Got your attention now didn't I? Well, Iam not sure how your week is going but that caption should give you and idea of how mine is. I have worked in this industry for 13 years. I have never during all that time had to deal with so many inconsistencies in underwriting or processing as I do today.
The poor borrower is being so over protected by changing guidelines, they no longer qualify to buy a shoe box with out a passport, verified through 5 sources, photo ID, SS card, Green card...wait is that a green card...well now lets ask for 4 new pieces of verification to verify this green card belongs to the borrower. Now, lets talk about income, you work right? How long? How much? Who do you report to? Last year on July 12th, 2007 at 3 pm PST time, what were you doing at your place of employment? Who can the underwriter call to verify that? I see, that you have declining income in 2008 compared to 2007? Why is that Mr and Mrs borrower? No, I am sorry, the economy isn't an acceptable excuse, now I need to have 3 letters. One from you, Mr. borrower telling us why you will be a better employee and how you will work hard to impress your boss and work over time to get your income in line with 2007. Now Mrs Borrower, I need one from you that explains how you are going to also pick up a second job to bring your income in line with 2007, I know you have a broken leg, so due to that, I would suggest you look for employment in an industry were you are able to sit. The 3rd letter I will need Mr Borrower will be from your parents explaining how they raised you to do better and that they expect more of you and will apply the proper amount of parental guilt to you to ensure you work harder to impress your boss so you can make more money. Oh, I will need these to all be original and hand written with blue ink only please. Preferably a fine BIC pen. To use anything else would knock you in down in qualifying points.
Finally Mr and Mrs borrower, we need to talk about your credit score. You do understand what a credit score is in these troubled times? Right? It determines your worthiness to exist on this planet. Your level of score will determine, what part of the Country you will reside in, what part of the city, if you will live in a house or a shoe box. It will tell me what type of car you drive, what type of jewelry you buy your wife. You are forever judged by your credit score. I am sorry to tell you this, but I noticed Mrs Borrower's wedding ring is only a quarter carat stone, I have my Jewelers loupe out, so please remove the ring so I can check for imperfections. Oh..ah..ooh...well, you can have it back, it appears to be an I-2 stone with a color grade of K. This isn't looking to good. Well let's see what you have listed on your loan application under assets, I am looking to see what type of car you drive. Hmmm, this is a bit disturbing. It would appear as though your car is 5 years old and well, it is a KIA. Yes, I understand that you wanted to save your money for your down payment on your home, yes, I do understand it gets good gas mileage. I know, but really a KIA? I just don't know if we should even bother with pulling your credit score, just by looking at your application, your assets, your jewelry, the fact that when you took off your jacket and laid it on your lap, I was able to peak at the label and noticed it was Old Glory and all of us know that is a Wal-Mart label. I really think I will save you the credit check fee and suggest we talk again next year. Thank you now..
Next? Is there anyone in the lobby with an 800 credit score? Can I find an 800 in the room? Thank you and please step into the room. This gives you and idea of how my day has gone? This credit crunch and volatile times is only hurting one really important person that make the economy work. The consumer.
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