February 23rd, 2012 4:47 PM by Eric Fang
I wrote this blog not trying to prove howgood or bad I am, but if we can benefitfrom avioding similar mistakes in the future.
1)Condos. I failed two condo loans this year.First one is a new development with theproperty tax not separated. Wholesale lenderswill 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 subjectproperty belongs to a sub-division of amaster HOA, which it is not. The loan automatically failssince 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 hasone statement with a deposit from his daughter,which is not allowed and another statementshowing the wire out to purchase another property, which the borrower does not want to disclose.
3)4506t/tax returns. One borrwer does not want toshow the rental properties to the lender.Automatically fail. Still don't know why.They already showed this to IRS, but not willingto 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 formost of the markets.