Mortgage Blog

I wrote this blog not trying to prove how
good or bad I am, but if we can benefit
from avioding similar mistakes in the future.

1)Condos. I failed two condo loans this year.
First one is a new development with the
property tax not separated. Wholesale lenders
will not do those kind of refi loans if the
unit does not have seprate property tax statement.

Another condo failed because of the lender.
I think this lender does not want to have the
business. The lender claimed that the subject
property belongs to a sub-division of a
master HOA, which it is not. The loan automatically fails
since the lender does not want to have the loans.

2)Large Deposits. Some lender does not allow
deposits from third parties. I have one loan
failed becuse of that. The borrower has
one statement with a deposit from his daughter,
which is not allowed and another statement
showing the wire out to purchase another
property, which the borrower does not want to disclose.

3)4506t/tax returns. One borrwer does not want to
show the rental properties to the lender.
Automatically fail. Still don't know why.
They already showed this to IRS, but not willing
to the lender?

4)Duplex or SFR. Some properties have two stories,
each have different gas, utility meter, kitchen, etc.
The lender will think it's Duplex.

5)Others. The value issues, though stable for
most of the markets.