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FHA Question... (by: captchaos)
A Customer was set to go to closing Monday 11/27. A car loan was designated to be paid off AT settlement for $32k and he payment deducted from his DTI. He also needed another $30k at closing for closing costs for a total of $62k. The customer had $72k in his bank account and this is confirmed by the UW. That is not the issue. A couple weeks ago the customer paid the car loan off on his own and forwarded me the "paid in full" letter. I forwarded the "paid in full" letter to processing. Processing never saw the email so they did not upload into the system so UW never saw it. The loan got CTC yesterday and the CD went out as well. CD showed car loan designated to be paid off AT closing. I said you already have the paid in full letter but as I mentioned no one ever saw it. They found it after we got a CTC yesterday. Plus they ordered a supplement today confirming car loan was paid off. Owner of company says "you know you needed to source the funds for the car payoff." I said "the funds are already sourced. What does it matter if he paid it off prior to or AT settlement. There is more than enough money in his bank account to cover the difference." No one is questioning he had enough funds. The reason I am being told we cant close on Monday is because the loan HAS to go back into UW since we are changing the loan plus we have to get a transaction history showing the payoff money coming OUT of his bank account. I had the customer run to the bank and get a transaction history and of course it reflected this but according to the owner it had to be done prior to getting a CTC. Owner of company said the ONLY way we could close on Monday 11/27 is if we kept the loan as is and he paid off the already paid off loan at settlement and the finance company would have to send him a refund for $32k. Thats ridiculous plus he had $72k and paying off the car twice would be $64k and closing costs another $30k so he would not have enough money to bring to the table anyway but my head was spinning so bad that thought never crossed my mind to bring that to her attention during our conversation. - Last Post by: captchaos on 11/22/2017 @ 9:08 PM

ss markup and taxable (by: RyLoans)
2016 shows half of ss income taxable, this was due mainly to a one time liquidation from a retirement account. I can only mark up half? Or can I mark up all of it with the explanation above. They are not at the age where minimum distributions are required. - Last Post by: RyLoans on 11/22/2017 @ 8:43 PM

Flipping Lender (by:
Are there any lenders that will do a mortgage that will be paid off in a few months, hence a flip? - Last Post by: on 11/22/2017 @ 8:22 PM

Thanksgiving holiday has me confused (by: Brianquigley)
If a CD goes out and is acknowledged on Wednesday 11/22, can the file close on Monday 11/27? - Last Post by: Brianquigley on 11/22/2017 @ 6:23 PM

VA mortgage - compensation lowered (by: RyLoans)
I am doing a VA purchase right now. I had to compete with several brokers and went borrower paid. $300k loan amount and I am charging $3500 borrower-paid with a lender credit of $4600. The loan got all the way to CD preparation and the lender is telling me that I cant make more than 1% in this scenario... Is this true? No way around it other than lowering my comp to $3000? Shouldnt this have been caught during their LE preparation? - Last Post by: RyLoans on 11/22/2017 @ 6:07 PM

