What did we, the consumers, do to deserve the treatment we now receive from mortgage companies? How is it that they can now require us to prove where every deposit greater than $100 came from? How can they use words “money laundering” when asking about deposits?
Unless I have lost my mind or my memory is gone, it seems to me it was the banks and the mortgage companies that came up with off-the-wall loans whereby anyone with any sign of life could qualify. We, as consumers, didn’t do this. We went to apply for a mortgage and all was well. Of course you qualify, sir, no problem.
Based on my personal experience, we are now treated like crooks: Where did you get this money? Prove where this deposit came from. Show us a paper trail. You may have excellent credit scores and plenty of income to support the loan; it doesn’t matter. You deposited $150 in your account; now prove where it came from.
I, for one, am tired of being treated like a criminal when trying to do business with mortgage companies. If I treated my customers in the same manner the mortgage companies treat us, I would soon be without customers.
Please help me understand what has happened to the financial community.