Magnifying Mortgages Shawna Verrett

The New Car Almost Cost the Home Loan

Shawna Verrett, Mortgage Loan Officer of First Centennial Mortgage, had a client that almost lost his home loan due purchasing a new car during the process. The loan first started under a different lender and the client was not happy with their services. Shawna and her team swept in and immediately attended to their client to his satisfaction.

The loan was a Jumbo Loan for a beautiful home in Dallas, Texas. The client had wealth but was taking part in credit-altering transactions, which are unadvised during the loan process. For example, Shawna found out her client forgot to disclose the purchase of a new car. Also, due to her client’s vacationing in Hawaii, he missed a couple of important phone calls.

A week before the closing during the verification process, it was discovered that the client’s Debt-to-Income (DTI) was now too high. He had considerably high income, but part was from stock earnings which were not originally included on the loan. The client was now required to provide documentation on his stock income. However, it was proving difficult due to his travels and trying to print documents offline that were not acceptable proofs. Understanding how busy he was, Shawna made some phone calls herself and was able to track down the needed statements.

The moral of the story

Shawna and team reworked the DTI to now include the stock earnings. They were waiting for the Clear-to-Close (CTC) the morning of the closing. After much anticipation, they got the clearance to close. The client flew in from Hawaii and attended the closing.

Even when deals go down to the last minute, Shawna is working every step of the way. She made herself available for constant communication and pushed things along when they needed to be done. The moral of this story is: be in communication with your loan officer and advise on all intended major purchases throughout the loan process. Otherwise, it could cost you your loan.

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