Home mortgage lending has sure changed!
In the old days, Harry Homebuyer would head down to Main Street to meet with Joe, the friendly loan officer at the Bailey Building and Loan (made famous by the Frank Capra classic “It’s A Wonderful Life”). Most likely, Harry had an account with the bank and his kids played Little League with Joe’s kids. Joe would make a decision on Harry’s loan application based on Harry’s employment income, his credit and his character. A local appraiser would assess the value of the house based upon his extensive knowledge of the area’s real estate market. He was likely a member of the Rotary Club where Joe served as treasurer.