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ehm3
979 Posts |
 Posted - 05/15/2008 : 12:28:02 PM
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I've got a nice clean approve eligible FHA purchase deal except for one thing: the VOE came back with the probability of continued employment box filled out as "doubtful"
ruh roh
On the bright side, I guess I can tell the borrower to start looking for a job instead of a house. |
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katbunk
2191 Posts |
Posted - 05/15/2008 : 12:29:52 PM
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nothing like a heads up from the employer. How sad.
I've never seen "doubtful" before, that's kinda funny. Might as well as put "NOT" in big bold letters. |
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ehm3
979 Posts |
Posted - 05/15/2008 : 12:32:17 PM
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I think it was the first time I've ever seen it too.
its not the great of a job anyway, borrower could probably do just as well at Burger King or something. Wonder if I can get that to fly with "common sense" underwriting?  |
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katbunk
2191 Posts |
Posted - 05/15/2008 : 12:38:47 PM
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| I've never understood anyway why an employer would put something like that on a VOE anyway unless they had a personal vendetta against the employee. Why not just put "at will employer" or just "no comment" |
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Shuggins
1011 Posts |
Posted - 05/15/2008 : 12:47:53 PM
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| That is a serious HR violation. The borrower could probably take that up with the state. Unless the employee has alredy been fired or handed in their 2 weeks notice.? |
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katbunk
2191 Posts |
Posted - 05/15/2008 : 12:51:34 PM
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| I also believe they may have opened themselves up for something. Like I said, there really was no need for their comment, other than they wanted to hurt the employee. |
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Shuggins
1011 Posts |
Posted - 05/15/2008 : 12:57:30 PM
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| When I was in a position where I would fill those out our HR department said "no matter what" to put good. Even if we had given a final warning and knew they wouldn't be around by the end of the week. That way you have no issues if / when the employee leaves, they can't win any type of litigation. |
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ehm3
979 Posts |
Posted - 05/15/2008 : 1:09:48 PM
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well, I talked to the client and I guess she has a year to year contract that expires this September. Kind of a goofy situation, it is almost a co-op type of job where her compensation includes some college tuition $$. So, the "doubtful" part pertains to her contract renewal.
I explained to her that without probability of continuation, we can't do this. She is graduating soon, as her fiancee, but I don't know if thats going to be enough to convince an UW since they don't have any job offers at the moment. But like I said she could make about as much $$ at any menial job, so the continuation thing seems unreasonable.
Too bad because they have great credit and the ratios are solid as is. I think I'll put together a nice LoX and see if we can get some mercy. |
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