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About cinderella

  • Birthday 01/01/1907

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  1. When did title become the authority on servicing? I think title is just making stuff up as they talk to get off the phone.
  2. Generally if large deposits show up and can't be documented by an LOE, the UW can just eliminate that amount from the balance on the statement - i.e it can't be used for a down payment or reserves. That is not a hard and fast rule, it is up to the UW discretion and the risk threshold of the lender. I like blackjack myself.
  3. What do you mean by "incorporate?" If this is an S Corp shouldn't too much of a problem. If you mean an C corp, yeah, there will be issues.
  4. How does he win $35k-50k a year and break even? Does he win $35k to $50k and year and also lose $35k to $50k a year? Someone hobby gambling isn't really anyones business in undewriting unless they try to claim income to qualify or large deposits start showing up on the bank stmnts or at the underwriters discretions they inquire about a large number of ongoing re-occuring large withdrawals. Large deposits need to be documented, if he has large deposits from gambing, he will have to provide satisfactory documentation (not just a letter of explanation) verifying the source. If that can't be d
  5. The IRS back taxes is delinquent federal debt. Doesn't matter if you have been making timely payments for 2 years, it is still delinquent federal debt. Student loans are not delinquent federal debt with payments arrangements, but taxes are in this category. This would be an automatic downgrade to a manual underwrite for FHA, which is a little more tricky to qualify for than an aus approval. It is not the automatice AUS approval. of course that is if you go on the loan. UT is not community property like you say, your wife may or may not qualify like Brian says, who knows what the eight ball of
  6. Hi Breezy!! Thank you for the shout out. I hope you are doing well! I turned into an irreperable insomniac late last year. My DH had serious heart condition and I resigned from work and spend every moment i could with him. We had to wait for a battery of tests and findin the right cardiac surgeron to do risky surgery. I don't think I slept but two hours day and spent my night checking on my sleeping DH 100 times a night to make sure he was ok, he was at risk for sudden cardiac arrest. He had a very successful surgery several months ago and excellent recovery. I haven't gotten over my par
  7. cinderella, would you mind expanding some more on this? Are you saying that the auditing activity is picking up in this regard? It is quite interesting that this particular thread has been resurrected after all this time. Reading back through the old comments surely shows a lot of people came up with all sorts of reasons why it couldn't have been a bubble back then (my area is fine, all RE is local, not all sales are on MLS, and so on). Hi....Yes, auditors to review files of closed loans is in demand and has gained steamed. Loan goes to foreclosure, that investor, and often US taxpa
  8. If you are not claiming the income on your tax returns, you will not qualify for FHA or conventional. Does not matter what your savings and down payment are, if a history of income is not claimed, as far as the docs are concerned, and tax returns and transcripts are required for self employed, you will not be approved. Expect a 2 yr avg of self employment on an increasing trend in self employment income. You may qualify for non prime loans- every non prime lender has different criteria. One known prime lender wants nothing to do with tax returns; they will use a 24 month history of bnk stm
  9. Welcome Really, extenuating circumstance are rarely rarely approved the documentation has to be clear, concise and reasonable the stated extenuating circumstance led to the f/c. I've known an underwriter fired after approved a f/c due to extenuating circumstance - did not document the circumstance satisfactorily, went to audit with FNMA and was sent to repurchase to the lender due to failure to substantiate the extenuating circumstance. They tried to rebut, but did not prevail. The extenuating circumstance was not really documented, and it shouldn't have gone thru by the guidelines. I think I
  10. The other home with foreclosure is not relevant. The application 1003 asks if there has been one in the last seven years - no is the correct answer for the 1003. The foreclosure may show on any number of fraud tools - fraud guard - LEXIS NEXIS, but it is meaningless - it is beyond 7 yrs. I don't think Fraud Guard tracks judgments or not very well. The one that is nearly guaranteed to pick up judgments is LEXIS NEXIS. Very very very very very few lenders use this, and it is surprising how many judgments it turned up not reporting on credit for recently from years ago in all states/counties. Gen
  11. it is funny, I remember working in loss mitigation under HAMP in 2010 and telling a borrower modifications are not negotiable, we follow guidelines set forth by the US Treasury and this is the only modification offer have as set forth by the guidelines. He was under the misimpression like so many they were somehow negotiable. He told me "ALL MY FRIEND TELL ME WE HAVEN'T REACHED THE BOTTOM! I WANT THE PRINCIPAL REDUCED!" I asked him "DID THESE SAME FRIENDS ADVISE YOU IN 2005 WHEN YOU PURCHASED YOUR HOUSE YOU ARE BUYING A BUBBLE????? BUT NOW THEY ARE EXPERTS?" I told him the real estate market i
  12. As an underwriter I see this all the time. All the time, maybe hundreds of times. Incredibly rare to see an exception due to extenuating circumstances. They must be supported with satisfactory documentation, in this scenario, an agreement was made to foreclosure and their was a finding by court of RESPA violations, only a settlement agreement. Even if the settlement agreement stated lender was guilty of respa violations, which would be odd guilt is admitted in a settlement, it wouldn't necessarity validate an extenuating circumstance by FNMA or FHLMC. A complaint is not a verdict of guilt, onl
  13. i've been so busy working 60-65 hours a week - now i'm working 40 remotely and think i have time to trade again! Fidelity has my IRA account with included various rollovers from past employers. Fidelity has the best 401k's when offered by employers, easy access easy transfers.The best, smart move on their part, there are alot of people like me that have condensed their old employers 401k's by transferring to Fidelity and holding in an IRA.
  14. Wait a minute - Her NET income, tax-free, is $3200. That is not the same as GROSS income. Tax-free income is common in retirees - not only Social Security, but tax-free municipal bonds, certain annuities depending on the source of funds, etc. Don't financial institutions have a way of making an apples-to-apples comparison? I've heard the term "grossing up" tossed around, specifically in cases of tax-free income such as this. Making this adjustment would yield a more favorable DTI. Brian B, what say you? max gross up is 15% which must be supported by tax returns - this is VA a
  15. That is true. Some lenders use Lexis Nexis in underwriting or quality control. I have worked for lenders that use Lexis Nexis and it would find judgments all the time that weren't on the credit and were undisclosed within SOL. Most lenders don't like using Lexis, they really don't want to find judgments on the borrower preventing an approval.
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