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ELISEC
68 Posts |
 Posted - 01/11/2008 : 2:40:06 PM
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Please help with the following senario:
Cash out Refi $370,000.00, 90%cltv, Full doc, dti 55.11%, 21 mths assets, wage earner. I can only get a level 3 DU approval on this file. Borrower has 106 inquires in the last 12mths... Which is why I think that DU is giving it a level 3. Please let me know if there is anyone out there to do a manual underwrite. 721 mid fico! |
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dkendall1979
8822 Posts |
Posted - 01/11/2008 : 2:57:21 PM
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The inquiries are making this an extremely high risk loan, which is why DU is coming back at a level 3.
Is there a good explanation as to the absurd amount of inquiries? New business... something? If so, we can manually U/W it, but if no excuse, then lets not waste our time. |
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ELISEC
68 Posts |
Posted - 01/11/2008 : 3:07:12 PM
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quote:
Originally posted by dkendall1979
The inquiries are making this an extremely high risk loan, which is why DU is coming back at a level 3.
Is there a good explanation as to the absurd amount of inquiries? New business... something? If so, we can manually U/W it, but if no excuse, then lets not waste our time.
He bought a car in the spring, went to a car lot where the sales person seemed to price out his financing with many, many different places - the borrower had no idea that this was occuring. He thought the salesman was just running his credit once. He also look out a second mortgage in July and accumulated alot of inquiries from shopping around for rates - but again doesn't feel that that number of inquiries are warrented. For example he had 37 inquiries showing in one day, from the same America's Reporting Company??? I really think that someone took advantage of this borrower and abused their right to view his credit. The only three instances he knew of were - Once when he bought his car and twice when he was shopping for a mortgage in July... |
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dkendall1979
8822 Posts |
Posted - 01/11/2008 : 3:10:15 PM
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| I'll run this by the U/W and see what she says. |
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dkendall1979
8822 Posts |
Posted - 01/11/2008 : 3:13:34 PM
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Her reply was, "I understand what he's saying and that's fine. However, the chances of it getting approved are slim. If 'he' wants to submit it try for an approval, there's a chance it could go through. We will manually underwrite it, if that's what 'he' is asking."
So, it's up to you... If you want to try, I can have it manually underwritten. |
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ELISEC
68 Posts |
Posted - 01/11/2008 : 3:18:50 PM
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quote:
Originally posted by dkendall1979
Her reply was, "I understand what he's saying and that's fine. However, the chances of it getting approved are slim. If 'he' wants to submit it try for an approval, there's a chance it could go through. We will manually underwrite it, if that's what 'he' is asking."
So, it's up to you... If you want to try, I can have it manually underwritten.
His current mtgs payments at 3,700.00 he really needs some relief if possible, his current 1st is a 15yr. and his second which is twice as more than his 1st is at 9%. Can you give me an idea of what the pricing would be? |
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katroberts
1125 Posts |
Posted - 01/11/2008 : 3:19:26 PM
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| Can't you send the borrower a consumer copy of their report and tell them or assist them to, or assist them in, disputing all of the inquiries? |
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dkendall1979
8822 Posts |
Posted - 01/11/2008 : 3:32:13 PM
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quote:
Originally posted by ELISEC
quote:
Originally posted by dkendall1979
Her reply was, "I understand what he's saying and that's fine. However, the chances of it getting approved are slim. If 'he' wants to submit it try for an approval, there's a chance it could go through. We will manually underwrite it, if that's what 'he' is asking."
So, it's up to you... If you want to try, I can have it manually underwritten.
His current mtgs payments at 3,700.00 he really needs some relief if possible, his current 1st is a 15yr. and his second which is twice as more than his 1st is at 9%. Can you give me an idea of what the pricing would be?
If it's approved, then you can price it out on conforming pricing. |
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ELISEC
68 Posts |
Posted - 01/11/2008 : 3:53:43 PM
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| Yes, I have already sent out the credit report. The borrower has disputed with the agencys and the car dealership and at this point has gotten no where... What do you need for submission? Do we need to be approved with you and how much do you charge? |
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dkendall1979
8822 Posts |
Posted - 01/11/2008 : 3:58:58 PM
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quote:
Originally posted by ELISEC
Yes, I have already sent out the credit report. The borrower has disputed with the agencys and the car dealership and at this point has gotten no where... What do you need for submission? Do we need to be approved with you and how much do you charge?
"how much do you charge"
I've been asked this a couple times today. Out of curiousity, how much do lenders typically charge and is that a common question? I've never asked my AE's that in the past.
Anyway, we charge around $500 bucks for U/W. I don't know exactly.
You will have to get the broker package filled out. Email at the address down there
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ELISEC
68 Posts |
Posted - 01/11/2008 : 4:14:13 PM
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quote:
Originally posted by dkendall1979
quote:
Originally posted by ELISEC
Yes, I have already sent out the credit report. The borrower has disputed with the agencys and the car dealership and at this point has gotten no where... What do you need for submission? Do we need to be approved with you and how much do you charge?
"how much do you charge"
I've been asked this a couple times today. Out of curiousity, how much do lenders typically charge and is that a common question? I've never asked my AE's that in the past.
Anyway, we charge around $500 bucks for U/W. I don't know exactly.
You will have to get the broker package filled out. Email at the address down there
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Oh yes, I always ask the lender fee... They range from 260.00 - 800.00. Just wanted to make sure it was nothing out of the ordinary. Thank you for your help. |
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