OPM = OPR
- May 21, 2017
- Posted by: marlenedubois
- Category: CPR Training
Often, the loan application process will be the most disliked during a real estate transaction. Suddenly, after falling in love with your brand-new home, you’re hit that has a seemingly insurmountable stack of legal documents which come with warning, known as the loan application.
yet not to worry! If you don’t have a preferred loan officer, I have several excellent loan officers which I have worked closely with in the past who can sit with you to make sure your every question will be answered. They will make sure you fill out the application properly as well as with understanding. For someone who has been employed at the same job for several years, the standard documents are needed at loan application, such as: last two month’s bank statements, last two year’s IRS filed tax forms, W-2’s, etc.
For self-employed buyers, especially those who have relocated to another market, the requirements may mean more documentation. Remember, when This particular’s some other People’s Money (OPM), This particular’s some other People’s Rules (OPR). Though you may not like the requirements, unless you are buying with cash, there will be no way around meeting the requirements of the lender.
However, there are limits. A recent loan officer I worked with asked for what I thought was an unnecessary document via the buyer. My first comment was to put the messenger, the loan officer, at ease, “I understand; when This particular’s some other people’s money This particular’s some other people’s rules.” Next, I asked, ‘will be This particular a routine request?’ The loan officer said no.
Aha! I thought to myself. Pause… With This particular, the loan officer said, ‘Let me see if I can get the investor to rescind the request.’ This particular was rescinded.
Once, at the final walk through brand-new construction, a buyer client was told by the builder’s sales agent which the in-house loan company was requiring the diagnosis of a disabled child to finalize the loan package. The client lost This particular. She shouted This particular’s nobody’s business what the condition of my child will be. She swore which rather than disclose, the request itself being a violation of the HIPAA Law, she might pack up as well as move back to her home state. To say which things were falling apart was an understatement.
via my perspective, I could see the sales agent as well as my client at an impasse. The loan could not proceed without which information, we were told, as well as my client was not going to divulge the condition.
This particular was clear to me which for the purpose of the loan, the lender wanted assurance which the condition was permanent, since the income listed on the application included which child’s benefits. I suggested which the client request her child’s doctor provide a letter to the lender stating which the condition was permanent for the purpose of the income stated.
She said, ‘Oh, OK.’ The builder rep agreed which might probably work, as well as in seconds, we were back on track. Never underestimate which extra pair of eyes as well as ears a wise buyer agent brings to the transaction. Sometimes This particular takes outside-the-box, unemotionally involved quick thinking to overcome what looks like a deal breaking objection.