What do borrowers keep from you?

I was surprised to hear that it's not rare for borrowers to quit/lose their jobs while going through the app process and not tell the LO.

Good afternoon! Was this newsletter forwarded to you? Sign up here. Hello, LOs! Sometimes the simplest question can be the most revealing. Whenever I interview LOs, I try to ask them about the pain points of their jobs. Many of the answers relate to time (there's not enough of it), money (there should be more of it) and technology (it should be better). But today I'd like to focus on another one: what your client does and does not tell you.

Frankly, I was surprised to hear that it's not rare for borrowers to quit or lose their jobs while going through the mortgage application process and not tell the LO. In some cases the client starts a better job a few weeks later but never mentions it. In other cases, the borrower believes they have enough savings and will get a job soon. But going from a W-2 to self-employed?

So, LOs, I'd like to hear from you: What do borrowers keep from you that they shouldn't? As always, you can email me anonymously at jkleimann@housingwire.com.   James Kleimann Managing Editor, HousingWire

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