Posted: 3/8/2016 11:46:21 PM EDT
| So why does a refi underwriter need two years of tax returns on 65% debt to value refi with a person with 775 FICA? |
|
Quoted:
What I wonder is why they need a new appraisal. If the loan is < 50% of what the county appraisal district says it's worth, why do you want an appraisal? I'm guessing the answer is also "to fill in the blank of this here form." Because they need to know what they are lending against, and they need to know the market. Bankers are careful. Bankers that aren't careful become former bankers. |
|
Quoted:
What I wonder is why they need a new appraisal. If the loan is < 50% of what the county appraisal district says it's worth, why do you want an appraisal? I'm guessing the answer is also "to fill in the blank of this here form." What if the house got turned into a meth house and the borrower is refinancing to pay for his drug addiction? It could likely still be on the tax list for 250k and be worth 25k. When the loan defaults the bank is stuck with a condemned drug house. The only way the bank knows anything is by verifying it. The average consumer wont buy a used car without at least driving it and checking out the mileage. This isnt any different. |