I had the same experience a number of years ago. From an industry newsletter:"I had to comment on your paragraph discussing an opinion about how an LO [loan originator] loves his job, but hates the system. I just turned down a gentleman looking to purchase a new home with a price over $1 million and a down payment of over $600,000. His middle credit score was 770. His crime? He's retired and his multi-million dollar stock portfolio didn't produce enough income to "qualify." I couldn't annuitize the assets because they're not held in retirement accounts. So guess what? He's going to use the $1.5 million dollars he received from the sale of his previous home and PAY CASH for the new home. My company loses the loan. I lose the commission and the trust of the real estate agent who referred him to me. As I see it, the lending parameters have swing so far that the pendulum is off its pivot point."And so it goes.
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