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In my opinion, a debt to income ratio of 50% does not indicate an ability to repay. I would not want to be in a second lien position on this one. The mitigating factors would have to be really good to change my mind and make this loan.
Thank you for responding! No there isn’t anything of concern, we have a tendency to overthink things and create more work than necessary.
I went to Kansas City, MO for the CCBCO week long seminar. I had less than 5 years experience at the time. We had a test each morning over the previous day’s material. You get a HUGE amount of material at the on-site seminar to study at night. My experience was pretty straight forward but I did stress a little each night!
Can you direct me to the part of the regulation that says credit insurance cannot be financed, please.
So you suggest that we don’t use an existing mortgage if it doesn’t have the NMLS# on it…we should file a new mortgage?
Our core provider states that the floor should not be listed because it’s not in the model form. But we have a situation…when we add our margin and our index, the rate is below our floor. The floor is actually what is determining the rate at this point. We think the notice is confusing because it tells them to add the index and the margin to get the rate.
Should we urge our core to add the floor to the notice??
