gregorygarver.com

TMS · Joined: 01 Oct 2005 Posts: 4

Lenders have a program called a rapid-refi, which means if you have a mortgage that you have paid on time for 18 mos, you qualify. You are not requried to prove your income. I met all of the guide lines. Income, assets, property type, credit score, etc. I myself am a mortgage broker. I asked upfront if the company did loans for mortgage professionals. the answer was "YES". After weeks of waiting and getting all the info that was required. The lender came back and said we are not able to do the loan because of the first payment default rate with Realtors and Mortgage Professionals. What a slap in the face. I am not sure if this is fair. Nothing like slapping the hand that feeds you. Is there any recourse? I am moving on to a different lender, just wish they had been up-front from the beginning.

hollywoodmelody5419 · Joined: 08 Oct 2005 Posts: 2

Remember since you are in the business, the Underwriter can request almost anything he/she wants when following the guidelines. Some Underwriters are fair some aren't and it sounds like the Underwriter in your case saw a red flag only because you are a Mortgage Broker.

MaryB6913 · Joined: 15 Oct 2005 Posts: 3

I have never heard of that...ever.I would call back and demand to speak to the Production Manager (as in THE Production Manager), and get a real reason of why the loan was denied.That is against the law...Realtors and Mortgage Professions are commissioned or self-employed...and those are the guidelines that they must follow. They cannot pick and choose which professions. Underwriters cannot make up guidlines...they can't. They have to follow the guidelines to the letter and can't make up their own rules as they go along...no, an underwriter CANNOT as for anything they want just because it hits their fancy for the day. I can't imagine any knowledgeable person in the industry believing that.You aren't getting the real story, and I would call back and demand it.PS: That type of loan has predatory, subprime lending written all over it. I have ONLY seen that type of loan (called a Mortgage Only Loan), with subprime lending with interest rates out the ying yang. A-paper investors don't underwrite those types of loans...they demand pristine credit.I am curious as to how long you have been a loan officer.

Bubbles · Joined: 22 Oct 2005 Posts: 2

I'm a mortgage consultant with a large bank and I will tell you in this market that is not uncommon. The foreclosure rate is on the rise all lenders are considerably tightening guidelines. Every week I receive an e-mail removing programs, tougher guidelines for stated income, investment properties and decreasing CLTV's. Mortgage professionals are working in a declining market so in actuality the default rate with them is guite high. I'm not saying you will default, it's a sign of the times. I would search out another lender possibly one of the subprime lenders, sounds like you were refinancing with CountryWide (they are tightening all of their guidelines). I have several friends who are working for them and are thinking of jumping ship (it's too hard in this market). I'm considering another field as my income has declined in the last 4 months.

Dzo · Joined: 29 Oct 2005 Posts: 4

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matsonb1995 · Joined: 04 Nov 2005 Posts: 6

Did you 2 year average income as a Loan Officer qualify you? This is the real issue... and if your income is less than the year before, they will use the lesser of the 2. They will treat you like any other self employed/100% commission borrower. http://www.maryland-financing.com/