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 Posted: Tue Nov 03, 2009 2:09 pm Post subject: underwriter...and am i going to close?? |
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Talked to my Loan officer today. I am self employed and turned my tax returns bank statements etc..and underwriter wants last 2 years 1099. Really been stressing hoping the loan is approved. LO told me not to worry. Says everything looks good that they just need my 1099 to "wrap everything up" she says. I am suppose to close next tuesday. .....Why need more docs if everything looks good?
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 jveenstra
Community Experts
Joined: 10 Nov 2008
Posts: 340
Location: River Edge, New Jersey
85.80 Dollars($)
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| Posted: Tue Nov 03, 2009 3:15 pm Post subject: Documents |
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Tax returns are required for 1099 income and the 1099s are required also.
This looks like a last minute problem to you. It is last minute only because the loan officer and processors never requested the 1099s from you in the first place.
They are required to be in the mortgage file and the fact they are being requested now is because no one requested them earlier, as required. There is no problem as long as the 1099s match the income reported in the tax returns.
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John Veenstra
Senior Mortgage Consultant
Approved Funding Corp
41 Grand Avenue
River Edge, NJ 07661
800-475-0123 Ext 278
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
70.12 Dollars($)
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| Posted: Tue Nov 03, 2009 8:08 pm Post subject: |
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agreed, john. had the 1099s been in file to begin with, the underwriter would have been able to document all the income that is claimed. again, if all is in order, you'll have your closing.
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George M. Akerley
Loan Consultant
860-221-5044 |
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