Hi all: I've been in the mortgage business for 2 years now and found myself today needing to take a break. It all started when I had a borrower who is self-employed with a 700 credit score and significant assets send me their tax return. In the loan application, I documented all the income, ran it through DU (FNMA's desktop underwriter) and got an approval. I then submitted the loan to my preferred lender only to have the underwriter want to look at tax returns (even though DU didn't call for that). So I got the tax returns and, of course, they show a lot less income due to writeoffs. I called the underwriter and they stated that unless the income on the 2007 tax return is significantly higher, the loan probably won't get approved.
Here's the rub. My borrower got approved by her other lender (they had the mortgage on one of her rental properties which she refinanced) with no documentation at a very favorable rate. And I told my borrower there's a good chance that the current servicer might be able to get a refinance done without documentation. Again, this is a long-time borrower with good credit, significant assets, and a low loan-to-value. 3-6 months ago, I could do this loan at a great interest rate. Now, it doesn't make sense. Let's hope she has the patience to stick with me. If you're a consumer, you can still get a loan. This is contrary to public perception. You just need to be patient and make sure you're responsible with your credit and finances.
I'm glad tomorrow is a new day. I always know when I'm at the boiling point. Most of the time, I find I can't help people these days even though that's my goal. But I remain hopeful; who knows what tomorrow will bring! Have a great night!
Paul
Paul McFadden
Tomorrow is another day. Keep your spirits up This storm overhead will pass soon.... :)
Chin-up and hope for a better day tomorrow. Take a long bubble bath with a glass of wine and start fresh tomorrow :)
Hi Kristal: Being a guy, the bubble bath might be a bit much. I like the wine idea though! Take care.
Thanks, Christopher: Tomorrow will be. Best of luck to you.
Jon: Sorry to hear about your deal that didn't go through. There will be others!
Thanks, Karen. I'm still having fun with a spring in my step most days. Today was just a day!
Thanks, Mary. I appreciate your positive sentiments.
May you all have a blessed night!
Paul
Paul,
Keep at it. You are experienced, know all the programs and all the possibilities. Amazing what the underwriters are looking for now. I understand tightening up on those who shouldn't have ever had a loan, but now the pendulum has swung so far the other way that some lenders don't know where to stop. Oh well, we just keep getting great buyers and getting it done.
List and Sell (and does DU count for anything now?) Gary @ RentonHomeFinder.com
Thanks, Gary, for your positive thoughts. Good luck to you in your business. Since we're both in Renton, let me know if you'd like to grab a cup of coffee sometime.
Paul
Paul,
Today is a better day...these obstacles will soon pass. I am a firm believer that your customer knows your intentions were in her best interests and she will remain a loyal customer.
Take care and good luck!
Hi Paul - I am sure I speak for many when I tell you that I feel your pain. My phone rings just as much if not more than it has in the past, but there are just so few options. I like the way you summed up your frustration: It is our goal - and the manner in which we make a living - to help people obtain financing, but that financing has become overly prohibitive, I believe. Best of luck today!
Thanks, Steven, for your thougts. Best wishes to you as well!
Thank you Pamela. I appreciate your support-bless you! Have a wonderful day!
Paul
Thanks, Naoma. All we can do is be as up-to-date as possible. If we do that and have faith, good things come our way. Keep up your helpful comments!
Paul