Hey there! My name is Nikki Peters and I am a Loan Originator for Absolute Home Loan Services, mortgage broker licensed in Florida, Georgia and South Carolina. I have worked in the mortgage business for 6 years and have been a loan originator for 5 years also licensed in GA, FL and SC. In the past 6 years, I have learned, you never know what you will hear or see or even have to deal with in the mortgage industry. So, here I am starting a blog about my Mortgage Loan Encounters – the good, the bad, the ugly and DEFINITELY off the wall, bizarre, funny, head scratching.
I will start off with the most epic letter of explanation I have EVER received! It will be short but eye opening on just one of the many encounters when trying to close a loan.
Back in October 2017, I received a referral from a Realtor in which we rented office space in their building. I contacted the prospect for initial prequalification. Credit score wasn’t the best but we have many lender options, being a mortgage broker. They were looking at properties that weren’t your average, typical, site built homes so it took a while to find something they were wanting and to fit their lifestyle.
Fast forward to January of 2018, when I was finally able to start on their loan, I submitted the file (credit, income, assets, contract, etc) to the lender for underwriting approval and waited on the conditions list. When they send those underwriting conditions to us, the underwriter may ask for explanation on things that need a little more clarification. So, I received the list of items needed, and they wanted an explanation on the past overdraft fees noted on the bank statement I provided. Understandable. I asked the borrower for the explanation and I get it.
Now, as I said before, it was the most epic letter of explanation I have EVER received! It was literally wrote out on a piece of notebook paper but not the pretty ones with the perforated line so you can tear it out nicely. NO! It was ripped out of a notebook! It still had the ugly notebook “hair”, “shitlets”, “kaboodies”, “edgings” (the many names I have heard) on the side and I am pretty sure it had some coffee stains on it and crumpled up. Just PITIFUL looking notebook paper. Oh and of course it was sent as a picture they took with their phone, not scanned in, so you can see the bed sheets that it’s laying on in the background of the picture.
The letter read, “At the end of July we got bombarded with my cousin and her 3 kids knocking on our door for a place to stay for a few weeks then a week later [husband’s] sister and 4 kids did the same. In August school started and I thought we budgeted better but then the washer and toilet backed up and as you can imagine not a good site so that had to be all fixed school supplies for everyone’s kids and that’s how we overdrafted, now they all gone, thank God.” -FYI: took everything I had to not correct the grammar and punctuation when typing this-
My mouth dropped and I couldn’t help but to literally LOL when I received it! However, I will say that is the most honest letter of explanation I have ever received. I submitted to the underwriter for review and I honestly cannot remember if they accepted it or not. The company wasn’t all digital at this time and the file ended up having to be cancelled so we didn’t close the loan.
I did tell the boss lady that I should have printed that letter and framed it for safe keeping to remind me that when you ask for an explanation, you may get brutal honesty, or a load of crap lol.
To end this first blog entry, I just want to say that the mortgage business may be very stressful but when you have a support group, whether it be family, friends, co-workers, or even other loan officers, you can handle any encounter that may come your way (much easier said than done, btw). It may take a village to raise a child but the village is much bigger when it comes to closing a mortgage loan.