Rant on How Loans Should Be

[Lynn McGeein]

Ok, real estate agent rant after drama once again on closing a loan.   How loans should be:  Approve a loan with a specific buyer(s), seriously put them through all paces including tax transcripts, employer verification, account verifications for any downpayments, gifts, whatever they need for approving at their target price, all documents needed to give them total clearance for x amount for PI before they ever walk into a home looking to buy (with no change in income or debts, of course).  Let them know TI must be less than a certain amount to qualify,  and there you go.  No surprises to sellers when 3 days before closing the buyer's tax transcrips haven't come through or their statement shows a cash deposit that can't be accounted for or, surprise, they are on the dead-beat dad list in some state that would have been found out if final approval had taken place before they saw a home.  Take care of all the BS before they ever think about putting a contract on a property.  Then only thing they and agents must deal with is taxes, insurance, and appraised value of property.  Done.