Just gimme a Pre-Approval letter... I don't want to give you my documents!

The most frustrating part of buying a new home (recent surveys confirm) is the paperwork involved with getting pre-approved and then during the underwriting process.   Today's PAIN was created by how EASY it used to be to get a mortgage and now we are simply paying for the sins of our fathers... so to speak. 

GOOD originators are ones who understand exactly what their processors do to get a file pushed through underwriting and the BEST originators understand the principals of underwriting to the point of asking tons of questions in the pre-approval process.  
If a Mortgage Originator asks a couple questions and willy nilly (yeah, I said that) throws out Pre-Approval letters to real estate agents... there will be lots of work during the next stages of getting the loan and possible 11th hour Yellow Flags and maybe even Red Flags.  You don't want a Red Flag... those are deal killers.

I remember a customer who complained to me that my processor kept asking for more documents... over and over again.  When I asked I found out he was referring to acceptable Bank Statements that my underwriter needed to confirm assets.  My first request was for him to supply "the last 2 months of complete bank statements (all pages)".   He first sent in a screenshot of his daily balance (this page didn't have his name, address or account number on it).  Then when asked again to send in actual "statements"... so he sent in the first Five pages and on the top right corner it clearly said "page 1 of 6, 2 of 6 etc".   When asked for the last page... he explained that the last page was "how to balance your checkbook" and just assumed we didn't want it.  We understand that.. but sometimes the last page has very important data regarding extra loans or miscellaneous deposits/withdrawals.   We were asking for the same thing each time but he never sent in the initial standard document that the underwriter needed.

The best bet is to keep a good attitude and get everything that your "mortgage guy" asks for as quickly as possible... and your transaction will go smoothly.