• Report: #771505

Complaint Review: Alternative Mortgage Solutions, Inc.

  • Submitted: Wed, August 31, 2011
  • Updated: Tue, December 04, 2012

  • Reported By: 63376 — St Peters Missouri United States of America
Alternative Mortgage Solutions, Inc.
10015 Watson Rd. Internet United States of America

Alternative Mortgage Solutions, Inc. Mike Novak Demanded unrelated paper work for loan qualification Internet, Missouri

*REBUTTAL Owner of company: explanation

*REBUTTAL Owner of company: explanation

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Demanded unrelated paper work, wanted me to provide documentation of small bank deposits, when my yearly salary is more than the house loan I was refinancing and my credit score is 756 - yes not the best but not that bad. Lots of other little things he did that no one should have to deal with.

This report was posted on Ripoff Report on 08/31/2011 01:43 PM and is a permanent record located here: http://www.ripoffreport.com/r/Alternative-Mortgage-Solutions-Inc/internet/Alternative-Mortgage-Solutions-Inc-Mike-Novak-Demanded-unrelated-paper-work-for-loan-qua-771505. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 0Consumer 2Employee/Owner
Updates & Rebuttals

#1 REBUTTAL Owner of company

explanation

AUTHOR: Mike - (United States of America)


It is unfortunate that lenders do require a lot of documentation in todays lending world.
It is not uncommon for underwriters to require documentation of deposits that cannot be explained or not payroll related. Even if the deposit is 50 dollars, the lenders want to know that it is not a loan that could affect a persons ability to repay.

Credit, Capacity and Collateral make up a lending decision. There was a time when Credit, Capacity or Collateral could stand-alone. Unfortunately the mortgage meltdown has made lenders very skittish toward lending. Paperwork has tripled in our industry. While the mortgage originators do not always agree with the underwriter or lender, we must ask for the documentation the lender requires.  

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#2 REBUTTAL Owner of company

explanation

AUTHOR: Mike - (United States of America)


It is unfortunate that lenders do require a lot of documentation in todays lending world.
It is not uncommon for underwriters to require documentation of deposits that cannot be explained or not payroll related. Even if the deposit is 50 dollars, the lenders want to that it is not a loan that could affect a persons ability to repay.

Credit, Capacity and Collateral make up a lending decision. There was a time when Credit, Capacity or Collateral could stand-alone. Unfortunately the mortgage meltdown has made lenders very skittish toward lending. Paperwork has tripled in our industry. While the mortgage originators do not always agree with the underwriter or lender, we must ask for the documentation the lender requires.  

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