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TimmyZ1
691 Posts |
 Posted - 08/25/2008 : 07:09:58 AM
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| I've got a customer with an AMEX bill of $1,500 and of course the payments comes up as 1,500 since this is a tried and true AMEX Bill. I know this sounds weird but I can't ever remember this issue and I"m trying to figure out if I should take 10% of the amount owed as a payment. The $1,500 throws this guys DTI out of whack other than that it a clean file |
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PHELoanOfficer
90 Posts |
Posted - 08/27/2008 : 7:26:40 PM
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| I think you can take 3% of the balance. Don't quote me on that. |
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Jkatz
355 Posts |
Posted - 08/28/2008 : 10:32:31 AM
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doesn't DU or LP automatically cancel this debt out from the DTI?
I have always seen it disregard the debt if the monthly payment is as much as the current balance
quote:
Originally posted by TimmyZ1
I've got a customer with an AMEX bill of $1,500 and of course the payments comes up as 1,500 since this is a tried and true AMEX Bill. I know this sounds weird but I can't ever remember this issue and I"m trying to figure out if I should take 10% of the amount owed as a payment. The $1,500 throws this guys DTI out of whack other than that it a clean file
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katbunk
2132 Posts |
Posted - 08/28/2008 : 10:50:30 AM
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| I've always used 3% and it's never been changed by an u/w. |
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TimmyZ1
691 Posts |
Posted - 08/28/2008 : 10:56:04 AM
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| Yes everyone is correct its 3% Thank you for everyone's help |
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