Tulsa Mortgage : Podcast 160
This is the Steven Tyler show episode number one 60.
To Steven Tyler. With Steve curry. Tom Tom and Tyler while. Negotiating partner. Are. Very. Smart.
Tulsa Mortgage Good for you. They’re talking about everything you need to know. No one knows what it’s like to get ready.
I don’t want anybody out there listening to the Steven Tyler show. I am recording early in the morning and Jinx Oklahoma. Today I’m going to be talking about why did my lender cancel my loan file.
Of on some of this on an earlier podcast. Probably one directly preceding this podcast but I’m going to go into a little more detail on what can actually. Get a loan file cancelled. Really a lot of things so we have to make a decision you know within 30 days whether is going to be forward or not. So when somebody just kind of applies just to. Get a warm and fuzzy and then 10 months later they’re actually going to buy a house now owns probably enough to get denied in the process unless they you know give us full blown information and everything that we absolutely need.
Tulsa Mortgage So it kind of goes back on the loan documentation everything that we were QSR our list of items or general list of items is kind of where we start. So you know follow your a US as I say whenever you’re getting things but generalists you’re going to need. You’re going to need a one month worth of paystubs you’re going to need two months worth of bank statements the previous two years tax returns previous two years W-2s 10. Driver’s license Social. So you’re going to need all that stuff to put a loan file together and make a decision. So if you are missing any piece of that. So if you have everything but you’re missing tax returns for 2015 maybe you don’t have everything that you need. Same thing with. Or maybe you’re missing a paystub or whatever. I mean if you don’t have everything that you need then obviously you can’t move forward. So that’s what in a loan application is going get cancelled. Ninety nine percent the time is just going to come from the borrower not getting us their stuff. I’ve dealt with several self-employed people and that tends to be harder for them to try to make it easy. The easiest thing you can do especially if they have somebody else file their taxes for them is just tell them Hey I know you’re busy. Who’s your CPA. And then you go directly to their CPA and you get copies of their tax returns and all their income information that you’re going to need to qualify that based on their income going out on your own. Don’t get all that stuff for them.
Tulsa Mortgage Let them be busy doing what they do making money and then you just help as much as you can. So but that’s where you can run into problems or self-employed people because you really rely on a lot of that income doc stuff. You know you definitely have to have those taxes and all of the taxes. So you know check all schedules make sure you actually have full returns make sure there’s no other returns out there. So several business owners own multiple businesses which you’ll see on their personal tax return pretty much what are the businesses and so then you know exactly what to ask for. So if you don’t get all of that information then you can’t make a decision. You just can’t. So you have to have every single return. So if an owner of you know these businesses say they own five different businesses you’ve only got tax returns for their personal and. Four of five businesses and you don’t have everything that you need. You can’t calculate that income. So you have to get all that stuff in order to move forward. So if you can then that loans you have to get canceled. You just can’t make a decision you’re just kind of guessing. So. Then you know you have other reasons as well you have credit scores that just don’t qualify. That happens often. So it’s unfortunate but some people just have lower credit scores maybe they’re not where maybe they are where maybe they’re just trying to shoot for the stars. I don’t know but it happens they just don’t have a credit score that qualifies based on that alone.
Tulsa Mortgage You’re going to get. A loan. It’s not going to happen. Now a lot of times with us we really work with those people that have bad credit or have messed up their credit or maybe they’re just on the edge of qualifying. We’ll do whatever we can to help them in order to improve their credit so that with credit repair maybe we can run our water simulator on our side and we can actually find a way to get their credit score raised pretty quickly. They have some debt paid down some credit cards paid judgment off a tax lien something and then all of a sudden they qualify. But however long it takes him to do that can be the difference between denying the first loan or being able to move forward on it. So. That’s kind of a it’s kind of an area of. You know it happens often where loans will get denied. However we’ll move forward with them right after they get tonight because that’s when everything is done or everything it’s given to us. So it’s actually I don’t know in my opinion whenever that low now goes out to kind of a good thing because maybe you had some people that were sitting on the fence and they weren’t doing anything. Then all of a sudden they get an e-mail that says hey you’re innocent. And then they call you and they freak out. It’s like well you know I’ve been holding onto your stuff for as long as I possibly can and you’re not buying a house. So I had it in Ireland. But when you’re ready to buy a house I’ll start again.
And then that may prompt something in them to say hey I’m ready to buy today. So let’s get it going. So it’s not necessarily a bad thing on our end. And Tulsa Mortgage there’s Linda dollars go out. It actually starts all the conversations with people we haven’t talked to in a while. So when love sit stagnant nothing happening nothing moving forward then they’re just going to have to get nod.
Another reason could be you know maybe somebody lied completely maybe they committed fraud. Of course that’s getting denied. We’re not going to move forward on one that has fraud connected with it at all. Some people will but we don’t work with those people. Not at TLC at all.
Tulsa Mortgage But that can happen as well. So that would be a reason for a loan denial. Or maybe something completely changes. So people situations change all that arm. I mean you know sometimes people have to make a decision of. I mean they’re going to have to buy a new car today so that I can keep going to work or. I’m going to buy a house and I’m not going to have a way to go to work for my house. So they’re going out to go buy a car. And some people qualify. Just barely barely. As far as that income goes then they add a car payment on top of that. Now they don’t qualify. So you can turn right there a little purple to a loan to an aisle. So that’s very common. You know people just don’t know. They don’t know. Sometimes they just go out and they charge up things like crazy and they just think oh you know. Mullins already approved no big deal and then they’re out charging up credit cards and buy new cars and doing everything else they could do. And all of a sudden their debt to income doesn’t qualify. But it did three weeks ago. But in the last three weeks they just decided to change everything and charge everything. And now they don’t qualify. Going to have to deny that loan. But you know like I said there’s some people that reached out situation where they just have to do it. So it’s happened before. But it just kind of depends on the borrower’s motivation on.
Tulsa Mortgage Are they going to buy a house or not. So I just recently had somebody that you know they were trying to rent a new office space they were trying to. They needed a new vehicle all at the same time and all just kind of hit you know things come in threes I guess and they just got nailed with. I need to do this and he did this to do this. But they were absolutely motivated they were going to buy a house. So I don’t know if they rented a car. I don’t know what they did but they found a way. And so they just made it work. They bought their house handled everything else afterwards which is fine. I mean that’s the thing. If you can find a way to wait as far as those big ticket items go absolutely wait. Because if you’re in the process of getting the loan and if you just barely qualify then the last thing you want to do is charge up a credit card and have a higher payment on it and and when you started you don’t want to go buy a car and have a car payment that you didn’t have because all of those things can affect you to the point where you can no longer qualify for a house. So that’s where you know a lot of wounded miles can come from. I would say Bad Credit lack of getting any documentation to us that we need in order to make a decision as far as pre-approval goes.
People that just do crazy things people they go out and buy vehicles charge up credit cards gain a lot of debt that they didn’t have in the beginning. All of those things can cause a loan to be canceled. So no big deal. You know maybe your situation changes a little bit later down the line. We had to cancel your loan and then you qualify six months from now two months from now a year from now. Whatever but it’s not the end of the world. If feeling gets canceled it’s just something that sometimes happens. So that’s all I got for you today. I’m.
Tulsa Mortgage Broadcasting live from that koala’s studios in Tulsa Oklahoma. You’re listening to the Steven Tyler show