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03-07-2015, 08:57 AM #1jotucker1983Guest
I don't know about the details of the file, but it might have more risk associated with it then you think, especially seeing as though it's a smaller file. Certain Underwriting procedures cost a good amount of money and Lenders try not to incorporate them until they are sure they are dealing with a client that is actually "interested" in closing.
Sure, the Lender could do all of that upfront during the quoting procedure before receiving a signed Agreement, but that could lead to a lot of wasted monies spent in a process (closing) that never truly "starts" (the receipt of the signed Agreement).
Usually additional stips are a result of doing the additional Underwriting procedures and finding additional things of risk on the file, such as an SOS Inactive Status, a Tax Lien, a Judgment Lien, the Landlord says they are one month behind, they find a second bank account with a significant amount of transfers, etc. These things create additional risk and instead of declining the file, additional stips are usually added in an attempt to "save" the deal.
Now, I don't have a lot of experience with said lender in particular, some lenders are just slower to underwrite v.s. others, and you would personally have to make a decision on which lender(s) to utilize for your own office.
But I do know that sometimes stips are added in a way to save a file after further underwriting was completed.
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