student loans & home mortgage refinancing

rockvillemom
Thu, 30 Jul 2015 22:38:32 +0000

I have worked in mortgage lending for the majority of the past 30 years. I would now describe it as agony! Looking forward to retirement. The concept of applying common sense is gone. The concept of making a judgement based on LTV, income and credit is gone. The focus is on documentation, documentation and more documentation so that if the borrower defaults - the lender is protected from an investor making a repurchase request and/or the defaulting consumer suing with a claim of being placed in an inappropriate loan. It is excruciating. We could benefit from a refi - but I don’t have the patience/endurance to do it.