The one person who can make or break a real estate transaction is someone we, as real estate agents can never talk to.
For better or for worse we are forced to deal with whatever they say. It doesn’t’ matter if what they say is complete nonsense. We cannot plead our case…we have zero contact with them…the Underwriter.
I Understand Their Job
We all know that the Underwriter has an extremely important job in making sure that everything in the loan package is complete and to ensure that the documents provided are legitimate. So I don’t mean to suggest that I have an issue with the underwriting process. What I do have an issue with is an Underwriter who goes rogue and begins to insert their biases into the review of the documentation. Or if they attempt to review documents which they do not understand.
The Mold Report
The appraiser noted that a mold report was necessary for a crawl space. The mold inspection was done and the report submitted to the appraiser who, based on the findings, removed the condition from the appraisal. Enter the Underwriter who requested a letter from the mold inspection company stating that the mold found was typical and was not a hazard to the occupants. This request was made even though it was clearly stated in the report.
A while ago I received a call from a lender stating that the Underwriter had an issue with the appraiser. I’m sure you’re thinking that this is typical. And I’ll admit it is. But in this particular case, the Underwriter was the Underwriter for the mortgage insurance company. What, I had never heard of such. She was located in Arizona and was questioning the value of a property in Washington, DC. Her thought…the appraisal had to be inflated because property values in Arizona were going down. True story.
Where Were You When We Needed You?
I just find it a little scary that there is one person behind door #3 (you never know the name of an Underwriter) who can make or break a deal with the stroke of a pen, with no dialogue, with no interaction, with no explanation. Where were when the bubble burst?
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