Wondering if anyone has been dealing with mortgage lenders requesting that whoever signed the short sale approval provide proof that they have authorization to sign an approval??
They are saying they wont fund a loan without it and to be on the lookout for more lenders requesting. Thoughts??
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I would imagine all you have to do is pull the deed. Isn't that proof that they can sign the short sale approval?? OR pull the note from the registry of deeds?
Maybe I'm misunderstanding your question.
Lender for the buyer is asking for proof from the negotiator/closing coordinator..etc. people from the short sale lender to prove who they are and that they are authorized to sign an approval. Not the sellers.
Maybe it's me but I have never run into this...lol.
The seller's lender doesn't usually sign the approval. Approvals are for the sellers. I'm kinda confused. Is there a space on the approval for the lender to sign?
If it helps, I once has a closing attorney for a buyer ask the lender to prove they were authorized to service the account. I was stumped but thankfully the loan had a MIN# and I directed him to the MERS site with the loan lookup and MIN# and he was able to obtain who was the servicer.
Smitty, I have found that the larger lenders are the ones asking for this. Eric referred to Wachovia and since they are part of Wells Fargo, it does not surprise me that they would ask for something that means NOTHING. Clear title is all they need to be worried about, if the title company is OK with it and will insure the title, why would the buyers lender care. This is the exact reason that I use local lenders who have underwriters that are also local. Got too tired of hearing, it is the underwriters fault, or hearing that we can not do the deal without good reasons, most of that came from WF and BofA. With local lenders, we can sit right in front of the underwriter and see what the real issue is.
I believe that the large lenders have a % of the files that they close and anything beyond that is a crap shoot. They originate hundreds of thousands of applications and only have to close a % of them. I had a major lender recently, I had the REO listing and the buyer. OVER qualified buyer, took the lender almost 3 months to get the buyer closed, excuse after excuse. I think the bottom line was that they never intended to finance him but ended up doing it because he pushed to the the executives at this lender. I found that there was little accountability with the lender also, they really didn't care that the buyer was overqualified
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