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Throwback Thursdays yes, throwback clients with new jobs?? No way!!!

6/19/2014

 
So often there is a job change that is happening at the same time as a new home purchase.   All of these folks coming to the Austin area buying homes are often starting brand new jobs too.  That can cause a real problem for mortgage financing, but we have answers that other lenders don’t!

Many lenders won’t allow income from the new job unless the client has started the job AND has 30 days of paystubs in hand.  That’s great if the client has that flexibility, but so often clients want to close sooner than that.

This very issue came up with a client last month and we were able to close that one with just one partial paystub in the file.  This option worked fine for this transaction but while we were working that out I checked with some of our other lenders (as a mortgage broker we aren’t stuck with just one answer from one underwriter!)

……..Best answer I found is being able to close after just one day on the job……

That can work well for a lot of our clients.  Here’s what we would need to show:

1.      Employment contract signed by the employer and the employee showing the start date, job description and salary
                   (probationary periods or non-salary or commission income can raise problems)

2.      Verification of employment confirming the borrower’s terms of employment.

3.      Then a verbal verification on the first day of work that the borrower has actually started the job.

This scenario is for conventional, conforming financing only and of course is subject to all the normal credit approvals and review.

Send a client to us and don’t wait for all those paystubs......  :)


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CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE COMPANY OR A LICENSED MORTGAGE RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.  THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT-OF-POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE COMPANY RESIDENTIAL MORTGAGE LOAN ORGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.

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First American Mortgage, Company NMLS # 312233, www.famctx.com
4926 Spicewood Springs Road #100, Austin, TX 78759