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bramous
972 Posts |
 Posted - 06/12/2008 : 12:01:59 PM
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Okay...I can't figure this out, and my brain is hurting. I have one borrower, refinancing two different investment properties. Both are cash out, paying off all debts. Both properties are SFR, in the same county in Florida. Both are 75% LTV. Borrower has a 717 mid score, back end ratio is 57.65%, 12 months reserves. I run both through DU and get one Approve Eligible, and the other Refer/Eligible.
Can anyone tell me why I am getting different findings? All of the info on both findings are identical except for the feedback....
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Layne Jones
1478 Posts |
Posted - 06/12/2008 : 12:05:50 PM
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| loan amounts? or maybe the amount of cash out? |
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bramous
972 Posts |
Posted - 06/12/2008 : 12:06:54 PM
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quote:
Originally posted by Layne Jones
loan amounts? or maybe the amount of cash out?
One loan is $135,000. The other loan is $105,000. Cash out is only approximately $4k each loan.
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BB
989 Posts |
Posted - 06/12/2008 : 12:19:18 PM
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| Try reducing your cash out on the 105K loan. I assume the 135k loan is getting approved. |
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bramous
972 Posts |
Posted - 06/12/2008 : 12:20:49 PM
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quote:
Originally posted by BB
Try reducing your cash out on the 105K loan. I assume the 135k loan is getting approved.
Other way around. The $105k is Approve/Eligible, the $135k is refer.
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vburek
522 Posts |
Posted - 06/12/2008 : 12:32:30 PM
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| show some debts being paid off from the first closing to lower dti on 2nd refi. |
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bramous
972 Posts |
Posted - 06/12/2008 : 12:41:48 PM
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quote:
Originally posted by vburek
show some debts being paid off from the first closing to lower dti on 2nd refi.
Both DTI's are identical. I ran it with full diclosure of the other loan that was being done.
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joeyostjr
181 Posts |
Posted - 06/12/2008 : 12:54:33 PM
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| just throwing this out there but is your approve on 5.7 and your refer on 7.0? only if you are using emagic instead of going to the source but wanted to throw it out there. |
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bramous
972 Posts |
Posted - 06/12/2008 : 12:59:44 PM
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quote:
Originally posted by joeyostjr
just throwing this out there but is your approve on 5.7 and your refer on 7.0? only if you are using emagic instead of going to the source but wanted to throw it out there.
That crossed my mind...but I'm running both through the same lender's AUS(7.0)
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vburek
522 Posts |
Posted - 06/12/2008 : 1:08:27 PM
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| Again, on the one you ran that go the refer. Lets assume you close that a day later, with the funds that you are pulling out of the first property, use them to pay off a debt, which will lower dti and maybe you will get the approval on the other one. |
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bramous
972 Posts |
Posted - 06/12/2008 : 1:54:54 PM
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quote:
Originally posted by vburek
Again, on the one you ran that go the refer. Lets assume you close that a day later, with the funds that you are pulling out of the first property, use them to pay off a debt, which will lower dti and maybe you will get the approval on the other one.
I am paying off all of the borrower's debt. All that I have is PITI on the properties and his primary.
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katbunk
2191 Posts |
Posted - 06/12/2008 : 2:00:09 PM
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| What does it say it's referring for? |
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bramous
972 Posts |
Posted - 06/12/2008 : 2:03:28 PM
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quote:
Originally posted by katbunk
What does it say it's referring for?
Excessive DTI....but like I mentioned, the approval has the identical DTI.
I can't figure it out. I've triple checked my #'s....and everything matches up, I'm just getting two different feedbacks.
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katbunk
2191 Posts |
Posted - 06/12/2008 : 2:05:05 PM
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| Wierd. You never know, maybe in the half hour time period from the first one to the second one Fannie tightened, LOL. Nowadays nothing would surprise me. |
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khoiey
1585 Posts |
Posted - 06/12/2008 : 2:12:43 PM
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| Still have bugs??? |
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