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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: loantech who wrote (27650)	3/2/2005 4:34:39 PM
From: C.N.S.	Read Replies (1) of 110194

OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT OT >>I don't like the liar loans for stated income, don't like the zero down, don't like all the subprime so I feel I am almost doing the customer a dis-service putting them in the loans they request.<< I do understand the frustration with stated income loans. The solution is easy. Don't do stated income loans. A majority of the stated income apps would get better rates if they are able to document even some of their income and processed as reduced or full doc loans. You can get rid of the liars by requesting them to sign a stated income disclosure and a IRS 4506 (and explaining to them what the forms are and the possible consequence of being charged with fraud if they materially misstate their income and are found out because their loan file was audited). www.brokeruniverse.com/warehouse/stateddisclosure.doc www.brokeruniverse.com/warehouse/4506-t.pdf >>Yes a totally new career. I have been a loan officer and paper pusher so done with it all maybe this year.<< Good for you. Good luck.

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