This is my first home purchase and I am going through the final approval with the underwriter. I've quickly learned that the underwriting process is illogical, annoying, and can also destroy the entire deal while losing all your upfront costs. Just because the underwriter is having a bad day.
I have read some horror stories with underwriters. Mine are not too bad. Only that they keep asking for things twice, such as my rent payments every month. I have three letters of explanations all saying the same thing with slightly different wording. It like being a master tennant is such an odd thing they need it explained to them three times.
I honestly think I'm just dealing with someone who feels they need to do something because that is there job. If they just said all looks good and passed it on, they would quickly be unemployed.
Been reading about underwriters soon becoming computerized which would essentially look at your credit, your income, ask about any suspicious activity (only asking once!) and then close the deal. Can't wait til this happens. Not that I want humans to lose their jobs but these people really need to think about what they are doing before they cause unneeded stress to the buyer. The bottom line is this is a 30 year mortgage, and trying to judge me in even a single year or two is only going to be so accurate. Trying to squeeze the last week in and quadruple check everything is just absurd. Its like making every airline passenger take off there shoes because 1 out of trillions of flyers set off a shoe bomb 15 years ago.
I'm venting here... does anyone know of a bank that uses a robot for underwriting? For whatever reason it seems humans are generally too illogical to handle such a task. I welcome the bots asap.
