Real Estate Updates, Relocation

The New Mortgage Qualifying Process

I came across an article in the most recent issue of Mobility magazine that  discusses the new mortgage qualifying process that has many transferees baffled and upset.   While reading it I noticed it mentioned many of the same issues that a recent transferee of mine encountered when purchasing his new home.  He relayed to me that the mortgage process was a nightmare and in his many years in the professional services industry he was  mortified by the lenders performance

Upon further investigation what I found was that many of the delays/confusion he was experiencing were directly related to changes in how income is documented and large deposits verified.   It is not unusual, according to the transferee’s relocation lender, for underwriters to request large amounts of additional paperwork late in the loan process, sometimes days prior to closing.

These requests often frustrate transferee buyers who many times don’t have ready access to personal financial records and delays closings.   Delays affect not only the transferee but also van lines, temporary living providers and title companies which increases the stress factor.

Below is a quick summary of the key changes in the mortgage qualifying process.  Hopefully this table can help your relocating transferees understand the changes that have occurred if they last purchased a home more than 4 years ago. 

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