“I’m Sorry, I know It
is Ridiculous, but it is required by Law”
A cranky rant
In the last
two months I have heard the above quote about 73 times. Why? I
am in the process of going through mortgage approval.
In 1971 I
applied for my first mortgage. I believe
I was required to supply identification, my SS number, a W2 proof of income
from the prior year, and a current pay stub.
I got the mortgage in a week.
I made
squadoodle a year, and had been working for only two years, but I had 20% to
put down, I had identification, a SS number, a W2 and a pay stub…done deal.
Currently I
have to prove who I am with a copy of a driver’s license, and a copy of my SS
card.
I had to
show proof that I have health insurance.
I had to
show two years of tax returns with all W2’s and 1099’s and whatever else I
never see because my accountant, who is currently facing jail time for
embezzlement, submits every year.
I have three
brokerage accounts and they required the last two month’s statements and
activity for all the accounts.
I claimed my
SS income on my tax returns and had the appropriate tax information for that
income, but they also wanted proof from SS Office that I was entitled to the
income I was claiming.
The driver’s
license was easy, take a picture and text it over, but why is that needed to
prove who I am? How do I have brokerage accounts
and a SS# if I am not who I say I am? Is that all stolen identity, and if
it is couldn’t I fake a driver’s license?
“I’m Sorry, I know It is Ridiculous,
but it is required by Law”
I haven’t had or needed a SS card for over 35
years. The original was cheap paper and
it simply dissolved. I did not need the
card to claim and collect my social security money, but the bank required it.
“I’m Sorry, I know It is Ridiculous,
but it is required by Law”
“If I have a W2 from SS showing what
they sent me, and I claim that amount on my taxes, why do I need a letter from
SS saying that I am entitled to the mount they send me?”
“I’m Sorry, I know It is Ridiculous,
but it is required by Law”
“I sent you proof of the balance in
my brokerage accounts, why do you need two months of all activity in those
accounts? Isn’t that a little
intrusive?”
“I’m Sorry, I know It is Ridiculous,
but it is required by Law”
OK, I
provided all that information and more.
Mrs. C is not involved in the application, but she had to provide and
sigh stuff for some reason that did not make any sense and there was other
stuff that I can’t even remember.
“I’m Sorry, I know It is Ridiculous,
but it is required by Law”
Today I was
informed that everything was approved, they just needed three more little
things.
One of the
brokerage accounts is a joint account.
They required a letter from Mrs. Cranky that verifies that I am allowed
to access the joint account.
“It is a JOINT ACCOUNT!! Why wouldn’t I be allowed to access a joint
account with my name on it?”
“I’m Sorry, I know It is Ridiculous,
but it is required by Law”
Then they
wanted me to show where I received my monthly SS check.
“It goes directly to my Blah Blah
Blah checking account.”
“Well we need two month’s statements
showing all activity in that account and the SS deposit.”
“I need to prove that the SS money I
declare on my taxes and that I show a W2 form and that SS has sent a letter
confirming I am entitled to the money I declare…you want me to prove that I do
in fact receive that money?”
“I’m Sorry, I know It is Ridiculous,
but it is required by Law”
“Oh, and we also need you to prove
that you are taking the required distributions from your 401K account as you
are over 70 years old.”
“I need to prove that I am not
breaking the law?”
“I’m Sorry, I know It is Ridiculous,
but it is required by Law”
“Tell you what, you have on my tax
returns the income I declare from my 401K, and you have two month’s activity
showing distributions from that account to my other account. You know my 401k balance. You have all the information you need to
determine what I am required to take out and what I am taking out. You do the math.”
“We’ll get back to you.”
All this is
just for a simple mortgage that with computers should have been approved in
maybe an hour. I can only imagine what
is required of any business small or large to get a loan, build a plant, pay
taxes, hire an employee, prove expenses, get a license, prove product safety,
and on and on and on.
I understand
the need for regulations, but when you question a requirement and the answer
you get from every level is,
“I’m Sorry, I know It is Ridiculous,
but it is required by Law.”
Maybe, just
maybe, if everyone from the lowest clerical level all the way up to Congress
and the Senate knows it is clearly RIDICULOUS,
someone with a brain ought to be able to simplify and or change the law!
“I’m Sorry, I know It is Ridiculous,
but…”