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mortgage application: Buyers Agents: Are you sure your buyer is qualified? - 10/05/11 01:59 PM
Celebrate When It's Time ... Not Before
Go ahead and get out your highlighter because I already know this is a hot topic. My great online friend Len Harley is pretty opinionated on this one and I'm 100% certain I have the most accurate and indisputable information on it. (That's an lol for you who know Len and me.)
First let's talk about "qualified" and exactly what that means - or at least what it should mean. To really nail this subject down to some usable information we first need to talk about what qualified means at different stages of the … (19 comments)

mortgage application: What Every Borrower MUST Know About A 4506-T - 01/29/09 01:28 PM
Several months ago most lenders started requiring the completion of an IRA form 4506-T in every loan submission package. Not too long afterward I had an applicant in my office signing documents with a Loan Officer when the LO came into my office and said, "They do not want to sign this 4506-T."
A 4506-T is a request for copies of tax filings from the IRS for the most recent 3 years of tax transcripts to prove the applicant filed and that the numbers match what the applicant provided at the time of application.
When I asked the applicant why they … (7 comments)

mortgage application: Tips Countdown: #23 Full Doc Income Explained - 12/10/08 11:19 PM
Mortgage Tip #23 (Counting down to #1)
What exactly does "full doc" mean? It is used regularly when talking mortgage speak and we say it just thinking we and the people we know have the same mind picture when we say it. So, when a loan officer says full doc exaclty what are they saying?
Full doc means fully documented. When speaking of income it means when the borrower is able to provide all of the documentation required by the loan guidelines to prove their income. Usually it means the last two years of tax returns and the most recent month's … (4 comments)

mortgage application: How Do "Approved" Loans Get Denied? - 09/23/08 09:45 PM
It happens. And if you don't have a very firm grasp of the onion like layers of the loan process it is very difficult to understand why. Therefore to begin let's look at the steps in the process of a loan:
1. Loan Officer accepts an application from the borrower. In the case of a local broker the LO is the person who will be your liaison for the duration of your file. For the national behemoths the LO is more like an operator who just accepts your order.
2. Your credit history is examined and a preliminary credit decision is … (7 comments)

 
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Ken "Yes You Can" Cook

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Ken Cook, Web Dev, Brand Strategist 678-439-8683

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