If you recently obtained a new mortgage or refinanced your existing one, there’s a pretty good chance that you got a terrific interest rate but were less than thrilled with the paperwork experience. This would be especially true if you were a self-employed individual. The good news is that you hopefully stuck it out and closed on the loan.

I had two clients in the past six months who purchased a home with the same major institutional lender who shall remain anonymous, except that for both it was a very bumpy trip akin to a wild west stage coach ride.

Both clients were well qualified. One was semi-self-employed (two jobs) and the other fully retired with superb financial credentials. The self-employed client was the hardest and this lender put the through the proverbial ringer. My client was so ticked off at this process, that at one point he was very close to throwing in the towel. Fortunately he hung in there and received the reward of an excellent interest rate.  My other client was a dream borrower. He too got dragged through the weeds but again put up with it to get the process done, but he was not happy.

And if I thought that was bad, I ain’t seen nothin yet. Soon Big Brother, via the CFPB (Consumer Financial Protection Bureau) will (supposedly) provide borrowers much needed protection against lender abuses and reckless lending standards. In other words, if you’re going to get a jumbo loan, or your self-employed, be prepared to jump through hoops. And interest only loans? You probably won’t be seeing any of those around anymore as well.