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User Panel
User Panel
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Posted: 8/10/2011 4:53:48 PM EDT
[#1]
Lots of new regulations being forced on home mortgage lenders after the last fuck up. They will look at that business to see if it will impact your ability to repay your loan. If it were a corp, they probably wouldn't ask.
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Posted: 8/10/2011 5:06:16 PM EDT
[#2]
Trust but verify.
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Posted: 8/11/2011 8:09:11 AM EDT
[#3]
So I called another Lender, Quicken Loans, and they said the same thing. They said it was a requirement. Hmm, guess I need to pony up the tax records.
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Posted: 8/11/2011 8:18:49 AM EDT
[#4]
Quoted:
So I called another Lender, Quicken Loans, and they said the same thing. They said it was a requirement. Hmm, guess I need to pony up the tax records. We bought 3 years ago and this had already started. Same scenario: Great credit scores, really good debt/asset ratio, solid employment, 23% cash downpayment ready....and we had to give them everything under the sun before the underwriters were satisfied including all tax forms for me, my wife, and my wife's business. I'm actually glad they're doing it, despite the hassle. |
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Posted: 8/11/2011 8:57:14 AM EDT
[#5]
Same here.
Two years ago they didn't need your whole return, just a permission slip to have the IRS send them a summary page documenting your income. Not sure what they require now. |
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Posted: 8/11/2011 11:10:17 AM EDT
[#6]
I do wonder if your of a minority background what rules can be waived?
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Posted: 8/12/2011 4:11:42 PM EDT
[#7]
what is outrageous about requesting income verification?
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Posted: 8/13/2011 3:39:47 PM EDT
[#8]
I've been through lots of loans and they have always requested financials.
Grove |
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Posted: 8/13/2011 5:24:41 PM EDT
[#9]
2-3 yrs tax returns , income stream, credit score, appraisal of property @ a minimum NOW.
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Posted: 8/14/2011 7:28:38 PM EDT
[#10]
Sounds about right. There is all sorts of new regs they need info on for stuff now.
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