I have been in the mortgage industry for the past 10 years and boy has it changed. When I talk to clients now one of the first things they say is why do you need all this paperwork?

In years past (2006) it seemed that every person in Arizona could qualify for a mortgage and there was an investor that was willing to buy the loan. We had over 100 investors that had a product for every client including clients that had low credit scores and bad credit. We had Full Documentation loans, Stated Income Stated Asset loans, No Documentation loans and all of these programs allowed for 100% financing.

The problem with these programs is that, while they worked for some, they allowed a lot of people that could not afford to purchase a home, to buy a home that they had no chance to keep.

Fast forward to 2011, after the crash of the housing market, lending in the mortgage industry has tightened up dramatically. Gone are the days of a house cleaner stating that she makes $10,000 a month and stating that she has $50,000 in the bank (not saying that this can’t happen; you just have to document it).

I, for one, am happy that the mortgage industry has tightened up and that mortgage originators now need to be licensed. I feel that at this time almost all of the “dirty” loan originators have left the business and the ones that are left have the client’s best interest in mind.

So when I meet with you and ask for a stack of paper work that is as tall as I am (5.5’), it is because I want to make sure you that when you find the “Home of Your Dreams”, you can qualify to live there.