Reply #4 on: March 08, 2019, 03:47:34 PM »
The same thing happened to me and I just sent screenshots of the account balance that had the date on it. I don't see why that wouldn't work. The lender I used was doing it on their balance sheet though, which may explain the additional leniency.

secondcor521

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Re: Loan Officer Challenges/Reassurance Wanted
« Reply #5 on: March 08, 2019, 05:59:03 PM »
I would just generate the Vanguard valuation report for the end of January and give it to them.  Yes, technically it's not a statement, but I think if you print one for the last day of January and give it to them and say it's what they asked for in a Jedi-mind-trick voice, they'll accept it.
« Last Edit: March 08, 2019, 06:03:22 PM by secondcor521 »

Tig_

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Re: Loan Officer Challenges/Reassurance Wanted
« Reply #6 on: March 10, 2019, 07:39:30 PM »
Thanks all!  I'll update when it's finally resolved.

I would just generate the Vanguard valuation report for the end of January and give it to them.  Yes, technically it's not a statement, but I think if you print one for the last day of January and give it to them and say it's what they asked for in a Jedi-mind-trick voice, they'll accept it.

I did think of this over the weekend, although I didn't do it on principle.  Gave her this weeks ago.

The same thing happened to me and I just sent screenshots of the account balance that had the date on it. I don't see why that wouldn't work. The lender I used was doing it on their balance sheet though, which may explain the additional leniency.

I have a lot of questions about why things don't work... but she wants something that shows starting and ending balance...

Doesn't the Vanguard statement indicate the number of shares, the share price on statement date, and the dollar valuation. The Vanguard transaction statement should indicate the number of shares transacted, the share price at time of transaction, and dollar amount of the transaction. How anybody can work anywhere in the financial industry and not be able to compute the market gains using the share prices is astounding.

It is astounding.  I have no idea what is wrong with these people.  She has multiple copies of this documentation, but she wants something that shows market gains in January, and market gains in February, separated by month.  It's just not a real thing. 


I think now that her manager is involved (although I only have her word that this is true), it should hopefully get resolved.  At the end of the day, they do in fact want my money.

Duke03

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Re: Loan Officer Challenges/Reassurance Wanted
« Reply #7 on: March 13, 2019, 04:26:25 PM »
I have a huge disdain for Mortgage Specialist as they like to call themselves....aka Flunkies.  They want to act like they are the Wizard behind the curtain and you should jump at their every command.  Maybe I'm just an ass, but when I bought my last house I had to use the builders Mortgage people to qualify for about 30k in incentives.  They paid all closing cost plus bought me a title policy which is what I really wanted.  See I had already negotiated a refi with a hard money lender that I was going to close on 7 days later to screw the Mortgage Specialist out of any chance of selling my loan and making one penny off me....

A little back ground.  Being a MMM member I'm sure he didn't deal with too many people like me.  I was only asking for a Mortgage of 125k on a 375k house, but had the cash on hand to pay it off.  So let the games begin.  They start asking all the normal bs questions and we need xyz plus your first born.  I just laughed and explained that I didn't need his services and could pay cash so I'll only give what I deem necessary.  He tried to claim that I had to prove where a $600 cash deposit came from when I had seasoned money in the account of over 160k.  His exact words "how do I know you got the money legally or how do we know your dad isn't paying your bills"  Really I'm a grown ass man.

That ended up with him yelling at me and I came across his desk faster than a rattlesnake with my finger in his face letting him know that he worked for me and I'll be damned if he thought he'd treat a customer that way.  Anyway it was fun making his life hell and him keep telling me I wouldn't get the house if I didn't play his games. I just laughed and reminded him every time I'm willing to pay cash and he'd be the one not making a cent off the deal.  Long story short after him threating me a hundred times no lender would take the loan because he didn't have the paper work he needed we closed on time.  Gee I'm sure my 832 credit score and only financing 30% of the purchase price had nothing to do with that.  The best part was before we went into closing he was actually at the title company.  He claimed he knew we had a rough go at it and that at the end of the closing we'd be given a survey to fill out on him. 

It was the last day of the month and we where his last closing.  He claimed he was one perfect survey away from winning a trip and at the end of the day he claimed he was entitled to a perfect survey because he did his job and got us the loan when no one else could have.  I just laughed and told him a monkey could have gotten us a loan.  As insurance I had my wife get a cashiers check made out to me for 125k just incase.  I then pulled that check out and showed it to him.  I told him I was still prepared to pay cash so he should leave now before I nix the loan at the 11th hour.  Needless to say he didn't get a perfect survey from us.  To be fair I let my wife fill it out....She's a pit bull.  Best part was he called me 20 days later saying there must be a mistake because he couldn't find the loan in their system.  I just laughed and told him I had already refinanced it.  To give him credit I have gotten a birthday card from him every year for the past 4 years.  I know it's an automated system, but if someone put me through that kind of hell I'd delete their contact.

DISCLAIMER:  I'm normally not that big of an Ass and easy to deal with, but I have a huge disdain when it comes to Mortgage Specialists and the recession they forced us into in 2008. 

Papa bear

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Re: Loan Officer Challenges/Reassurance Wanted
« Reply #8 on: March 13, 2019, 06:22:21 PM »
Love that story!   I too came at a loan officer when I was in a similar situation.  I was prepared to pay cash up to the last minute with the dumb ass.

