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bellevueloan
120 Posts |
 Posted - 01/09/2008 : 4:42:59 PM
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I need some input from fellow LO's here.
I've used B of A for much of my loans in the past for their easy underwriting and great AE. After they shut down wholesale operation, I switched to National City for many A-paper loans, and now they will be gone.
My criteria from A-paper lender.
1. Allows conditions based on DU findings, meaning they will accept 1005(VOE) in place of pay stubs.
2. Accept DU finding when DU doesn't ask for income verification.
3. Offers LPMI option for 100% Flex on fully amortized and I/O (National City was only one that offered with reasonable adjustment to the price. B of A didn't offer but If there is any lender that will do this, it'd be greast)
4. Reasonable conditions that make sense.
Does anyone here work with lenders that fit the above criteria?
Thanks in advance. |
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williamspeaking
4049 Posts |
Posted - 01/09/2008 : 4:56:20 PM
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I can do all of the above.
Note: to the FULL VOE--it cant be with "charlies plumbing" when there are 4 employees and the owner is your next door neighbor. it has to be a "real" company in order for that VOE to be allowed, otherwise we accept du findings. |
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celloshred
1674 Posts |
Posted - 01/09/2008 : 4:56:33 PM
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my question is how do you know NOW that your clients will need or even be able to get a 1005?
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NegAm
562 Posts |
Posted - 01/09/2008 : 5:01:45 PM
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quote:
Originally posted by celloshred
my question is how do you know NOW that your clients will need or even be able to get a 1005?
Because he has a "friend" that will verify the voe for employment. His next question will be "anyone know who doesnt 4506?" |
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nci1
346 Posts |
Posted - 01/09/2008 : 5:53:39 PM
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The 1005 VOE is much better when you want to include overtime since it'll have the entire two year and current history broken down. Otherwise if you use a current paystub then going off of ytd regular earnings will draw your average income down.
Unless you want to ask for a clients 2 years worth of paystubs, a voe in lieu of paystubs and w2's is a much more convinient alternative. - imho. |
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NegAm
562 Posts |
Posted - 01/09/2008 : 5:56:11 PM
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quote:
Originally posted by nci1
The 1005 VOE is much better when you want to include overtime since it'll have the entire two year and current history broken down. Otherwise if you use a current paystub then going off of ytd regular earnings will draw your average income down.
Unless you want to ask for a clients 2 years worth of paystubs, a voe in lieu of paystubs and w2's is a much more convinient alternative. - imho.
While true, it's more of the exception rather than the rule. |
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ehm3
963 Posts |
Posted - 01/09/2008 : 6:00:25 PM
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quote:
Originally posted by nci1
The 1005 VOE is much better when you want to include overtime since it'll have the entire two year and current history broken down. Otherwise if you use a current paystub then going off of ytd regular earnings will draw your average income down.
Unless you want to ask for a clients 2 years worth of paystubs, a voe in lieu of paystubs and w2's is a much more convinient alternative. - imho.
if thats the case, then just get the VOE along with the paystubs. Anytime you ask for a VOE instead of paystubs, that sends a huge red flag up. |
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mwfan55
377 Posts |
Posted - 01/09/2008 : 6:17:37 PM
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| How is something a Red flag , when it's on the DU cert. You can either do A+B or you can do C . |
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nci1
346 Posts |
Posted - 01/09/2008 : 6:25:09 PM
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because, when the DU Guideline writers created it what they really meant was:
You have option A or option B, but if you choose option B we will ask for option A because it raises a red flag. |
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