A commentator for modularhomecoach was at the bank on a matter related to buying a car when he spied a five-inch stack of papers on a desk behind the lender, and casually asked about the stack. The woman replied, “Those are for a mortgage application for a new home,” adding that was only the application paperwork, and that the completed application for the loan might be a stack twice that high, or higher.

She said a factory-built home would only add a page or two from an appraiser if it was not a new home, as MHProNews has learned. When the commentator apparently mentioned that in the 90’s a loan application could all be contained in a single manila folder, and asked what has changed, she shot back quickly, “Dodd-Frank. The biggest impediment to home buying that has ever happened in the history of home buying.”

With updates coming from the Federal Reserve every week, she said all the loan officers meet weekly to cover the changes. A lot of the paperwork is time sensitive, so if something changes during the course of the loan application, it could mean more wasted time. ##

Photo credit: Dean Hayes)

Article submitted by Matthew J Silver to Daily Business News-MHProNews.