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Started By
Message
Anyone ever heard of my loan underwriter situation?
Posted on 5/25/16 at 2:26 pm
Posted on 5/25/16 at 2:26 pm
I work 12-hour rotating shifts for Turner Industries. 3 days one week, 4 the next and it continues to alternate.
My loan underwriter needs my work schedule to be explained in writing in a letter with Turner letterhead. Turner uses a company called The Work Number for employment verification. Turner tells me it's not their policy to give out that information to anyone in an official letter. They say I need to get whatever I need from The Work Number. Problem being The Work Number has no way of showing my work schedule other than my pay stubs showing 36 hrs worked one week, 48 the next, so on and so forth. Apparently my pay stubs are not good enough for the underwriter.
My entire loan hinges on Turner putting this in a letter and they are refusing to do it. This is just blowing my mind and has me pissed.
Has anyone ever heard of a company policy like this? I think they're full of shite. The Turner payroll supervisor told me on the phone she had no way of knowing my work schedule. I say what if my superintendent tells you what I work and you just put that in a letter? She says she can't do that.
My loan underwriter needs my work schedule to be explained in writing in a letter with Turner letterhead. Turner uses a company called The Work Number for employment verification. Turner tells me it's not their policy to give out that information to anyone in an official letter. They say I need to get whatever I need from The Work Number. Problem being The Work Number has no way of showing my work schedule other than my pay stubs showing 36 hrs worked one week, 48 the next, so on and so forth. Apparently my pay stubs are not good enough for the underwriter.
My entire loan hinges on Turner putting this in a letter and they are refusing to do it. This is just blowing my mind and has me pissed.
Has anyone ever heard of a company policy like this? I think they're full of shite. The Turner payroll supervisor told me on the phone she had no way of knowing my work schedule. I say what if my superintendent tells you what I work and you just put that in a letter? She says she can't do that.
11
Posted on 5/25/16 at 2:29 pm to dualed
Your underwriter has been told that her company doesn't want this loan.
Posted on 5/25/16 at 2:32 pm to Bill Parker?
Maybe they want to verify consistent O.T. on each paycheck?
Posted on 5/25/16 at 2:32 pm to Bill Parker?
This is my first home purchase and the bullshite I'm going through with this underwriter is beyond ridiculous.
Posted on 5/25/16 at 2:34 pm to Gutterman81
That's exactly what they want to know. Buts it's on my pay stubs that I've submitted to them. For an entire year, 8 hours of OT every other week. I just don't get why they need it in writing. But that's not the issue to me. The issue is Turner not playing ball.
Posted on 5/25/16 at 2:34 pm to dualed
Your paystubs should adequately reflect your hours worked and show the pattern of hours worked per pay period. You have a shitty lender.
Posted on 5/25/16 at 2:41 pm to dualed
quote:
the bullshite I'm going through with this underwriter is beyond ridiculous.
get a new underwriter
Posted on 5/25/16 at 2:42 pm to dualed
quote:
Anyone ever heard of my loan underwriter situation?
Yes, the are trying to verify if your OT is likely to continue.
How long have you worked at this company and received OT?
Posted on 5/25/16 at 2:46 pm to dualed
Your frustration is warranted, but it needs to go to the lender.
The underwriter is playing CYA here. It's typical these days since all the lenders are scared that someone will make them repurchase the loan if it turns out to be a bad loan. So, here, the lender wants to put the responsibility on the company. If something turns out bad, the lender will say, hey, the company said it was true.
The company is afraid of getting sued. The company wants nothing to do with your personal business. I do not blame them one bit for refusing to do that letter.
You may have to find another lender if they won't budge.
I cannot tell you how many times an underwriter has called me, as the CPA for a self-employed person, and told me the only way they will approve the loan is if I sign a letter, on my firm letterhead, that both 1) attests to the exact amount of revenue and 2) that in my opinion, the revenue will not be reduced in the current year.
Not only is that obnoxious, but I can get in a lot of hot water with my professional license if I signed a letter like that.
