The recordkeeping required for originating mortgates, iinm, requires a small army.
We financed a piece of investment property two years ago that we owned outright, wanting to invest the funds elsewhere.
The application process was a nightmare, even though our credit is excellent.
With rates recently dropping, we are in the process of doing a re-fi with the same mortgage group (AmeriSave.com), and just in the two years seeing a significant increase in information we have to provide - even though our credit rating is over 800......
If this keeps up, no one will be able to finance any property. Period.
PS: The rates, service, and response from Amerisave staff are incredible - cannot recommend them highly enough. Other in the industry tell me they can’t touch the rates they offer. If you are looking for a mortgage or re-fi, PM me and I’ll give you a great person to contact. Not the same person who served us 2 years ago, but just as incredible. Don’t know her personally, but cannot recommend more highly.....give her a 12 on a 10pt. scale....
JP Morgan Chase announced the closing of 300 branches (Or 5%) by 2017
I could not refi my mortgage because I was an independent contractor physician, even though I could prove more then adequate income and assets. It was rediculous . We finally were able to do it last year but ONLY after I became an employee.