Mortgage and Lending with Equity Plus, Inc.

Sometimes, when it feels like nothing is working out, you just have a bad day. I found out a lender is averaging the last 18 mos. income instead of using year to date. That really messes everything up. Because he had much lower income last year, It makes his DTI way too high. Mind you, if they just use year to date, his dti is only 38% Sometimes, my nerves can't take this job!!!!


Comments (10)

Jeff Schraeder
Southwest Funding - Dallas, TX
The banks keep changing their guidlines.  Maybe you can find a bank that just requires 6 mths.  Good luck.
Jun 15, 2007 07:03 AM
I do like the picture of you hanging on to your husband for support . Is he part of the business? The Broker? Can you stand on your own too feet? I can tell you really love him, but for proffessional reasons, you should advertise yourself. Hanging onto someone shows insecurity and lack of confidence....no harm intended...just rying to help. Use last 2 years full tax returns. Was the less income due to seasonal work or demotion? Try some lenders that only need last 2 months bank statements or go to a low DOC. 
Jun 15, 2007 07:14 AM
Dennis Williams
HouseMaster of NH and ME - Rochester, NH
We all have bad days but thank god they are only the ones that end in "Y"!  Seriously though, in todays wonderful world of business rules, guidelines and their interpretations change almost as often as our New England weather. It's often frustrating but chin up, things do get better!
Jun 15, 2007 07:17 AM
Thomas Weiss
Thomas R. Weiss - West Palm Beach, FL

Maybe change lenders, it's obvious to all of us that they are changing the guidelines so try someone else.

Good Luck...


Jun 15, 2007 07:18 AM
Amanda Bowser
Equity Plus, Inc. - Smyrna, DE
Mortgage Officer Equity Plus, Inc


It's Chase Rural and will not work with anyone else. I have a call in now to our AE, hopefully we can change things.


Jun 15, 2007 07:33 AM
Kakra Goodloe
k&p Processing Services - Memphis, TN
Why is his income much lower?  If they are just being picky, you should go with another lender.
Jun 15, 2007 10:55 AM
Scott Dovala
Ascent Home Loans - Santa Rosa, CA
Santa Rosa Mortgage and Home Loans


Does th borrower have overtime? What if you use a Voe showing OT will continue. Knwing and formally working  for Chase I know how they can be sometimes. Especially the U/W's. I would take it someplace else.


Jun 15, 2007 11:41 AM
Amanda Bowser
Equity Plus, Inc. - Smyrna, DE
Mortgage Officer Equity Plus, Inc


The rep from USDA says he will approve it because they project income for the next 12 mos, they don't look back. Apparently, it's Chase that won't do it. So, I think we are going to submit it to Countrywide and First Horizon. Since it's a lender issue and not a USDA issue.



Jun 16, 2007 02:33 AM
Jason Price
Mortgage Financial Group, Inc (NMLS 219650) - Tavares, FL
The Mortgage Rider
Glad to hear you found the solution to your problem.  Don't let some of the bad days make you question the job.
Jun 16, 2007 09:57 AM
Rod Hawkins
F&M Mortgage NMLS ID # 628400 - Clarksville, TN

Thats good you found a new lender,  I have had nightmare deals with borrowers who were truck drivers that made enough to qualify for the loan but we couldn't verify their income.  Non reimbursable employee expenses and tax deductions raised the dti through the roof.  Underwriters want 2 years tax returns, not pay stubs.  We ended up going SIVA.

Jun 16, 2007 12:31 PM