Have you heard the latest news in lending?
I had heard about it a bit here and there, but never by name. I had even had it happen to me personally, but I never thought much about it. According to a conversation and some serious research between @mayaREguru, @toddwaller, @linsey, @staceyharmon, and myself, it’s national in scope. This could be the biggest news for consumers regarding the lending business since Roosevelt’s New Deal.
I advise you all to drop what you’re doing and get on the phone with your clients – especially those currently under contract. You have to make sure they understand the USPIC Law Of Lending. If they don’t, there may be problems at the closing table. The whole transaction could self-implode…wasting a month or more of work for you and the consumer. Imagine the look of anger on the face of your client when they realize it fell apart because you forgot to mention the USPIC Law Of Lending. It won’t be something you want to see, trust me.
The USPIC Law Of Lending: What is it?
The USPIC Law Of Lending (also know by it’s shorthand name (you know how we Realtors® love to abbreviate everything to death) USPIC-LOL) is defined as follows:
USPIC Law Of Lending
The law defining that no matter what an underwriter asks for, you must tell your client to do it – even if it doesn’t make sense.
Taken from the tweet: “If the underwriter asks you to pee in a cup, do it – is what I tell my clients.”
Date of discovery: December 17, 2009
Shortened form of: “Underwriter Says Pee In Cup” Law Of Lending
As you can see from the definition, this could be the most important theorem ever put out into the real estate blogosphere. Thanks to the UNDER-OMNIBUS (Underwriter’s Omnipotence in our Business), USPIC is a law that can not be broken, rewritten, or even bent slightly. There is no escaping USPIC-LOL.
Thanks to my friends on Twitter for the inspiration, especially since I was a day late with my post.
photo courtesy of chunkysalsa
