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csmgcorp
619 Posts |
 Posted - 05/13/2008 : 12:24:20 PM
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This is amazing.....full doc rate / term refinance. I am ready to go to docs with it and the lender's closing department wants a VOE for a self employed borrower (sole proprietor) when we have provided them with 2 years full tax returns showing self employment and averaging the income.
They want a CPA letter verifying the tax returns were prepared as self employed when they have them sitting in front of them. What a joke!!!!
The borrower's CPA is refusing to do a CPA letter as she says she doesn't do them anymore for her clients.
ARGGGGGGGGGGGGGGGGGGGGGGGGGGGGGHHHHHHHHHH! |
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cblaskoski
488 Posts |
Posted - 05/13/2008 : 12:27:05 PM
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| is it countrywide? |
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csmgcorp
619 Posts |
Posted - 05/13/2008 : 12:30:17 PM
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No not CW.......and we provided a 4506-T as well which they executed. Everything is good to go....except now they want a CPA letter before they will move the file to docs to verify employment.
I'm going insane.......tired of this kind of BS. |
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clos
95 Posts |
Posted - 05/13/2008 : 1:03:15 PM
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www.cpalenderletter.com
Never used them but they offer a service to write a CPA letter verifying that they reviewed your client's tax returns for the past 2 years.
Some lenders will accept these letters some don't. |
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cmp
29 Posts |
Posted - 05/13/2008 : 1:32:03 PM
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| Tell your borrower to call the CPA and tell him/her either do the letter or lose a client. I can't stand people in the service industry who think they don't have to give good service to keep their clients. |
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mwgreco
1182 Posts |
Posted - 05/13/2008 : 9:48:37 PM
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| it's because the tax returns are bogus !!!! |
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csmgcorp
619 Posts |
Posted - 05/13/2008 : 10:26:33 PM
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| lol right.......especially after they executed a 4506 |
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mantixmortgage
2714 Posts |
Posted - 05/13/2008 : 10:56:20 PM
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this is retarded
executed 4506 is the end all be all of income verification
whats the rest of the loan like, i'll be glad to take a look at it for you and see if we can put a rush on it if it ends up falling out. |
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csmgcorp
619 Posts |
Posted - 05/14/2008 : 12:16:19 AM
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756 FICO score full doc..... clear to close with this lender minus the closing department's VOE lol.
80% Rate / Term refinance on an investment property. It's a joke what they are pulling on us. |
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bigmoob
91 Posts |
Posted - 05/14/2008 : 08:15:05 AM
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| I can do this alt doc= voe and current pay stub. Feel free to give me a call. |
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jfink46
256 Posts |
Posted - 05/14/2008 : 08:29:18 AM
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| Who is this lender? |
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Lee3370
95 Posts |
Posted - 05/14/2008 : 08:38:23 AM
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| Seems an easy stip to clear to me, you have spent more time complaining about the stip than it should take to call the borrower and/or their cpa and get the stip cleared. Obviously he is not doing his own tax returns. These days I always tell the clients a letter from the cpa might be needed to verify he prepared them. You should expect these type of stips in this environment. |
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csmgcorp
619 Posts |
Posted - 05/14/2008 : 08:57:45 AM
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Oh yea all I've been doing is complaining here.
I've called the borrower's CPA and so has the borrower..... they won't do a letter. The borrower doesn't have a business license because it isn't required for what she does. Basically the only way you can verify they are self employed is by her tax returns. The person who does her taxes isn't even a CPA.... they are just a tax preparer.
Basically The lender wants to call the tax preparer to verify she is self employed now. They don't need a letter....however, the tax person says it is not their job to verify her employment. Pretty much I'm at the mercy of my own CPA....I'm asking her as a favor to review my borrower's tax returns and then verify to the lender that she has filed self employed. You never know, I may get my CPA a new client since the borrower's CPA obviously doesn't value her business.
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jfink46
256 Posts |
Posted - 05/14/2008 : 08:59:13 AM
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| Again, who is the lender? |
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