It's a big, big problem. I've lost clients over it.
The underwriter is playing CYA here. It's typical these days since all the lenders are scared that someone will make them repurchase the loan if it turns out to be a bad loan. So, here, the lender wants to put the responsibility on the company. If something turns out bad, the lender will say, hey, the company said it was true.
The company is afraid of getting sued. The company wants nothing to do with your personal business. I do not blame them one bit for refusing to do that letter.
You may have to find another lender if they won't budge.
I cannot tell you how many times an underwriter has called me, as the CPA for a self-employed person, and told me the only way they will approve the loan is if I sign a letter, on my firm letterhead, that both 1) attests to the exact amount of revenue and 2) that in my opinion, the revenue will not be reduced in the current year.
Not only is that obnoxious, but I can get in a lot of hot water with my professional license if I signed a letter like that.
It's a big, big problem. I've lost clients over it.
Posted on 5/25/16 at 2:46 pm to dualed
quote:
Turner tells me it's not their policy to give out that information to anyone in an official letter.
Personally, I'd be more pissed at your employer. Seems like a simple letter for them to provide.
Posted on 5/25/16 at 2:47 pm to dualed
What kind of loan are we talking about here?
Posted on 5/25/16 at 2:50 pm to LSUFanHouston
That makes a lot of sense Houston.
I'm attempting to do a rural development loan. Lender says if this work schedule shite doesn't pan out that a possible backup plan would be a FHA loan which I don't want to do.
I've googled already how easy it is to switch lenders before closing but it seems to be an extreme hassle.
I'm attempting to do a rural development loan. Lender says if this work schedule shite doesn't pan out that a possible backup plan would be a FHA loan which I don't want to do.
I've googled already how easy it is to switch lenders before closing but it seems to be an extreme hassle.
Posted on 5/25/16 at 2:52 pm to dualed
Yea it usually is a hassle. Sounds like the underwriter is being picky as frick
Posted on 5/25/16 at 2:55 pm to bubbz
Yeah this is the second picky thing they're screwing with me about. I got a raise back in December and Turner never sent the pay rate change to The Work Number. All of my pay stubs show my current rate and they wanted a letter from Turner saying what my base pay is and how long I've had that rate. I was never able to secure that letter and Turner just decided to update their system which was sufficient apparently.
And here I am now with this new BS
And here I am now with this new BS
Posted on 5/25/16 at 2:56 pm to dualed
I don't blame Turner at all. I also don't necessarily blame the underwriter since it's an RD loan. You may find a lender to help you without it but I don't think it's a certainty. Hawkeye can probably give better insight than me.
Posted on 5/25/16 at 2:57 pm to dualed
quote:
This is my first home purchase and the bull shite I'm going through with this underwriter is beyond ridiculous.
Feeling a bit entitled? ???
It's their money you are looking to borrow
Posted on 5/25/16 at 2:58 pm to LSU1018
Well I sure hope this is a real request and not just my lender jerking my chain so they aren't culpable in the event of me defaulting on a loan
Posted on 5/25/16 at 3:01 pm to dualed
When are you trying to close by?
RD loans are usually pretty detailed. I'm not surprised you're having these issues. Then again, it can all be up to the underwriter.
RD loans are usually pretty detailed. I'm not surprised you're having these issues. Then again, it can all be up to the underwriter.
Posted on 5/25/16 at 3:05 pm to bubbz
I would think it has more to do on if you actually qualify for the loan based on income limitations for an RD loan.
Posted on 5/25/16 at 3:06 pm to Mr.Perfect
No I'm not feeling entitled. Everything is laid out in front of them. They're just being assholes.
I pay you to do a job for me and it takes you 2 hours and you charge me $100 for labor. I show your bill to someone and they want you to tell them in writing how much you charge per hour for labor. That's how I'm looking at this.
I pay you to do a job for me and it takes you 2 hours and you charge me $100 for labor. I show your bill to someone and they want you to tell them in writing how much you charge per hour for labor. That's how I'm looking at this.
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