Remember the “old days” when getting a mortgage required little to no paperwork from a borrower and being able to fog a mirror was a bonus? Now the pendulum has swung and the Mortgage Process and Required Documents have changed. So say goodbye to your first born and get ready to donate blood because it’s time for paperwork! (kidding… sort of).
Thank You Congress… Way to Go!
The US government has basically recruited the entire financial services industry in its fight against terrorism through a law known as the Bank Secrecy Act and the Patriot Act. In short, mortgage companies, banks, and financial institutions are required to document every minute detail of your financial life when you apply for a loan.
The best thing you can do to “streamline” the mortgage process is to provide your documentation as early as possible and in one, fully-completed file. This will avoid any potential “back and forth” and extra underwriting conditions.