some people may view what I'm saying here as self defeating. After all, I am a broker. I guess I'm just sick & tired of all of the guys out there giving us, the brokers that work hard & are honest, a bad name. I also feel that just being honest pays you back many times over in the long run.
As a broker, we can view our clients documents, review their ratios & compare it to the online approval that we get. We can also get all of your documents, send them in to our lender & give you a REAL preapproval from the lender.
The problem is that even the lenders (i was a branch manager for Countrywide) do this all of the time. They submit your documents to an underwriting system, get the approval & never ACTUALLY check with the underwriter because they DON'T actually have the docs from the client. So the next time you get a preapproval letter, ask the loan professional how many W-2's, paystubs & bank statements did they look at. Ask if the underwriter actually looked at it. You might be surprised or maybe not, that what you actually have is a worthless prequal!!
For help or questions contact:
Senior Loan Consultant - NMLS #126036
GMH Mortgage Services, LLC
625 W. Ridge Pike, Building C, Suite 100 | Conshohocken, PA 19428 | Direct: 610-355-8039 | Cell: 610-739-6563