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dtabar
1161 Posts |
 Posted - 07/17/2008 : 10:13:51 AM
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| I submitted a file to CITI and they said they need 2 years landlord experience in order to count rental income. Is this a Fannie gudieline now or just a citi guideline? File was flipped to amtrust and they allowed me to use the rental income to qualify w/o the experience. Can anyone comment on this matter? |
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MandTDean
244 Posts |
Posted - 07/17/2008 : 10:16:17 AM
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| That is a FHLMC guideline. FNMA has no such requirement. |
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dtabar
1161 Posts |
Posted - 07/17/2008 : 10:36:48 AM
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| Thank you. |
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peter
7512 Posts |
Posted - 07/17/2008 : 10:42:39 AM
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Darrel, you can run DU and also LP on www.broker.citimortgage.com
and get the findings to see if either DU or LP will ask for
landlord experience. In this case, DU would not have required
it while LP (Freddie) would have as stipped on the findings.
I have been taking control of my own loan processing especially
at the beginning states of running DU or LP thru various lenders'
AUS systems since as an originator I know the circumstances of
my borrowers better than my processor. When I get the DU or
LP findings and decide which one and which lender I will submit
the file, then I turn over the rest to my processor.
A lot of time can be saved without incurring customer's
disenchantment if the L/O would take control and run the DU
or LP himself to define the framework in which the file will be
further processed and submitted to which lender.
Peter |
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