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j_mahaska
261 Posts |
 Posted - 03/27/2008 : 11:55:21 AM
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What lenders do State Income/Verified Assets?
I had the loan CTC with flagstar and the underwriter accidently pulled a 4506 and they denied it |
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1stintegritymort
1174 Posts |
Posted - 03/27/2008 : 12:01:40 PM
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| accidentally? how does that happen lol |
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ski2313
583 Posts |
Posted - 03/27/2008 : 12:02:36 PM
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You mean.. you mean....... the real income didn't match the 1003??!?!?!?!?
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ehm3
770 Posts |
Posted - 03/27/2008 : 12:03:15 PM
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quote:
Originally posted by j_mahaska
What lenders do State Income/Verified Assets?
I had the loan CTC with flagstar and the underwriter accidently pulled a 4506 and they denied it
wtf is "accidentally" pulling a 4506? If the program does not call for a 4506 then they should fund the loan. Most conforming stated programs do require a 4506 though, so if thats the case, it was no accident and you will have the same problem everywhere else. And the program is gone on Monday for most lenders and scenarios.
I would first check to see if that program requires a 4506. If it does not, then raise holy hell with your account rep or UW manager. |
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j_mahaska
261 Posts |
Posted - 03/27/2008 : 12:04:42 PM
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Flagstar said that the underwriter shouldn't have pulled the 4506. Since she did they had to deny it.
WHo else offers SIVA |
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williamspeaking
3654 Posts |
Posted - 03/27/2008 : 12:04:52 PM
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LOL @ accidental 4506
anyway, we do stated and require a signed 4506, but I dont think we've every accidentally executed one. |
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j_mahaska
261 Posts |
Posted - 03/27/2008 : 12:06:46 PM
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Its a self employed borrower who shows 3k deposits each month. Obviously if they pull a 4506 it will not match my income. I was only stating 2k a month which is less than what she makes.
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1stintegritymort
1174 Posts |
Posted - 03/27/2008 : 12:07:38 PM
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| if you can wait a month i just closed on today with citi. |
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j_mahaska
261 Posts |
Posted - 03/27/2008 : 12:08:34 PM
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| I will never use citi ever again. |
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ski2313
583 Posts |
Posted - 03/27/2008 : 12:10:01 PM
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| Sorry to hear about the fubar'd loan.. It's getting alot more common these days. Frustrating! |
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RichInPA
2 Posts |
Posted - 03/27/2008 : 12:13:46 PM
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| Allied Capital is doing a 95% SISA loan for me right now - look them up. |
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mustang05
183 Posts |
Posted - 03/27/2008 : 12:15:22 PM
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quote:
Originally posted by RichInPA
Allied Capital is doing a 95% SISA loan for me right now - look them up.
Decent pricing?
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mganovsky
1104 Posts |
Posted - 03/27/2008 : 12:17:05 PM
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| Sounds like you have a terrible AE, my AE told me months ago that Flagstar's new policy is they require a 4506T on all loans, and prior to closing they will execute the 4506, so do not lie. Across the board stated products are going out the door on the conforming agency side above 80% because the MI companies will not issue an MI certificate on stated loans. So if you find a lender better hurry. |
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j_mahaska
261 Posts |
Posted - 03/27/2008 : 12:18:56 PM
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| Its only 75% LTV |
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RichInPA
2 Posts |
Posted - 03/27/2008 : 12:31:16 PM
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95% LTV Purchase SISA
7.125% paying 2.198%
719 FICO
At Allied Capital - but the loan much slose before May 5th
Do it while you can. |
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broker
67 Posts |
Posted - 03/27/2008 : 12:55:34 PM
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quote:
Originally posted by j_mahaska
Its a self employed borrower who shows 3k deposits each month. Obviously if they pull a 4506 it will not match my income. I was only stating 2k a month which is less than what she makes.
Since when is what you deposit your income? Did you ever look at a Schedule C? It is not gross income it is "net Income" adjusted for depreciation.
If the actual income is really more than you claim on the 1003, then just do it as a full doc?
Are we missing something here or are you? Or are you one of those winers coming here with half truth's looking for pity.
With stated products, lenders get a 4506 to do post audit of files. With Self Employed income, they use a large tolerence for the difference between tax return info and 1003 income.
If the variance is too big they go back to the borrower and ask for an explanation. At this point some borrowers are throwing the broker under the bus.
I'm sorry guys, but the OP is what is wrong in our industry and we are all paying for it big time right now. |
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jcanepa
791 Posts |
Posted - 03/28/2008 : 08:07:44 AM
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| what state Johnny? |
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