Interesting point, but I'm not sure it's just about internal organization. Could it also have something to do with the complexity of each borrower's financial situation? For example, someone self-employed or with multiple income streams might naturally face more document requests and last-minute asks. Maybe your brother-in-law's lender wasn't actually disorganized, just dealing with a more complicated scenario? Curious if anyone else has noticed this difference based on their own financial circumstances...
"someone self-employed or with multiple income streams might naturally face more document requests and last-minute asks."
Yeah, that's exactly what happened to me. When I refinanced last year, being self-employed turned it into a paperwork nightmare. Felt like every day they needed something new... wasn't disorganization, just the nature of my finances.
Felt like every day they needed something new... wasn't disorganization, just the nature of my finances.
Haha, yeah, self-employed folks definitely get the "special" treatment. I always joke that lenders see multiple income streams and think, "Oh good, more paperwork to ask for!" But seriously, it's not personal—just the nature of verifying income that's not neatly packaged in a W-2. Glad you survived the refinance gauntlet...bet your scanner got a workout!
Refinanced my VA loan last year and even with a straightforward W-2, it felt like they kept coming back for more docs. Can't imagine juggling multiple income streams on top of that...probably felt like a never-ending scavenger hunt. Curious though, did you find the VA streamline (IRRRL) easier paperwork-wise, or was it about the same hassle as a regular refinance? Heard mixed things from friends who've done both.
"Can't imagine juggling multiple income streams on top of that...probably felt like a never-ending scavenger hunt."
Haha, "never-ending scavenger hunt" sums it up perfectly. I've helped quite a few folks through both regular VA refinances and IRRRLs, and generally speaking, the IRRRL is usually less of a paperwork headache. Since it's designed specifically to streamline the process (hence the name), there's typically less digging into your income and asset docs compared to a full refinance.
That said, some lenders still manage to make it feel like pulling teeth. I've seen IRRRLs that went super smooth—barely needed more than a couple signatures—and others where underwriters kept circling back with random requests. It really depends on the lender and how organized they are internally.
If you're considering going that route, I'd suggest chatting with a couple different lenders first. Ask upfront about their IRRRL process and see if you get a good vibe. A little legwork ahead of time can save you from another round of document tag later on...