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Old 10-05-2012, 12:19 AM   #1
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Question Physical address

I have been a full time rv'rs for a couple of years and just recently tried to get a mortgage to buy a house- long story about that, but this is what I ran up against; the mortgage broker/co. was concerned that I didn't have a physical address. I use a mail service in SD. I have all my vehicles registered there I vote there I get my mail and pay my taxes using that address. Yet the mortgage people insisted that I have a physical address.

They also insisted that I had to fill out a form listing all my previous names even though they didn't show up on my credit report and I haven't used them in over 15 + years. What's with that? My credit rating is excellent over 800, I have no bills never been late in payments and have owned and paid off five mortgages. All this made me upset and I backed out of the deal. The mortgage company said it was because of the Patriot act. Is somebody BS'ng me or what?
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Old 10-05-2012, 05:20 AM   #2
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We would be shopping for a new mortgage broker!
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Old 10-05-2012, 06:18 AM   #3
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I don't know if it's related to the Patriot act or not, but I had to jump through countless hoops when I bought my house last year.

Like you, my credit rating was tops, no bad entries on my credit report and I was putting down over 50% of the purchase price.

Both my real estate agent and mortgage guy told me that obtaining a mortgage is far more complicated that is used to be.......and they were right.

The mortgage application guy was great to deal with, but once he passed the application on to the underwriters is when the problems arose.

A clerk for the underwriters kept emailing with question after question that the underwriters were asking. All of these questions were answered on the mortgage application.

The question that pushed me too far was when they asked "why do want a mortgage?". That seemed to be the dumbest question they could ask.

I fired back an email to the clerk; " How many more hoops do these anonymous underwriters want me to jump through? All of these question were answered on the application!". The clerk replied that the underwriters main concern was whether I intended to live in the house.

I replied "YES!", and that was answered on the application also. No more questions and my local mortgage guy called to say the loan was approved and apologized profusely that he had no control over the underwriters, and unfortunately this was all due to new regulations since the mortgage meltdown a few years ago.

You don't have any choice but to work through it.
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Old 10-05-2012, 03:46 PM   #4
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Quote:
Originally Posted by Route 66 View Post
I don't know if it's related to the Patriot act or not, but I had to jump through countless hoops when I bought my house last year.

Like you, my credit rating was tops, no bad entries on my credit report and I was putting down over 50% of the purchase price.

Both my real estate agent and mortgage guy told me that obtaining a mortgage is far more complicated that is used to be.......and they were right.

The mortgage application guy was great to deal with, but once he passed the application on to the underwriters is when the problems arose.

A clerk for the underwriters kept emailing with question after question that the underwriters were asking. All of these questions were answered on the mortgage application.

The question that pushed me too far was when they asked "why do want a mortgage?". That seemed to be the dumbest question they could ask.

I fired back an email to the clerk; " How many more hoops do these anonymous underwriters want me to jump through? All of these question were answered on the application!". The clerk replied that the underwriters main concern was whether I intended to live in the house.

I replied "YES!", and that was answered on the application also. No more questions and my local mortgage guy called to say the loan was approved and apologized profusely that he had no control over the underwriters, and unfortunately this was all due to new regulations since the mortgage meltdown a few years ago.

You don't have any choice but to work through it.
And I thought I had some dumb questions. It seems they ask the same stuff over and over to try and trip you up. Most of the people working as underwriters seem to have never been out of town or taken a trip anywhere. Sheesh! I told them to kiss off and dropped the whole issue. I'll buy a piece of land somewhere and build an RV port on it and call it home base or something. I think this country has gone overboard on this stuff! JMHO
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Old 10-05-2012, 03:54 PM   #5
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They didn't care about my SD mail service address.
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Old 10-05-2012, 05:13 PM   #6
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Tell the dumb clucks you WILL have a physical address if they'd give you the loan and let you buy the house!!
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