The IRS 4506 is an IRS form used to request a copy of your tax returns from the IRS. Mortgage lenders now require a borrower to sign a 4506 to get a loan. It is an anti-fraud measure and data gathering step. And it can cause problems… Read the rest of this entry »
Ever get a surprise you did not want? Chances are you have if you have gotten a mortgage in the last 3 years. Read the rest of this entry »
Wake up America, it's government's fault! Anyone that follows this blog knows I like to bash banks, especially big banks. But to be fair, its time I pull the curtain aside from the real villain in the mortgage industry, the United States government! Read the rest of this entry »
I hope you are not getting tired of blog posts about foolish decisions by banks and underwriters, that topic seems to be taking over the content here on my blog because, well, that is what is taking over the mortgage industry! Read the rest of this entry »
I had to trick an underwriter the other day, and I am not losing sleep over it. It is a great story, and one worth retelling so that others may use this trick. Read the rest of this entry »
I may make light of the Feds and the banking industry and their arcane rules a bit too much, but now they really deserve it. Now they have gone too far. I have witnessed bureaucratic insanity on such an unreal scale, I am not sure you will believe me. Read the rest of this entry »
It used to be that student loans that were deferred 3 years or more did not count against you in your debt ratios. Not anymore… Read the rest of this entry »
I usually have to wait a month or so to blog about another stupid underwriter request, but here I find myself writing about a stupid underwriter request only a week after I last wrote about this very topic. Read the rest of this entry »
Every now and again I like to share a story where an underwriter has lost their mind, and gone way too far in questioning a loan. I have a doozy I'd like to share. I have seen some idiotic loan approval conditions, but this recent situation was a bit much. Read the rest of this entry »
Fannie Mae now has a policy that pertains to multiple mortgages to the same borrower when that borrower is buying an investment property. Fannie Mae’s current policy limits Read the rest of this entry »