The Epic American Credit and Bond Bubble Laboratory Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: ild who wrote (46740)	12/6/2005 3:48:15 PM
From: loantech	of 110194

You are entirely correct. On a stated income loan on a standard 1003 application, (the industry standard for conforming, non conforming, FHA, VA etc.) the income is entered into the exact same spot as verified income. In most cases I think the stated number is played with until the borrower qualifies. Of course the loan officer knows what it takes to qualify so they have a large input into what ever figure is used. You still list the source as you say but the figure for income on a stated loan I would say rarely is what the client makes. I am not in sales anymore. I tell the loan officers I work for they better have a figure they want to use because it is not going to be my BUTT because I ratcheted up the income to "fit". So once I see it I don't like to "play" with the number even though in my mind the numbers are patently false.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next