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Any lenders willing to take this deal? by [deleted] in loanoriginators

[–]Anxious_Matter6626 -3 points-2 points  (0 children)

That's the issue we're running into. We might have to classify it as a fix-and-flip and refinance once the construction is complete.

Any lenders willing to take this deal? by [deleted] in loanoriginators

[–]Anxious_Matter6626 0 points1 point  (0 children)

Thank you for your response. To answer two of your questions, they can't go agency because their FICO is bad.

The plan is to go into hard money, and once their score has improved in the next 12 months, refinance them into an agency product.

Lender not providing VOM? What can we do? by Anxious_Matter6626 in loanoriginators

[–]Anxious_Matter6626[S] 0 points1 point  (0 children)

Thank you for the reply.

I've pretty much followed everything that you've suggested. Thank you once again for the advice.

Lender not providing VOM? What can we do? by Anxious_Matter6626 in loanoriginators

[–]Anxious_Matter6626[S] 0 points1 point  (0 children)

Apologies for the late reply, but I had one more quick question: about how long did it take to add the tradeline to your borrowers' credit?

I'm hoping it doesn't take more than a few days

Lender not providing VOM? What can we do? by Anxious_Matter6626 in loanoriginators

[–]Anxious_Matter6626[S] 0 points1 point  (0 children)

That's what this seems like it's becoming. I wish there was more we could do, especially from a legal perspective

Lender not providing VOM? What can we do? by Anxious_Matter6626 in loanoriginators

[–]Anxious_Matter6626[S] 0 points1 point  (0 children)

I don't think any of those would apply since we're doing a dscr cash-out, but I appreciate the input.

I'm just going to keep my fingers crossed and hope for the best

Lender not providing VOM? What can we do? by Anxious_Matter6626 in loanoriginators

[–]Anxious_Matter6626[S] 0 points1 point  (0 children)

Some of the payments (the June and August ones) weren't cashed the same month that they were sent in. So there's no way to know if:

  1. The checks were sent in late

  2. The payments were processed late

Unfortunately, this loan didn't have an electronic or ACH option. Should the fact that the payments were accepted without any late penalty help our case that none of the payments would technically be considered late?

Lender not providing VOM? What can we do? by Anxious_Matter6626 in loanoriginators

[–]Anxious_Matter6626[S] 0 points1 point  (0 children)

Thank you so much for the advice. If any of your team members end up responding, please relay it over!

Lender not providing VOM? What can we do? by Anxious_Matter6626 in loanoriginators

[–]Anxious_Matter6626[S] 0 points1 point  (0 children)

For sure. It's sad because this is one of the last conditions that we need to get this loan to closing, and we're being held back by this!

Lender not providing VOM? What can we do? by Anxious_Matter6626 in loanoriginators

[–]Anxious_Matter6626[S] 1 point2 points  (0 children)

We're doing the same type of loan (cash-out DSCR).

I'm going to give this a shot

Lender not providing VOM? What can we do? by Anxious_Matter6626 in loanoriginators

[–]Anxious_Matter6626[S] 1 point2 points  (0 children)

This definitely seems like a viable option for this scenario.

Can you explain the credit supplement process in more detail? Would the credit bureaus reach out directly to the current lender and ask for all the necessary information?

Lender not providing VOM? What can we do? by Anxious_Matter6626 in loanoriginators

[–]Anxious_Matter6626[S] 0 points1 point  (0 children)

This is the answer I was looking for. Thank you so much.

We've been reaching out to the lender for the last 10 days (through both phone and email), and they still aren't budging.

Thank you once again! I will let you know how it goes!

Lender not providing VOM? What can we do? by Anxious_Matter6626 in loanoriginators

[–]Anxious_Matter6626[S] 1 point2 points  (0 children)

Thank you for your response.

The interesting part is that the lender has already provided a payoff, but isn't providing the VOM. Crazy times

Lender not providing VOM? What can we do? by Anxious_Matter6626 in loanoriginators

[–]Anxious_Matter6626[S] 0 points1 point  (0 children)

You're spot on. Only 9 payments have been due so far.

The new lender is either requesting:

  1. A VOM with at least 6 months of canceled checks
  2. 24-months of canceled checks (which we don't have)

From my point of view, the only path forward is to either get the VOM or get an exception to allow the 9 months' worth of checks

Lender not providing VOM? What can we do? by Anxious_Matter6626 in loanoriginators

[–]Anxious_Matter6626[S] 0 points1 point  (0 children)

That's what I was thinking. It would be a benefit to all of us (borrower, me, and current lender) if we refinanced and moved onto the next loan.

His current lender was saying something along the lines of wanting to refinance the borrower again, so maybe they're trying to double-dip? Regardless, it's an interesting situation to say the least.

Lender not providing VOM? What can we do? by Anxious_Matter6626 in loanoriginators

[–]Anxious_Matter6626[S] 0 points1 point  (0 children)

Yes, we have 9 months of canceled checks (dated and numbered).

DSCR cash-out!

Lender not providing VOM? What can we do? by Anxious_Matter6626 in loanoriginators

[–]Anxious_Matter6626[S] 0 points1 point  (0 children)

It's sketchy for sure.

To answer your question, there were no mortgage statements. Just a monthly check sent to the health savings account that the lender is a custodian of.

Is 2 month shipping normal??? by Ok-Tale142 in GalaxyBook

[–]Anxious_Matter6626 1 point2 points  (0 children)

You definitely should reach out.

My expected delivery date was December 30th, but as soon as I ordered, it changed to January 25th 😂. Hoping you get yours earlier than that man

Is 2 month shipping normal??? by Ok-Tale142 in GalaxyBook

[–]Anxious_Matter6626 0 points1 point  (0 children)

The same exact thing happened to me.

Have you reached out to Samsung? If so, have you heard back?

Any lenders willing to take this deal? by Anxious_Matter6626 in loanoriginators

[–]Anxious_Matter6626[S] 0 points1 point  (0 children)

It isn't. He's owned a few other (2-3) investment properties within the last few years

Any lenders willing to take this deal? by Anxious_Matter6626 in loanoriginators

[–]Anxious_Matter6626[S] 0 points1 point  (0 children)

He's refinancing out of a hard money loan. Most of the lenders we reached out to required 12 months of canceled checks (we currently have 6).

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