The Mortgage Diaries by phmc

WARNING ⚠️:

Only readers with a sense of humor should read on!

A good blooper isn’t just for comedy tv! We all have our “oops” moments, even in the mortgage industry. All people who own homes know when going through the approval process for a mortgage, you have to be careful with what you do during that might affect your income, money down, or credit. Because, of course, it will then affect your ability to qualify. Even still, some take the no-no’s while obtaining a mortgage to an entirely new level. Ready for a good laugh?

These 3 facepalm-worthy bloopers will have you questioning humanity, and they’re right from the best source possible: the mortgage consultants themselves.

1. Talk about dropping the ball…

Rating: 🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️

“I had a borrower looking to purchase a new home. After we ran credit and issued the preapproval, they stopped making payments on their current home.”

2. Sounds like a scene from National Lampoon’s Vegas Vacation, but we’re serious.

Rating: 🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️

“The borrower pulled money out of a 401k for the down payment. A week before closing, the borrower said they needed to get a gift to cover the down payment now. When we reviewed the bank statements, the borrower had tons of ATM withdrawals at a casino!”

3. Nice try…

Rating: 🤦‍♀️🤦‍♀️🤦‍♀️

“I had one borrower who quit his job right before closing but didn’t tell me. When I asked, he insisted he still worked there. He had a friend fill out the verification of employment, but it was obvious. Also, the pay stub said direct deposit on it, yet there were no deposits in his bank account. He still insisted he worked there. It was like Milton from Office Space.”

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Caitlin Murphy

4 CommentsLeave a comment

  • I had a client, refinance his auto loan to lower his DTI but the personal banker talked him into credit life insurance in the auto loan:)

  • One of the funniest of all time for me, was a young couple who needed a gift for down payment. Once the gift was done, they brought in their bank statement which showed the deposit, and almost immediately showed a withdraw for the same amount. When i asked them what happened, I was told “You said we needed a gift to buy the home. you didn’t say we had to not spend it. How else are we going to buy furniture”.

    Some times… you just can’t make this stuff up.

  • Back a few years ago, I overheard one of my LO’s qualifying a prospective borrower. He was interested in cashing-out his Condo… The LO asked the proper questions, going through everything – income, assets, credit, employment, pre and post-closing reserves… finally he says to the prospect, “well, your DTI is great; there should be no problem with granting your approval; tell me, what is the address of the Condo you own?” The prospect then replies…”Oh, I don’t own the Condo, I just rent here!”

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