To all the teachers that wanted to close their mortgages this week while they were off from school, we are sorry we could not accommodate you. Our hardworking and dedicated Educators get very little free time. We are jealous of their “school holiday” schedules and summers off, but this time must be spent wisely.

 

The New Rules for Mortgages require banks to verify employment the day before a closing. The bank closing department simply calls the employer listed on the loan application and verifies the borrower is currently employed. Guess what?  SCHOOLS WERE CLOSED THIS WEEK! Not even the janitor was in the house.

 

For those of you that might be unemployed or teetering on it, last minute employment changes do count and will be discovered. Banks would typically do an employment check within 30 days of the mortgage closing. Now they call the day before and sometimes again within 10 days after the closing.

 

They will not call a random number or the cell phone of your “boss”. It must be a main business line which is listed in the Yellow Pages and verified. I do not even own a phone book anymore!

 

Gee, what will think of next? So keep this in mind for Spring Break.

 

Dale Siegel