Title: Getting through the DSCR loan maze: My step-by-step and a question
Man, I hear you on the “fully digital” claim. Last year, I tried one of those platforms for a duplex refi—looked super slick until they hit me with a request for a “wet signature” on some obscure disclosure. Had to overnight it, which felt like sending a message by carrier pigeon. Honestly, I’ve seen both sides mess up: digital lenders missing compliance stuff, and old-school ones losing docs in a pile somewhere. At this point, I just double-check everything myself and expect at least one weird hiccup along the way... keeps things interesting, I guess.
Carrier pigeon—yep, that about sums it up. I’ve had clients who swear the “e-sign” process is foolproof, then suddenly they’re hunting for a notary at 8pm. Honestly, I’m convinced there’s always one random doc that refuses to go digital. Ever had a lender ask for the same pay stub three times?
Honestly, I get the frustration, but I kind of see why lenders double-check everything. It’s their money on the line, right? Still, it’s wild how techy the process claims to be, yet you end up printing stuff at midnight because “one form can’t be e-signed.” I’ve started keeping a folder with every doc scanned and ready—saves me from digging through emails when they ask for the same pay stub... again. But yeah, feels like we’re stuck in this half-digital limbo. Why can’t they just pick a lane?
Yeah, the “half-digital limbo” thing drives me nuts too. I get that they need to be careful, but it’s 2024—why am I still standing by my printer at 1am? I’ve started doing the same with a doc folder on my desktop. It’s not perfect, but at least I’m not scrambling every time they ask for the same stuff twice.
I do get why they’re so picky, though. If I was lending out that much money, I’d probably want to triple-check everything too. Still, you’d think by now they’d have figured out a smoother way to handle all this. Sometimes it feels like they’re just making us jump through hoops for the sake of it.
Anyway, props for being organized. It really does make a difference when you’re trying not to lose your mind over paperwork. Maybe one day they’ll actually let us do the whole thing online... but I’m not holding my breath.
Sometimes it feels like they’re just making us jump through hoops for the sake of it.
That’s exactly what it feels like—almost as if the process is intentionally convoluted to weed out anyone who isn’t extremely persistent. I’ve refinanced twice now, and each time I think maybe they’ll have streamlined things, but nope. I keep a spreadsheet to track what’s been submitted and when, but it still gets messy when different departments ask for the same paystubs or bank statements three times.
I get the risk management side, but honestly, with all the tech out there—secure portals, encrypted uploads—you’d think we’d be past the “scan and email” era by now. Maybe it’s just inertia in the industry.
Curious if anyone here has actually had a lender that used a fully digital process? Or is this half-paper, half-digital purgatory just the norm everywhere? Every time I bring it up with my broker, he kind of shrugs and says “that’s just how it is.”
