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Hot take: 10 years ago my broker could do a stated income loan over the phone in 20 minutes, now the same deal takes 3 weeks and 40 pages of paperwork
I was talking to my old loan officer Mike in Columbus last month and he pulled out a file from 2013, one page, borrower just wrote down what they made and that was that. Now I'm working a self employed borrower with two years of tax returns, a profit and loss statement, and a letter from his CPA, and underwriting still came back asking for more. The rules got tighter after 2008 and honestly the docs make sense, but the jumbo non QM stuff I do now feels like building a house of cards with a permission slip for every card. Has anyone found a non QM lender that doesn't want a blood sample for a bank statement loan, or is this just how it is now?
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butler.finley9d ago
Bank statement loans still want 12 months of statements, a CPA letter, and a full rundown of every large deposit over 10k. My guy in Tampa does them with 12 months and a simple LOE, no blood sample, but the rate is gonna be like 9.5 so pick your poison. The 2013 stated income thing is gone for good man, that ship sank with Countrywide.
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