I have a borrower that lives in Morroco. She has lived there for about 8 years. She owns her home there out right, just bought, almost all cash, in Spain. She is an American citizen, has amazing income, amazing assets, and I can not find her a loan.
I have been wracking my brain trying to find a way to get her a home loan. All of the lenders that I have say that non-traditional credit, something like her bills in Morocco, will not count. I am finding this outrageous. I just got an email from her saying that she had contacted a couple of banks here that will do the loan, as long as she can proove her income. Does anyone know of this happening? Everyone in the industry I have spoken too has said they do not know what that is about.
I understand the thought processes of these lenders, I used to be one of them. They are getting burned left and right from poor decisions/loans from all sides. They are trying to stop their bleeding. But, it seems to me they are going to keep bleeding if they do not take smart, proovable deals. The question is now, do they even want to do loans??
It is all very frustrating.
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