Rudolph marketing

Today I am taking a break after wasting a couple of hours dealing with crazy conditions. I am doing a loan for self-employed borrowers. In this case for a married man as his sole and separate property. This borrower has a seven year history of work in the same field - all self employed, but as is oh-so-common the paperwork just isn’t tidy. Some of it goes so far as to actually show his wife’s name. Imagine that!

I understand the need to verify a stable source of income, but sometimes underwriters just blow me away with what they will allow and what they get hung up on. On this deal, telephone information (411) shows an address that my clients have never heard of, so the underwriter is making me jump through all of these hoops… Once they get their feathers ruffled about something, it just seems that they cannot be satisfied.

In this particular case - the applicant incorporated his business a year and a half ago; however, the company existed prior to that as a sole proprietorship. Even though the business can be found in the secretary or state’s website, that won’t satisfy the condition (<2 years).

The guidelines allows for a ‘cpa letter’ or business license verifying a two year history. Since this city issues licenses by the calendar year, the one that I have doesn’t go back far enough. The previous one was discarded when it expired. The cpa letter came from an E.A. (enrolled agent), essentially the same, but not exactly a cpa, so even with documentation from the IRS, that wasn’t accepted.

What kills me is that I have gotten deals through for ’self-employed’ people who ran landscaping routes with nothing more than three poorly written reference letters or a photograph of their truck. I have gotten loans approved for guys using stated income from building hot-rods in their garage (on the side) with merely a couple of DMV documents and bills of sale. Amazingly, I have even gotten them closed under even worse circumstances than those, but when I state an income of $6,000 backed by business bank statements showing more than $150,000 in monthly cash flow, for a documented corporation, with a business listing in the phone book and a valid business license the underwriter cannot get past an simple address discrepancy or the fact that the guys wife’s name shows up on some paperwork.

For the sake of those with common sense, please WAKE UP or get a new job!