Mar
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Didn’t Dante Have a Special Circle for Underwriters?
March 1, 2007 |
Closing is still on track for next Friday for the 1002 S. Main property, but things are still firmly stuck in incompetent underwriter hell. I’m sure, somewhere out there, competent and efficient underwriters exist, but man, I have yet to personally encounter one. Some highlights from the latest go-around:
1) They claim they can’t find a phone number to contact my employer to verify that I am indeed employed here. This is despite the fact that I’ve already provided it to them, and that I work for a subsidiary of a publicly-traded company that has a market cap in the billions. Not. Hard. To. Find.
2) Aside from my day job, I own a Web development business that pays me a salary. I’m the sole owner/employee, it’s a C corporation, and I’ve paid myself a salary for the last three years. I gave them all of the W2 info from my business, as far as what was paid out in salary, as well as the corporate returns for the last two years.
Now they’re insisting that I provide a complete P&L statement for the corporation for the last two years, as part of the “verification” process. This is the only time that I’ve flat out refused a request like that, but that’s more than a little ridiculous. I’m not applying for a line of credit or involving the business in any way, as far as the mortgage application. I’m simply including and listing the income it pays me, since, umm, it’s personal income. It’s documented and accounted for in two different documents they’ve already gotten from me. You not only don’t need to see a P&L statement, but it doesn’t even “verify” anything, as far as salary paid out to me.
3) They claim they can’t confirm that we have a personal checking account with Bank of America. I’m going to go out on a limb here and say that BoA probably deals with a fair number of such requests, and that I imagine there’s a way to confirm such things. Aside from that, they have the last two months of statements, which we already provided to them.
Not sure what else you need there, hoss, in order to, you know, do your job, or what else you expect me to be able to do to aid you in, you know, doing your job.