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Posted: 8/10/2011 4:07:30 PM EDT
My wife and I have an 800 credit score, plenty in the bank and make good money.  We are trying to refinance our house because rates are so low, not because we actually need it.



Anyway, USAA is asking for my wife's business tax returns (she's in a partnership).  This seems crazy.  Thoughts?




Link Posted: 8/10/2011 4:53:48 PM EDT
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.
Link Posted: 8/10/2011 5:06:16 PM EDT
Trust but verify.
Link Posted: 8/11/2011 8:09:11 AM EDT
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.
Link Posted: 8/11/2011 8:18:49 AM EDT
Originally Posted By InheritedAnArsenal:
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.
Link Posted: 8/11/2011 8:57:14 AM EDT
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.
Link Posted: 8/11/2011 11:10:17 AM EDT
I do wonder if your of a minority background what rules can be waived?
Link Posted: 8/12/2011 4:11:42 PM EDT
what is outrageous about requesting income verification?
Link Posted: 8/13/2011 3:39:47 PM EDT
I've been through lots of loans and they have always requested financials.

Grove
Link Posted: 8/13/2011 5:24:41 PM EDT
2-3 yrs tax returns , income stream, credit score, appraisal of property @ a minimum NOW.
Link Posted: 8/14/2011 7:28:38 PM EDT
Sounds about right. There is all sorts of new regs they need info on for stuff now.
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