We found out today we now need blood tests req. by the underwriters before the final mort. comm., why??

Asked by Joe, Bayville, NJ Mon Aug 17, 2009

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Emmanuel Scanlan’s answer
Emmanuel Sca…, , Collin County, TX
Tue Aug 18, 2009
This is a new requirement by underwriters of all types. It came as a rider to the new bail-out and stimulus package bill and is intended to protect the banks and underwriters from future losses. Basically it allows the underwriters to request blood samples to prove the turnip has enough blood to be able to squeeze it and produce some. In the event that the blood test comes back negative they will require you to sign an agreement to produce your first born as collateral. As a back-up to that, if you are deciding not to have children, they are allowed to send you to a Gulag, or make you a Hillary Clinton staff member (both the same), to finish the payments.

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1 vote
Kenneth Verb…, Agent, PRINCETON, NJ
Tue Aug 18, 2009
Suggest you send him a urine sample while you are at it. (label it sweet tea)
0 votes
, ,
Tue Aug 18, 2009
Goodness, while I woud not put it past underwriters in this current market, I am sure this was a tongue in cheek comment made by a frustrated mortgage banker or loan officer as to the almost invasive reviews of loan applications in this market. The pendulum has certainly swung way too far the other way, as Frank Needham pointed out, and certainly we all can see the effects of underwriting guidelines that are too lax. However, locking the barn door this tightly after the proverbial horses have been gone for years is doing nothing but making the whole underwriting experience anything but a good experience. I can only recommend you grimace and supply all the requested verifications and/or documents so help your mortgage professional get you approved. I hope this helps, Jim.
0 votes
Gina Chirico, Agent, Fairfield, NJ
Mon Aug 17, 2009
Joe,

I've not heard of this and the last few deals that I've closed, my buyers didn't have to get blood tests or at least they didn't mention to me if they did. What is their reasoning albeit a bit harder to get a mortgage these days but blood tests?

I'm curious to see what others thoughts and comments are on this subject.

Gina Chirico, Sales Associate
Prudential NJ Properties
973-715-1158 cell
973-992-6363 ext 116
Gina.Chirico@PrudentialNewJersey.com
0 votes
dont list me…, , Podunk, MI
Mon Aug 17, 2009
Joe,
I'd bet the ranch this is a joke. However, getting a mortgage commitment is not a joke. The pendulum has swung back the other way almost to the limit. 3 years ago if you could take a deep breath, you got a loan. Now they are making borrowers toe the mark. The advice you've gotten is good. Shop around. There are still a few good lenders out there. Ask your realtor for some referrals, we all have good mortgage bankers we can refer to. Best of luck! (And don't let them stick you :-)
0 votes
Jack Mulroon…, Agent, Stamford, CT
Mon Aug 17, 2009
Hi Joe, Sorry for your bank problems but don't feel like you are the only one in the boat. Also, don't agree to give everything to the underwriters.

In recent weeks I have seen some bank as for the name of your first born male child! Just kidding but it is getting ridiculous. I have seen a buyer with a 720 credit score and a 10% debt ratio get drilled by the underwriters. It almost seems the better you look the more they want to go after you.

Government intervention has only increased profits in the big banks, reduced the number of hard working regional banks and increased the anxiety levels for all borrowers. Boy seems like a great deal to me.

There still are some easier banks to deal with out there keep shopping before they are all gone.

Good Luck!
0 votes
Bob and Diane…, Agent, Yorktown Heights, NY
Mon Aug 17, 2009
Joe,
I have never ever heard of any bank requiring blood tests before approving a mortgage. What was the reason they gave you? I would think this would be illegal - an invasion of privacy and potentially discriminatory. What did your real estate agent say about this? In my opinion I would shop around for another mortgage banker! Best of Luck to you.
Web Reference:  http://www.nyhometeam.com
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