Melissa Gribi

The following was passed along to me by my favorite loan agent, Debbie Owsley, who found it written by Ann McGinley:

The Borrower's 10 Commandments

1. Thou shalt follow ALL commandments while in escrow.
2. Thou shalt NOT buy or lease a car.
3. Thou shalt NOT incur ANY late payments.
4. Thou shalt NOT quit or change jobs.
5. Thou shalt NOT make any large purchases such as furniture or major appliances.
6. Thou shalt NOT file bankruptcy while in escrow.
7. Thou shalt NOT get married or divorced without notifying your loan agent.
8. Thou shalt NOT transfer, deposit, or withdrawl large sums of money without notifying your loan agent.
9. Thou shalt NOT fo on vacation without confirming dates with your loan agent.
10. Though SHALT dwell in the house of the mortgage in peace & prosperity.

Follow commandments 1-9 until your escrow has closed.

This is invaluable help for the well-intentioned clients who have already been prequalified for a mortgage and may think they are "in the clear". It is important for our clients to remember how many things can go sour during underwriting that may affect their current or future ability to obtain financing. Given the nature of the current market, the playing field seems to change daily!

I encourage any of you reading this to share your last-minute underwriting horror stories - what would you like other clients & their agents to avoid that you have experienced? I remember the last 100% stated-income loan I closed in 2007....we were told the loan funded (got the call from escrow) and actually got a call 2 hours later saying the funding had been rescinded by the lender due to a last minute condition (it had to do with a job change)....let's share our experiences so we can learn from them, be better agents & better serve our clients!