Mortgage Brokers are Clueless

[Steve LeBlanc]

This is a venting post, so please bear with me.

I just spent 60 days in underwriting with Mutual of Omaha, Chesterfield MO only to be told today that my credit request was denied for "unable to verify income" and "cash out refi with less than 6 months ownership".

Now, this wouldn't surprise me at all if I was self employed or I hadn't told the broker on day one that I just bought the property and asked if there were any seasoning requirements...to which he replied "no".

After financing investment properties for over 14 years, I've yet to come across a lending team that actually had their ducks in a row and really knew how to process an investor's file.

Delayed financing on investment properties with borrowers who are seasoned, cash flowing, solvent and top shelf should not be rocket science....yet it always seems to be the most difficult thing these lenders have ever come across.  

Brokers and underwriters don't have a clue how to deal with investors (within Fannie/Freddie guidelines), change my mind.

And, who has the best terms on delayed financing for a 4 plex in Alabama?

[Russell Brazil]

I dont want to sound like a dick here....but if you have been having the same problem for 14 years, maybe its time to take a look in the mirror. You have been going about how you pick a lender the wrong way.  I almost never have a lending problem, and I use the same lenders time and time again. Tons of other investors in my area use the same lenders too without issue. Find out who all the local investors are using successfully and use that lender.