We have just received notice from the North Pole that all those in the lending industry will not be receiving ANY presents this year.
Apparently Santa is upset! He has been working on a transaction that was all set to close, but at the last minute the lender has added conditions. As he just stated to us, he is up to his red cherry nose with conditions!
1. The Elves have refused to return phone calls to verify employment as they feel that this is just too busy of a time to call anyone.
2. Santa has informed the lender that he won’t be able to sign his loan documents before leaving on an extended vacation on the evening of the 24th.
3. The lender is asking for additional proof that Santa has not taken out any new loans on his sleigh.
4. The lender is asking for additional proof that Mrs. Claus’ cookie business income will continue for a minimum of three years.
5. The Social Security Verification Form has come back stating that Santa does not exist.
6. Due to lack of comps in the area and the rural nature of the property, the lender is requiring a second appraisal and a desk review.
7. The copy of Santa’s Photo ID cannot be verified because there are too many imposters around to prove it is him.
8. Santa has refused to sign the AKA statement as it is four pages long listing such other names as Kris Kringle, Father Christmas, Old Saint Nick, etc.
9. Apparently the lender is trying to call Santa’s work “Seasonal” and they want verification of his continued employment in order to verify his income
10. The lender is requiring that we deduct the expense for reindeer food and maintenance from his income because he claimed them as 2106 expenses for costs of doing business. This increased his DTI over the max allowable per the guidelines. Santa’s only options are to pay off debt and close the accounts or find a non-occupying co-borrower in order to move forward.
Ho! Ho! Ho! and Merry Christmas to you and yours!