Steve
Posted
The process was a bit cumbersome and…
The process was a bit cumbersome and repetitive. There were times when “proof” was asked for but nothing to describe what would be accepted as “proof”. I do not believe they were overly good or bad, just average.
Response from Federated Lending· Jun 16, 2020
Steve, Thanks for taking the time to complete the survey process and for your feedback. We always need to hear how we can do a better job. As the federal and state governments took drastic steps shut down the economy in March, our requirements for documenting loans have changed as well. As one can imagine, we have been inundated with rule changes from FannieMae and FreddieMac over the past several months. Due to Covid-19, we have received numerous additional requirements for verification of employment and continuation of income. In addition, automated verification of employment methods we use were rescinded for more paper documentation and phone calls to verify there were no changes in employment or compensation. Standards tightened and the documentation requirements ratcheted up with little notice. Please accept my apology for your less than exceptional experience. I want you to know I do appreciate your business and your feedback.