Winners and Losers with the GOP Tax Bills (by: SuperCoop)
The current tax bills as I read it tells who the republicans thinks the winners and losers should be. Big corporations, good; small businesses, bad. The biggest winners are large corporations. Their taxes are reduced, in many cases significantly. Those that have taken advantage of overseas tax havens make out like bandits. Few tax loopholes are closed to offset those tax breaks. Meanwhile, most small-business owners get little in these bills. About 95 percent of all small-business owners make less than $150,000, with most earning less than $100,000. An accountant advised me that a small-business owner would have to make at least $200,000 to $250,000 to see real benefits High-income households, good; middle-income, OK; low-income, bad. Most of the income- and some business-related tax breaks go to the top 1 percent. The ending of the alternative minimum tax, the changes in the inheritance tax, and the pass-through-income tax breaks all largely benefit high-income families. Capital spending on anything, good; housing, bad. There is little or no closing of any of the loopholes businesses use to write off their capital expenses, even if those tax breaks create little additional investment spending. Meanwhile, the limitation on mortgage-interest payments will negatively affect home prices and construction in many areas around the country and this region Its interesting that because of the mortgage-interest limitation and reduction in state and local tax deductions, many upper-middle- and lower-upper-income families in the Philadelphia region could see their taxes rise, some significantly. Low- to lower-middle-income families get little or no reduction. They dont pay much tax to begin with. Middle-income families generally come out better, but many dont get anything close to the $1,000 claimed by the supporters. That raises an important point: Beware of the use of averages when it comes to how much you benefit from the proposals. There are winners and losers in every income category. Whether your taxes go down or even up, and by how much, depends on your individual circumstances. Budget deficits, good; fiscal responsibility, bad. The fascinating aspect of this process is the huge swing in views about budget deficits. Republicans, who for decades claimed it was bad to keep adding to the national debt, now are supporting a massive increase of $1.5 trillion or more. Meanwhile, Democrats are demanding the Republicans pay for their tax cuts. Hedge-fund operators, good; teachers, bad. The carried-interest boondoggle, which the president pledged to end, is intact. That provides a huge tax break for hedge-fund operators while adding almost nothing to economic activity. By contrast, teachers who out of their own pockets pay for supplies schools dont provide lose most of the deduction for those supplies. Golf courses, good; historic properties, bad. The tax exemption that helped revitalize “historical properties in many older cities and towns in this region is out. Meanwhile, the conservation tax dodge that golf-club developers use by saying they will “conserve their fairways and greens is maintained. I wonder who benefits from that Health insurance, bad. (There is no offsetting good.) The repeal of the Affordable Care Acts individual mandate has nothing to do with taxes, though it reduces the budget shortfall significantly. But repealing it would lead to about 12 million fewer people being covered. Apparently, the Republican leadership believes health insurance isnt good My view is to eliminate all the deductions for both personal and business…cut the crop rate to 20 % ...Keep all the tax brackets the same for personal… freeze spending and if too much money is collected pay down the DEBT! start it 2018. And in 2019 the house and senate can vote on tax cut if warranted [...]

UWM BPC vs LPC (by: KnowsBetter)
Does anybody know if BPC comp must match LPC at UWM? - Last Post by: KnowsBetter on 11/22/2017 @ 3:01 PM

100% LTV Private Money? (by: Powerful)
Does anyone know any private lenders doing 100% LTV loans for residential investment properties? - Last Post by: Powerful on 11/22/2017 @ 1:41 PM

Liberal perverts (by: KnowsBetter)
This is going to be a lonnnnng thread. Portfolio manager accused of raping, beating women in penthouse dungeon The three unidentified plaintiffs in the case claim the married father raped and beat them to the point that they needed extensive medical attention, court papers say. At the $8 million penthouse, they were shown to a side room featuring ropes, chains and sex toys along with other BDSM equipment. Rubin gagged, tied up and viciously abused the women, even punching one in the head, the suit filed by civil lawyer John Balestriere said. “Im going to rape you like I rape my daughter, Rubin barked during one of the alleged assaults. - Last Post by: KnowsBetter on 11/22/2017 @ 1:03 PM

