JAMES STAFFORD – LOAN ORIGINATOR NMLS #1239882
WHY SO MANY DOCUMENTS!?
I get asked by borrowers sometimes “Jeez, why do you guys need so many documents?!” the simple answer is “ability to sell the loan” . Once a loan is funded it will almost immediately be sold to another lender who may want to verify the file before purchasing the loan. A lot of the documents needed to fund a loan these days are directly related to Dodd Frank which was passed after the financial meltdown of 2008 & 2009 . What the law did was make it mandatory that multi stage verifications via document collection be carried out on any loan that would be backed by the government ie; Fannie Mae or Freddie Mac so if you want a loan with a decent rate be prepared to prove your income, employment, 12 months bank statements & tax returns for minimum 2 years, etc…etc… Think of it as a financial proctology exam.
UNITED LENDING PARTNERS
4234 Hacienda Dr # 110
PLEASANTON, CA 94588
925-787-1744