Found out from a doc list that my cash-out LTV had dropped five points

Third house of the year, small three bed, bought at 96k, put 41k in it, rented at the number I underwrote. Appraisal came back where I wanted it. I was in the boring part of the file, sending pay stubs and a lease.

Processor emails a new doc list on a Tuesday afternoon. Down at the bottom there's a line about a revised loan amount. It was roughly 9k lower than the figure in the last email. No note, no phone call, just a different number in a list of requests.

I called and it took two people to get the answer, which was that their guidelines had changed on cash-out for non-owner occupied and my file hadn't locked. The guy said the memo went out internally the week before. He was pleasant about it and there was nothing for him to do.

So my choices at that point were take the smaller loan and leave about 16k in the house, or restart with somebody else and pay for a second appraisal and eat six weeks of hard money interest at the same time. I took the smaller loan.

What I actually changed after this. I now ask for the lock in writing the day the appraisal is ordered, and I ask a specific question about whether the cash-out terms are subject to change before closing. Two lenders have given me straight answers to that and one got vague, and the vague one doesn't get files anymore.

Anybody who says this strategy is passive has never read a doc list on a Tuesday.