Cross Qual Auto-Email Reply (by: KnowsBetter)
So I send an intro email to connect with the cross-qual lender on my buyers offer and receive this ridiculous auto-response: Please accept this as confirmation that we have received your offer. We look forward to submitting your clients offer to the seller and would like to review a few items that can make your offer, the one the seller will choose! It is highly likely that there are multiple offers on this property, if you have requested closing costs and your clients are able to pay their own, please notify the listing agent, this will make your clients offer stronger. The seller is an investor and has acquired the property less than 90 days ago, therefore financing for this home may be challenging to find. Because of this the seller requires that your clients qualify with Theft Lending which they have found to be able to close these transaction in the 30 days or less which will be one of the terms in the counter. Theft Lending John Stealing at Theft Lending. If your client chooses to use Theft Lending it is very likely that your clients offer will have a better chance of getting accepted. Not only will this increase your chances of getting accepted, they offer competitive rates and low costs to appeal to your buyer! The advantage to us agents is that the transaction will go as smooth and seamlessly as possible, with little to no follow up with this lender, true professionals! We all know these days this is the hardest part of closing the deal and they have taken all the work away from us, I cannot say enough about them! Once you have closed a deal with them Im sure you will put Theft on your list of preferred lenders! The seller renovates the homes and sells the home as-is. If your clients offer is chosen or countered please set up the expectation with your buyer that the seller will not be doing cosmetic improvements but will consider required health and safety items from the lender. Please double check that you have submitted a complete package. COMPLETE packages will have priority with the seller. Please make sure your offer has the following items: - Proof of Funds (current and showing buyers names, if funds are a gift will need gift letter and current statement from gift donor) - Pre-Approval Letter - Addendum 1 (under supplements on MLS Listing) - Agency Disclosure (signed by buyer and selling agent) - Page 10 signed by agent and initialed by buyer(s) at bottom of page - PRBS – Per revised RPA page 1 2.C You should be receiving a call from me within the next 24 hours to discuss this offer. If for any reason you would like to speak to us before that, then please do not hesitate to call my cell at xxxxxxxx Thank you and we look forward to opening an escrow with you! - Last Post by: KnowsBetter on 11/22/2017 @ 12:59 PM

Business funds no longer alowed? (by: AlanB)
I have a borrower who is buying a duplex and is putting down 25% (investment, conventional). She just transferred this money from her business (S-corp) to her personal account. Is this allowed? I thought that the use of business funds is not allowed on investment property purchases. Are we okay with the same scenario if we switch to FHA and she decides to live in one of the units? - Last Post by: AlanB on 11/22/2017 @ 12:49 PM

President Trump Accomplishes the Impossible (by: KnowsBetter)
President Trump Accomplishes the Impossible: Reduces Debt-to-GDP Ratio by 1% His First Year in Office President Trumps policies have decreased the Debt-to-GDP ratio by 1% while at the same time the Atlanta Fed announced yesterday that the 4th Quarter GDP estimates have increased by 0.2% to 3.4%. Since his inauguration, President Trump has focused his efforts on the security of the country and on the prosperity of its economy. The results of his actions are taking shape. [...] No President in more than 50 year years has decreased the debt-to-GDP ratio in his first year in office by more than 1%. The last president to do so was Nixon in 1969. Presidents Reagan and George W. Bush decreased the debt-to-GDP ratio in their first years in office but by less than 1%. President Obama increased the debt-to-GDP ratio his first year in office by 15% and by 37% over his eight years in office. Remember the good ol days under Prezbo trying to get the economy going? Cash for Clunkers, shovel-ready jobs and that whole bit? Results? Thousands upon thousands of Americans lost their good-paying jobs and started raiding their savings, then their 401Ks and ended up losing their homes. For all his faults, President Trump is keeping his promise to MAGA. - Last Post by: KnowsBetter on 11/22/2017 @ 11:59 AM

The priests wife (by: KnowsBetter)
Jack goes to his buddy Bob and says, "Im sleeping with the priests wife. Can you hold him in church for an hour after mass for me?" The friend doesnt like it but being a buddy, he agrees. After mass, Bob starts talking to the priest, asking him all sorts of stupid questions, just to keep him occupied. Finally the priest gets annoyed and asks him what hes really up to. Bob feeling guilty, finally confesses to the priest, "My friend is sleeping with your wife right now, so he asked me to keep you occupied." The priest smiles, puts a brotherly hand on Bobs shoulder and says, "You better hurry home now. My wife died a year ago". - Last Post by: KnowsBetter on 11/22/2017 @ 11:28 AM

Ratko Mladić convicted of war crimes/genocide (by: KnowsBetter) A friend of mine lost his brother & parents to this modern-day Hilter. Hope Ratko rots in prison. - Last Post by: KnowsBetter on 11/22/2017 @ 11:27 AM

Lending Tree leads or someone else (by: KnowsBetter)
Hello everyone, Im trying to get ahead of the game for 2018 and want to know if any of you had purchased leads from Lending Tree? We are currently buying leads from best rate and most of our business comes from referrals. We want to hire some telemarketers but want to get better quality leads. Who would you recommend? Thanks - Last Post by: KnowsBetter on 11/22/2017 @ 10:13 AM

