Just remember, nobody is indispensable, meaning nobody's job is guaranteed. Given that fact, the UTR is trying to determined the probability of continued employment. I said the PROBABILITY of continued employment. I have had many cases like yours over the years where someone has been working at the same company for several years but was contracted through a Temp Agency. That doesn't mean that the person was a PART TIME employee. Someone can legitimately work full time for a Temp Agency, and I don't why that is so hard for an UTR to understand, but some times they need to be reminded. Your only problem was that your Loan Officer didn't take the time to help you write a GOOD LOE (letter of explanation) regarding your work history and help the UTR connect the dots by focusing on the real issue. And that is....you are employed! You have three years history working the same position, just paid by a different entity. It's no different than working as a Construction Worker, who could have 15 different W-2s it just doesn't matter!!!! If you are paid hourly we MUST average your income for the past two years period. It's a no brainer for an experienced LO. Try to work it out with your current Loan Officer but if that doesn't work, PLEASE call me, I will close your deal. Just withdraw the application before you receive a Mortgage Credit Reject from the lender that WILL follow you for some time to come.
Best of Luck!
I suggest you get with your loan officer and see how you can structure your letter that will appease your underwriter. If your loan officer isn't able to work with this, then maybe you might want to consider moving. Closing by the end of the month may not be completely possible depending on the type of loan you are working with so since time is of the essence, deciding whether your current lender has sufficient skills should be done quickly.
Sadly it's not going to become easier until stability hits the market. Until then, you and everyone else will have to sharpen the ol' writing skills and fill in the blanks for the underwriters.
A lot of these issues need to be addressed in the beginning way before you get into escrow.
Your lender should have prepared a well written letter (think timeline) to explain what has happened the last three years. Did they have you do that? What seems like common sense for you is not the same for someone who knows nothing of your work history or that company.
To ask for a simple letter to explain this is not a huge deal.
You can't run from this.....all lenders are going to need detailed clarification on this. Just ask your Loan Officer why they failed to submit a better loan package and to do it right this time.
I say stick with them for now. if you need help, contact me (951) 215-6119.
The underwriter is just being careful and you're paying the price for the sins of the past.
To start with another lender this far into the transaction your chances of closing by April 1 are pretty slim.