The piece that pissed me off the most was proving that I didn’t own a house that my dad did.   WTF.  How do I prove I don’t own this?  He can see the effing public documentation on this, are they really that dumb??? Anyway, he wanted my dad to write a letter of understanding, and he was in no part and in no way involved with the loan!  Eff that, I’ll pay cash, hang up.   Got the loan without having to deal with more of that bullshit.

Man does this get me riled up.   Asshats.

So, the moral of the story?  They are dumb, and sometimes you have to put up with it, and sometimes you don’t.




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Tig_

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Re: Loan Officer Challenges/Reassurance Wanted
« Reply #9 on: March 13, 2019, 07:02:57 PM »
Sheesh, it sucks everyone has these experiences but its nice to know its a universal experience in some ways.

Got the call today that all the conditions on the loan were met.  The loan processor ended up calling Vanguard without me on the line, so they told him partially accurate information, then I wrote him a follow up email providing documentation I had already provided and a more detailed explanation of my calls with vanguard.  I imagine maybe he called again to verify what I was saying, but I have no idea.  In the end, it's done, just need to deal with utilities and the act of moving now.

Duke03

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Re: Loan Officer Challenges/Reassurance Wanted
« Reply #10 on: March 13, 2019, 07:48:28 PM »
Love that story!   I too came at a loan officer when I was in a similar situation.  I was prepared to pay cash up to the last minute with the dumb ass.

The piece that pissed me off the most was proving that I didnít own a house that my dad did.   WTF.  How do I prove I donít own this?  He can see the effing public documentation on this, are they really that dumb??? Anyway, he wanted my dad to write a letter of understanding, and he was in no part and in no way involved with the loan!  Eff that, Iíll pay cash, hang up.   Got the loan without having to deal with more of that bullshit.

Man does this get me riled up.   Asshats.

So, the moral of the story?  They are dumb, and sometimes you have to put up with it, and sometimes you donít.




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I'm sure there are a few good Mortgage Brokers out there, but I've yet to meet one.  It's crazy when so much money is riding on the line they will let the most inept idiots run the show.  The whole Mortgage industry as a whole is run so inefficient it blows my mind.  I'm talking all the way from realtors to the mortgage companies.  It's like a bunch of dumb Frat boys run the show.  I can't wait till someone comes along and finally shows the world their is a much more efficient way of buying and selling houses and getting loans and paying 8-10% commissions on the total transactions when you factor in everyone's cut that comes right out of the buyers pocket.

ilsy

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Re: Loan Officer Challenges/Reassurance Wanted
« Reply #11 on: March 14, 2019, 01:03:45 AM »
The piece that pissed me off the most was proving that I didnít own a house that my dad did.   WTF.  How do I prove I donít own this?

That's on my top list of absurd things - proving something that is NOT. Logically it's impossible. There is always a slight chance that I might be a reptile, just because I'm warm blooded doesn't make me "not a reptile."

Reminds me of a loan officer that wanted me to prove that I don't owe any equity to my ex 2 years after the divorce. And showing the decree that said that his name is going to be removed from the deed only after I have paid his half of the equity and then showing the deed with only my name on, was not enough. And his letter wasn't enough, since he needed to prove that he indeed was my husband and the only person I got divorced from. In case anybody wonders, HUD-1 (or the document from the title company) miraculously proved that I don't owe anything.

I also liked it when I had to tell my loan officer in reply to her compliant that I haven't sent her all the documents she requested, that she needs to check pages 2, 3, and 4 in the pdf file.

Duke03

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Re: Loan Officer Challenges/Reassurance Wanted
« Reply #12 on: March 14, 2019, 05:47:46 PM »
The piece that pissed me off the most was proving that I didnít own a house that my dad did.   WTF.  How do I prove I donít own this?

That's on my top list of absurd things - proving something that is NOT. Logically it's impossible. There is always a slight chance that I might be a reptile, just because I'm warm blooded doesn't make me "not a reptile."

Reminds me of a loan officer that wanted me to prove that I don't owe any equity to my ex 2 years after the divorce. And showing the decree that said that his name is going to be removed from the deed only after I have paid his half of the equity and then showing the deed with only my name on, was not enough. And his letter wasn't enough, since he needed to prove that he indeed was my husband and the only person I got divorced from. In case anybody wonders, HUD-1 (or the document from the title company) miraculously proved that I don't owe anything.

I also liked it when I had to tell my loan officer in reply to her compliant that I haven't sent her all the documents she requested, that she needs to check pages 2, 3, and 4 in the pdf file.

This is what blows my mind.  I wouldn't let these idiots handle a $50 cash transaction, but we are supposed to trust them with hundreds of thousands of dollars on the line.  For some reason I always run into Mortgage Specialists at various social settings and have a couple coworkers who their wives are in the profession.  I play nice and kindly asked them how they got into that field or what they did before hand.  To state that the vast majority of these people are under qualified is beyond words. 

Tig_

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Re: Loan Officer Challenges/Reassurance Wanted
« Reply #13 on: March 14, 2019, 11:51:33 PM »
I also liked it when I had to tell my loan officer in reply to her compliant that I haven't sent her all the documents she requested, that she needs to check pages 2, 3, and 4 in the pdf file.

Yuuuuuuup