CE Courses Praedo 20% off (by: RyLoans)
That time of year again. Many of you know I like praedo because you can do the 8 hours online and you can let it run in the background. You still have to be able to answer the questions, but you can let it run and then go click click click and read in 30 seconds what took 20 minutes in slides. Anyway they are more expensive but they are decent online class. They are having a 20% off black friday sale on any course. Type black friday in the promo. Its good now through friday. And no I dont work for them, I pimp them every year because they are easy. - Last Post by: RyLoans on 11/22/2017 @ 08:13 AM

FHA 2 Family question (by: snappynapp)
I have a home that the tax records state a 2 family. But one of the apartment is in the basement with a complete kitchen. Is that allowed by FHA? We need the rental income to qualify. - Last Post by: snappynapp on 11/22/2017 @ 06:28 AM

Credit bureau suspension (by: KLandis)
One of my good AEs called me about one of his other brokers and asked me if I could find out anything about someone getting suspended from pulling Equifax reports? (I have a credit background; actually owned a bureau similar to what it out there today but here in Florida but sold it around 18 years ago to an Experian affiliate here in Florida - thats why he called me). Anyway, I was told by my credit provider that they have seen this happen due to 2 things - permissible purpose and pulling for credit repair (not to be confused with Rapid Rescore). I called my AE back, told him and he asked me how long these suspensions last and if they can be cured. I told him I had no idea. - Last Post by: KLandis on 11/22/2017 @ 03:02 AM

Watch this space...(DNC/Russia scandal) (by: KnowsBetter) - Last Post by: KnowsBetter on 11/21/2017 @ 9:58 PM

FHA Assumption (divorce situation) (by: AlanB)
I am getting a ton of these questions lately. -A buddy of mine is going through a divorce. Currently has a 3.5% rate on an FHA loan. Current spouse (soon to be divorced) is on title with borrower. She is not on the mortgage. -Current spouse is to take over the mortgage and own the house outright. The attorney advised that this should be done before the divorce is finalized. -Buddy tells me that he tried contacting Freedom Mortgage customer service to have current spouse assume loan. She has good income and credit. Freedom Mortgage customer service said that they cannot do that since she is not on the mortgage with him. Can someone tell me if this is accurate. Will they have to go through a full refinance to make this possible? - Last Post by: AlanB on 11/21/2017 @ 3:05 PM

Long Beach Ca. Appraiser (by: bmd)
anyone have a contact for a Residential Appraiser that covers Long Beach Ca? - Last Post by: bmd on 11/21/2017 @ 3:00 PM

USDA low fico 585 (by: bmd)
Looking for decent wholesaler for USDA purchase. Mid qualifying fico 585--- otherwise fairly clean. Decent Wholesaler = Service (communication), Flow of file (Intuitive system), then price(so KB doesnt tell me to look on Loan Sifter). Thanks- BVG - Last Post by: bmd on 11/21/2017 @ 1:44 PM

The Left is looney as tunes (by: KnowsBetter)
Dont know what happened to my compilation of the loony ideas the left comes up with--including this one--so Ill start another thread. Heaven knows I can fill it up within days. Whites should give up their homes to black or brown people and should report “Raaacists! to police and get them fired. In an article posted at Leo Weekly this month, Chanelle Helm, a self-described “co-founder and core organizer of Black Lives Matter Louisville, offered a list of 10 requests for white people. [see link for some amusing ideas] Thought balloon: If the white racists are fired from their jobs, how are they going to be able to be able to pay taxes to support this civic-minded young activist? - Last Post by: KnowsBetter on 11/21/2017 @ 1:37 PM

Blended interest rate calculator (by: KnowsBetter)
Easy to screenshot and insert into an email. - Last Post by: KnowsBetter on 11/21/2017 @ 1:24 PM

BRAWL Brokers Rallying Against Whole-tail Lending (by: KnowsBetter)
First time Ive heard of this. We dont have any lenders that do this, do we? - Last Post by: KnowsBetter on 11/21/2017 @ 1:22 PM

