Review Mortgage Lenders

All in One Mortgage Lenders

Eddy Fernandez president of All In One Mortgage Lenders give back to the community

One decade after the financial crisis, here's how the financial system has changed

Bank are a lot bigger

Ten years ago, American taxpayers had collectively rescued the nation's biggest banks to the tune of $700 billion. The bailout triggered public anger and calls for the government to break up the nation's biggest banks. It didn't. A decade later, the largest banks are even bigger than they were then. They've long since repaid their bailouts. JPMorgan Chase , Wells Fargo , Bank of America — all giants before the crisis — are still the nation's largest.

Politically, banks are once again exerting outsize influence in Washington, persuading the Republican-led Congress to begin easing the tighter regulations that were imposed on them after the crisis. And profits have never been higher. The Federal Deposit Insurance Corporation says the nation's banks earned $60.2 billion in the second quarter — an industry record.

The government now applies "stress tests" to the largest financial institutions. The idea is to assure the financial world that the banking system remains sound and that any crisis can be contained.

Accidental landlords — an unwelcome consequence of the housing market shock

During the bubble years of the mid-2000s, Americans were encouraged, often inappropriately, to become homeowners. As prices spiraled unsustainably higher, buyers — and lenders — stretched even more to reach that goal.

Then it all came crashing down.

Prices dropped about 40% nationwide, lenders stopped lending and mortgage companies stopped answering the phone when distressed homeowners called. In the deep recession that followed the market shock, millions of jobs and trillions of dollars of housing wealth disappeared. America, the land of opportunity and mobility, was suddenly stagnant and uncooperative.

In the midst of it all, many Americans made decisions and accommodations that they might never have considered otherwise. One small representation of that is what you might call the rise of the “accidental landlord.”

For some that meant a mortgage from the market’s peak became unaffordable. For others, it has meant being stuck on the property ladder, unable to climb. It’s not clear if this financial crisis left more people in the position of owning a home and needing to unexpectedly rent it out than in past periods, but there are good reasons to think that the lack of dynamism in the economy, now a decade past the 2007-2009 crisis, has left a mark.

Will all mortgage lenders need 2 years of work history?

A lender who, at the beginning of the process, told us that our one year work history would be enough, is now telling us that he needs documentation for the last two years.

You do not need pay stubs, your income tax return that you submitted to the IRS will suffice.