Mortgage Lender Asking for Docs 3 Months After Closing?

Question

I closed on a mortgage loan in March 2007. My lender inadvertantly did not request a copy of a paystub during the underwriting process.

The lender realized this error when they were trying to sell my loan to an investor group. They say they cannot sell my loan until I provide this information. They acknowlege that I am under no obligation to provide this information at this time but the lender generally does not service loans and they say they could not service it as well as the investor (a well known investor in mortgages)

On one hand I feel I should help them by sending a paystub. However, this is business. If I was 1 day late closing my loan and my rate lock expired, they would have charged me a fee to relock my rate.

Also, I am not sure if there are any issues I am not considering. Any advice is appreciated.

Answer 1

They should have been more careful. Talk to your lawyer that you used for the transaction, just to protect yourself

Answer 2

This happens all the time. There are a lot of documents in the closing paperwork, and something that didn't affect the closing gets left out. Whomever your current lender is, they helped get you to closing without that document, probably to save time on your behalf. Error, or not, I'd probably help them in getting them what they need. It won't affect the loan in any way.

Answer 3

Dig through your closing papers. There is probably an agreement buried there where you agreed to cooperate in any post-closing audit of the financing. If they pull that out, you will have to comply. But frankly, if you have the documentation, just give it to them. Or ask for a token fee for the hassle -- get dinner out of them if you can.

Answer 4

Do you believe in Karma?

Act accordingly.

The fact is that it really makes no difference to you who you send the check to. If you decie to accomodate them it's just a courtesy on your part.