These days, there are plenty reports about mortgage companies being less efficient and noticeably hard to please with mortgage applications. Knowing the mess ups in foreclosure cases it is barely amazing to learn these reports. Sometimes, to an humiliating level banks check twice and verify third time the information provided in the application forms and additional documentations. And then at the last moment they want to redetermine the mortgage amount and adjust their rates that lead to disappointment on applicants. After one or two fraud occurrance and a few mislaid mortgage documentations, lenders are now trying to bolt the doors.
They are checking and requiring the applicants account for every penny in down payment. Double confirming income and employment documents and triple checking the credit scores that it is exceptional they manage to accept any mortgages at all at the end. Stories of displaced documents, insisting on the exact documentation several times over seem to be everyday incidence in few of the mortgage banks. Furthermore, it does not assist that you were with this same bank for several years and the funds are indeed sitting in an account in the same bank.
The large lenders appear to be no different. Several of those problems are the results of laying off number of experienced mortgage workers recently and some of them because of rules that interpreted strictly by some banks and their staff. Sadly several of the banks look to have systemic concerns and carrying out a quick look up online will show who they are. Do not be startled to find some large banks in the lists of most problematic mortgage handlers. Unless they are quoting remarkably low rates stay away from those mortgage lenders. These are initial signals of likely concerns in the future. There are a few great small and large lenders that you do not want to be bothered with ignorant ones. Plus you desire your application to be approved with minimal headache at the end of the day.