I found this in the ARA newsletter, and thought I would pass it along.  The artical reads...

 

Dear Mr. Homebuyer,

      Please be advised that your closing could be delayed.  Stated income/stated asset and no doc loans are no longer available.  This means that I am going to verify everything.  Once everything is verified, I am going to do it again before closing.

     If you tell me that you have been at your job for two years and I find out that it has really been one year and nine months, your closing could be delayed.  If you say that you make $40,000 per year and I find out that $10,000 of that is from a part time Mary Kay business, your loan closing could be delayed.  If you fail to tell me about the Mary Kay business and you actually report a loss on your tax return, I will find out and your closing could be delayed.

     If you change jobs or even put in a notice to quit prior to close, I will find out and your closing could be delayed.  I am going to pull your credit at the time of application and then again right before closing.  If you have purchased a new car, charged up your credit card or took advantage of a 10% discount at the Gap by applying for a credit card, your closing could be delayed.  I am going to get a transcript of your tax return directly from the IRS so if you haven't filed your tax return like you say you have, your closing could be delayed

     I am going to verify every penny you have to bring to closing.  If you have large deposits in your bank account or plan on using cash or depositing large sums of cash, your closing could be delayed.  If your loan amount or interest rate changes or anything from your original application changes from what was originally disclosed, your closing could be delayed.

 

Warmest regards,

 

John Q Loan Officer

Any Bank USA