Welcome To The Weekly Update And More 


Good Evening,            


POW! BANG! SPLAT! Holy loan debacles Batman we sure are in a pickle here. Oh boy! We had a stumble this week. One of our borrowers has note income from a note that was issued in April of 2010 and also rented out what was formally a 2nd home. The rent started in October of 2010. Unfortunately the original note did not have 3 years left on it (by the way we needed the note income to qualify), so thankfully the note was rewritten to reflect at least 3 years remaining.  Not good enough, OMG, we asked for and received a copy of each check our borrower received on the note. On the 2nd home converted to a rental we also asked for and received all checks and of course a copy of the rental agreement. Back on our knees at the underwriter’s desk we were again kicked to the curb. FNMA said (really the findings from Desk Top Underwriter) we will use the note income if a: it has been received for one year and b: the interest income is on the tax return. Regarding the 2nd home converted to a rental, FNMA said yes we will use the rental income if it is on the tax return. OUCH this is only January and the borrower hasn’t even received their 2010 w-2 yet. The other ouch is the borrower has not received 12 payments on that note yet. Come back in late March early April we were told. RIGHT we have to close the first week in February! Watch us pull a rabbit out of our hat. A private investor came forward and liked the fact that it was a 60% LTV and with a borrower that had 800 credit scores. Talk about being in the right place at the right time. We dodged that bullet. We will take out the private investor hopefully in April or May and everyone will be happy. For a bit of trivia try this one; everyone knows the name of the actor that played Batman on the TV version – Adam West. What is the name of the actor that played Robin? Answer below.



Creative Qualifying!


Stated income and bridge tolls of one dollar are things of the past and will never come back. There are many borrowers that are strong on assets and weak on income. Our Home Ownership Accelerator loan is the only loan we know of that will qualify a borrower using the asset depletion methodology. Here is how it works; let’s say a borrower has $1,000,000 in non retirement assets. We take the million and divide it by 120, which gives us $8,333.33 per month to use as a qualifying income. Call us! This is only one of the many benefits of the Home Ownership Accelerator loan.


This is why we are over regulated


It is hard to believe that with all the licensing and such required now to do loans, bait and switch is still out there. We spoke with a borrower today that thought she was doing her due diligence by comparing two potential mortgage lenders, obviously not two recommended by her real estate agent. She received an estimate from both lenders and went with the one that she thought was a better deal. She called us today because she started getting responses to her questions from her mortgage broker that were not making sense. She told us that her mortgage person said that rates were worse today. We told her that was not true, most of our lenders had a mid day price change for the better. This was the first clue something was fishy. We asked her to send in the paperwork from her broker and the paperwork she received from her lender. After review of the documents that she sent us we told her that on the day her broker issued the GFE that rate and fee combination she was quoted was not available. The broker’s numbers looked a lot better than the lenders numbers by about $4500.00. This was starting to smell like a classic bait and switch to us. We would never risk our reputation with you and our clients in a stunt like that; you can feel comfortable referring us. We are here for the long haul and bait and switch is not long haul behavior.


The actor that played Robin in the TV version of Batman is Burt Ward. What a great show that was.




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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