Welcome To The Weekly Update And More


Enough is enough already! We received a change of guideline notice from one of our investors and here it is verbatim: “As you know, we always require 3rd party verification of self employment history at time of funding.

Self Employed borrowers:  MUST have a license or CPA/Accountant verify a minimum of 2 years in the same line of work.

Self Employed borrowers – that are not required to have a business license AND have self prepared tax returns, must have a CPA or Accountant review their history and provide a letter of explanation for this.  We can no longer verify with websites, letters from their clients, etc.
This is the craziest thing we have heard in a long time. What self employed person is going to claim enough income and pay the taxes for two years just to qualify for a loan? Who is the person that thinks this stuff up? There comes a time when you have to ask your supplier, “Are you guys’ nuts or what?” We will keep you posted on this, fortunately there are not too many non business licensed self employed and self prepared borrowers.


Amazing, but TRUE!
If we did not experience it for ourselves we almost would not believe it. We recently closed a 95% LTV conforming conventional loan. Not long ago this was no big deal. However the PMI companies ran away from that product as if it was a super fund site. The mortgage insurers just came back with the 95% conventional mortgage insurance for borrowers with at least a 720 credit score. We did strike out with the first company we presented it to, however we did get a home run with the second PMI Company. The nice thing about PMI vs. FHA is that it is harder to get out of MI with FHA than it is with PMI.  


School is NOT out for summer
One more lesson from the school of hard knocks. We have a borrower that is going on vacation for a month (don’t they always do that) and we are trying to process a refi for him. His property is held in a revocable trust. We recently learned that you cannot get a Power of Attorney for a trust, (who knew?). We told him to go enjoy his vacation and we will finish this loan when he gets back. There are just too many issues that can come up during the processing and we do not want to ruin someone’s vacation.  


Rates are incredible; We can not believe the rates we are quoting for 30 year fixed rate loans.


The Meredith Team

The Meredith Mortgage Team, CMPS®

Certified mortgage planning specialist

“We Will Always Have Your Best  

  Interest In Mind”   

Erin & Kathleen

The Bay Area’s Premier

Mortgage Banker and Broker


(925)983-3048 office

(925)226-3215 efax

(925)918-0585 mobile




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