Underwriter Headaches

[Peter Tverdov]

I am going through my worst experience of my young REI career so far. I imagine some of you have had massive stress and headaches from underwriters so before I whine and complain I'd like to hear an airing of grievances from some folks.

[Curt Smith]

I've closed 2 portfolio loans, 20+ standard FANNIE loans (10 purchase and 10 REFIs).  What I've seen is that its personality of the humans involved in the underwriting dept.  The supposed easier to qualify portfolio loans were as this OP is saying, completely miserable.

What I learned alot about is: reserves. Folks worry more about DTI but the real problem as we collect more an more loans is the ever increasing reserves requirements to close the next loan:

Typically: 6 mo of PITI of subject loan

Plus 2 mo PITI of all other loans in your name.

You can see you';ll need A LOT of cash in your bank for the last 2 months go get throuugh under writing.