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suspended loan package

I have a excellent client, 689 cr score, 10K a month, all verifications have been met.. suspended package as they see client claimed 29K on a morgt interest pack in 06.. want to tell them they cannot do that ect.. it si a livestock write offs vet fees, ect for a ranch , plus the land they owned that year but sold (made no money).. also asking for proof of livestock sold, ect..Credit report shows no mortgages since 2006. No BK no foreclosures, plenty of money in the bank this is a 5% loan.. for 400K.I submitted a full package with everything needed.I have clients with less income less credit score nad flu thru.. what give?

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi gettyopgo!

Welcome to forums!

Keeping in mind the present market situation, lenders will give loan to people who have a credit score of 700 or more. However, as the credit report of your client shows no negatives, then there shouldn't be problem in getting a loan. If the lender is asking for the proof of livestock sold, then your client can give the lender a document stating the sale of livestock. Moreover, you can also contact the other lenders and check out if they are ready to give loan to your client or not.

[quote:cbbceda446]I have clients with less income less credit score nad flu thru.. what give?[/quote:cbbceda446]

I did not understand what you wanted to say by this. Could you please explain?

Sussane

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:32 | Post subject:

gettyopgo's picture
gettyopgo | Joined: March 8, 2009 06:25 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

what I meant was, I have been able to get loans funded for clients way less qualified than my current clients.

also, yes we have verified everything, going back in tomarrow with 7 pages of 2007 returns.. that show it all.I mean they make 120K a year! good credit paid as agreed on all!,e ct..Its not thier credit score. that was not an issue.Plus client has minimal fed taken out thru the year and then at teh end of the year with their tax guy get it down to not much.The underwriter seems to have a problem with this, also a hand written W-2.. I have never ran into this much BS in all years of doing loans with a client this qualified.
Livestock receipts were given also want to see reg papers on some of them? WHAT???ALso they are qeustioning why they dont pay rent, (reason is they take care of thier parents and are rent free) I think I got thru that one.What other underwriters is there at 5% program??MAybe it is a "newbie" undeerwriter afraid they will lose thier job these days..escrow is suppose to close next week, I doubt it now, IF I can get this thru, it will be another 2 weeks.I will not give up til every door is shut.These people deserve to get a home!

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:32 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

getty i think you've run into an underwriter who simply didn't understand what he or she was reviewing. "newbie" or old-timer - they are all afraid of losing a job. frankly, i've discovered in the last 18 or so months that underwriters are most hesitant to think outside the proverbial box. of course, we've seen guidelines change so frequently that what used to be conventional thought is now radical, and what used to be ridiculously conservative is now commonplace.

from your most recent post, it appears to me that you've provided enough to explain all the deductions, etc. i would anticipate that this underwriter would be able at this time to finish up to your satisfaction. let's hope so, anyway.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:32 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

well, Im on it this am Ill kepp you UTD..I think you may be correct Sam.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:32 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

sam?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:32 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

sorry about that..lol

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:32 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Getty,

689 is hardly an “excellent” score. It’s average or below average depending whether you’re talking the arithmetic average or median.

By your own statements there are no mortgages, paid off or otherwise, on the credit report. $29K in interest let alone monthly principal and taxes/insurance is not an insignificant amount. Not that much of a logical jump to assume it was a “private” mortgage not reported to repositories. Think it’s reasonable that the UW has some questions if there is another debt out there. Should have occurred to the LO who could have headed off questions with some data in submission.

Sorry – no sympathy. OK if you mean the LTV (not downpayment) is 5% I got sympathy but am amazed how someone earning only $120K a year can afford an $8 million property.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:32 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i don't quite get this previous post from "guest." first off, getty indicated that there had been no mortgages reported "since 2006." that is not quite "no mortgages." the interest deduction was explained in the original post. "should have occurred to the LO" - well, it sure looks like getty is the Lo in question, inasmuch as he was describing a "client."

$8 million property? where in the world did that come from?

please, people, read what it is you're responding to, so that you don't simply cause additional confusion with wrongheaded opinions.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:32 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My loan has been suspended by the underwriters because they wanred VOE and a LOE for derogotory items. Will I be approved credit core is 631

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:32 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome eceksbs,

With a credit score of 631, you may qualify for a FHA loan. However, you should note that in order to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url], you will have to prove your income and employment.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:32 | Post subject:

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