Answers to Questions from February 6 – 7 CMG Meetings

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  • #5342

    Thanks for submitting these outstanding questions during our most recent sessions.

    from Edna to Everyone:
    in considering other income (bottom of page 18) – what about other real estate owned that is not the r/e securing the covered transaction?
    ANSWER: The assets listed on page 18 are examples, not an exclusive list of acceptable assets. Other real estate that does not secure the covered transaction apparently may be considered in the evaluation.

    from Compliance Resource Host (privately):
    from xxx (privately): If someone says that someone else is responsible for a debt listed on their credit report, do you have to include the entire debt in the D/I calculation?
    ANSWER: Income and debt must be verified with information from third-parties. A credit report is a third-party source. If you believe that the credit report is inaccurate you need to verify that belief with a different third-party source.

    from Kathy Meade to Everyone:
    Do you need to review their tax returns for losses (farm, rental, etc.) even if they have sufficient W-2 income?
    ANSWER: You need to verify income with a third-party source. A W-2 is an acceptable third-party record. If you want to give further consideration to the losses from other sources you may.

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