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Lender asking for Corporate info.

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miket Joined: 26 Jul 2011 Posts: 1 1.35 Dollars($)	Posted: Tue Jul 26, 2011 4:28 pm    Post subject: Lender asking for Corporate info. Like 0 Dislike 0 While trying to refi, the lender has asked for all the financial information for the corporation I founded, and now of course work for. I provided them with all my w-2's and k-1s. Are they allowed to ask for the financial information of the corporation. I thought that was a separate entity. Should I only have to give them my personal information?
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Tue Jul 26, 2011 10:02 pm    Post subject: Like 0 Dislike 0 Hi miket, If you're refinancing your home loan, then they shouldn't ask you about the financial information of the corporation. You will be liable for giving him only your personal information. _________________ Procrastination is the enemy of your financial success
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Wed Jul 27, 2011 11:00 am    Post subject: Like 0 Dislike 0 I don't think their request is all that extraordinary, frankly. It's pretty common practice to seek both personal and corporate tax returns. Is this something other than those documents that they're seeking? Perhaps they spotted something in documentation you've already provided that triggered this request. Honestly, in attempting to qualify for a loan - particularly in the current economic environment - I don't believe that anyone ought to be too surprised when asked for far more than is thought to be appropriate. Remember, it's the guys with the money who are making the decision whether or not to lend who hold all the cards. Borrowers hold no cards whatsoever. The lender calls the shots and makes the decision as to what is needed to grant a loan. If you provide what is requested and get approved, that's great. If you refuse their request, they can easily deny the loan request - after all, it's their money you're borrowing. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Wed Jul 27, 2011 11:03 am    Post subject: Like 0 Dislike 0 And I know you didn't specifically say as much, but I want to add to the above... All too often, lenders hear "they don't need that" or "why do they need that - it's not relevant" or similar comments from borrowers who don't wish to provide certain data. I've never quite understood how a potential borrower, who is asking for a certain sum of money, could deem him or herself to be the arbiter of precisely which documentation is needed for a lender to make a decision on whether or not to grant the loan. In my experience, it's been the person with the money (or corporation) that decides how someone does or does not qualify to borrow. And that's precisely how it ought to be. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Wed Jul 27, 2011 3:07 pm    Post subject: Like 0 Dislike 0 The lender is going to ask for them to show ownership and liabilities to the individual. Yes, its a separate entity for tax and personal liability, but it provides your paycheck, so the lender needs to do their due diligence. _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125

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