Conflict of Interest?! say it aint so!! (by: zpaperkid)
Trumps New Conflict of Interest Could Involve Paying Off Officials To Not Talk About Russia - Last Post by: zpaperkid on 11/21/2017 @ 12:24 PM

Dangers of Domain Spoofing (by: KnowsBetter)
Be careful how you buy online advertising. Fake-Ad Operation Used to Steal From Publishers Is Uncovered Adform says ‘Hyphbot scheme created fake websites, non-human traffic to scam advertisers of more than $500,000 a day For those who dont subscribe to WSJ, heres the article: An ad-tech firm says it has discovered a large and sophisticated advertising-fraud operation in which fake websites and infected computers were used to scam advertisers and publishers out of upward of hundreds of thousands of dollars a day. Denmark-based Adform, identifier of the scheme, named it “Hyphbot and estimates that it has been going on since at least August. According to Adform, the fraudsters behind the Hyphbot scheme created more than 34,000 different domain names and more than a million different URLs, many designed to attempt to fool advertisers into thinking they were buying ad inventory from big-name publishers such as the Economist, the Financial Times, The Wall Street Journal and CNN. It is a tactic known in the industry as “domain spoofing. The perpetrators then generated a wave of nonhuman, or “bot, traffic that loaded the fraudulent sites, which made money mostly through video ads. Video ads are lucrative because they carry higher rates than other online display ads. Fake traffic is a serious issue for advertisers because it means they have wasted money buying ads that were served to computer programs, rather than real people who might go on to purchase their products. And real publishers get cheated out of potential advertising revenue. Adform says much of the impact of the scheme could have been thwarted if publishers and ad-tech companies had implemented and kept up-to-date with a new industry initiative called Ads.txt, which is designed to stamp out domain spoofing. Adforms investigation suggested that the fraudsters behind Hyphbot used a network of data centers and unwitting consumers computers, infected by malware, to access more than half a million IP addresses, mostly from the U.S., to mimic real browsing behavior on the network of fake sites. The suspicious URLs were presenting themselves in ad auctions via at least 14 different ad exchanges at a rate of up to 1.5 billion requests to ad buyers a day. Adform began informing the majority of ad exchanges affected on Sept. 28, two days after it began its analysis. Since then, it has seen a reduction in the fraudulent traffic, although Hyphbot is still believed to be active. Adform also informed the Federal Bureau of Investigation in the U.S. and Metropolitan Police in the U.K. Adforms full findings were independently reviewed by two industry experts before the publication of the white paper. Jon Slade, the chief commercial officer of the Financial Times, said the publisher was “not surprised to hear of another fraud scheme based around spoofing. Last month, the Financial Times ran its own investigation and found 25 ad exchanges had been offering fraudulent ad space, purporting to be from “We are urging all actors in the supply chain to urgently implement and adopt the Ads.txt standard, Mr. Slade said. “Its one of the best bets for a cleanup that we have. Dow Jones, the unit of News Corp that includes The Wall Street Journal, said it implemented Ads.tx[...]

Janet Yellen Resigning (by: KnowsBetter)
Yellen resigns from Feds board Rather than remain as governor, Fed chair Janet Yellen will leave the central bank after her successor is sworn in, CNBC reports. President Trump nominated Fed Governor Jerome Powell to replace the banks first chairwoman when her current term expires Jan. 31. Trump declined to reappoint her, instead choosing someone expected to continue her policies. Yellens departure will give the president four openings to fill on the Feds seven-person board of governors. Source : linked - Last Post by: KnowsBetter on 11/21/2017 @ 11:37 AM

Trump - the drug money launderer (by: KnowsBetter) - Last Post by: KnowsBetter on 11/21/2017 @ 11:28 AM

P & L loan the replacement of bank statement loan (by: Brokster)
Anybody done any? They require a YTD P & L signed by CPA and a letter stating he/she has been self employed for 2+ years. - Last Post by: Brokster on 11/21/2017 @ 11:08 AM