{"id":10131,"date":"2009-10-20T11:20:00","date_gmt":"2009-10-20T18:20:00","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=10131"},"modified":"2009-10-20T05:11:43","modified_gmt":"2009-10-20T12:11:43","slug":"i-was-joking-honestly-i-was-really-joking","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10131\/i-was-joking-honestly-i-was-really-joking\/","title":{"rendered":"I was joking – honestly, I was really joking!"},"content":{"rendered":"

Approximately a month ago, I was getting a client approved for a mortgage with mortgage insurance and while going over the details of what we needed to document the deal, the customer deadpanned to me, “Where do I go to get the bloodwork done?”    My response, “Nah, we don’t need that —- yet.”<\/p>\n

The report below is actually from England but it now appears that the government is going to start requiring mortgage lenders in England to ask questions about how much their borrowers spend on tobacco and alcohol.<\/p>\n

Now, if you ask me, I think that tighter restrictions in terms of downpayments, debt to income ratios, credit scores, job histories, cash reserves, etc. all make sense.   But whether my neighbor spends more or less on alcohol than I do, I can’t see what substantive difference that makes in our ability to repay our mortgages.  (Hint – I’m not the one who spends more on alcohol.)<\/p>\n

The pendulum is swinging too far in the other direction in some areas and not far enough in others.<\/p>\n

Tom Vanderwell<\/p>\n

Homebuyers face questions on alcohol and smoking under new mortgage rules – Times Online<\/a><\/p>\n

Homebuyers could be forced to provide detailed information about the amount of money they spend on alcohol each month to qualify for a new mortgage under a new clampdown on reckless lending.<\/p>\n

In a sweeping review of the mortgage market published today, the Financial Services Authority (FSA) said lenders needed to be far more rigorous about their financial checks of potential borrowers.<\/p>\n

It said lenders should delve deeper into homebuyers’ personal spending including the amount they spend on alcohol and tobacco.<\/p>\n

Spending on shoes, clothes and childcare could also be assessed under a new, industry-wide “affordability test”.<\/p>\n

At present, the FSA does not prescribe rules about assessing a consumers’ ability to repay a mortgage and practices vary from one lender to the next. <\/p><\/blockquote>\n

Technorati Tags: Mortgages<\/a>, Alcohol use<\/a><\/p>\n

\"\"<\/div>\n","protected":false},"excerpt":{"rendered":"

Approximately a month ago, I was getting a client approved for a mortgage with mortgage insurance and while going over the details of what we needed to document the deal, the customer deadpanned to me, “Where do I go to get the bloodwork done?”    My response, “Nah, we don’t need that —- yet.” The report […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[62,29,26],"tags":[408],"class_list":{"0":"post-10131","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-dirty-laundry","7":"category-group-therapy","8":"category-lending","9":"tag-mortgages-and-alcohol-use","11":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":5913,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5913\/treasury-may-lower-mortgage-rates\/","url_meta":{"origin":10131,"position":0},"title":"Treasury\u00a0may lower mortgage rates?","author":"Tom Vanderwell","date":"December 3, 2008","format":false,"excerpt":"WASHINGTON (MarketWatch) - The Treasury Department is contemplating a proposal that would cut mortgage rates for new loans for homes, according to the Wall Street Journal. The plan would employ Fannie Mae to offer mortgages with rates as low as 4.5%, roughly 1% lower than current rates. The measure is\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1856,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1856\/what-price-friendship-he-says-he-spends-more-than-100000-a-year-on-cabanas-food-and-alcohol-for-him-and-his-guests\/","url_meta":{"origin":10131,"position":1},"title":"What price friendship? “He says he spends more than $100,000 a year on cabanas, food and alcohol for him and his guests”","author":"Greg Swann","date":"August 25, 2007","format":false,"excerpt":"In a dreadfully serious soft-core porn piece on the mission-blending of swimming pools and ultra-lounges at Las Vegas casino-resort-hotels, the New York Times coughs up this Gilded Age morality play:Rainmaking aside, how expensive can it get for high-end customers seeking a raucous Sunday afternoon? Randy Lund, a C.P.A. who works\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1528,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1528\/ask-the-mortgage-broker-on-title-but-not-on-the-loan\/","url_meta":{"origin":10131,"position":2},"title":"Ask the Mortgage Broker: On Title But Not On the Loan?","author":"Brian Brady","date":"June 12, 2007","format":false,"excerpt":"This came in today: My Mortgage Broker told us; because of my low credit score (Low 600) and my husband's higher score (High 600) -- he wants to not include me on the mortgage, but put me on the title as a owner. This would mean the mortgage will not\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1737,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1737\/ask-the-broker-did-i-invest-in-a-sub-prime-mortgage\/","url_meta":{"origin":10131,"position":3},"title":"Ask the Broker- Did I Invest in a Sub-Prime Mortgage?","author":"Brian Brady","date":"August 3, 2007","format":false,"excerpt":"Scott asks: How can you tell if you have a sub-prime mortgage bond in a portfolio? Scott, I'm taking a stab at this. I haven't sold securities in 14 years. Mortgage-backed securities, in the early 90s, were mostly Ginnie Mae pass-through certificates or Agency-issued pass-throughs and collateralized mortgage obligations (CMOs).\u2026","rel":"","context":"In "Ask the Broker"","block_context":{"text":"Ask the Broker","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/ask-the-broker\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5465,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5465\/why-i-think-the-jobs-report-wont-be-helpful-for-mortgage-rates\/","url_meta":{"origin":10131,"position":4},"title":"Why I think the Jobs report won’t be helpful for mortgage rates….","author":"Tom Vanderwell","date":"November 7, 2008","format":false,"excerpt":"Okay, let's face the fact that the jobs reports and the reports from Ford and General Motors that came out today were ugly.\u00a0\u00a0 Not just ugly, downright nasty. In normal economic times, that sort of bad economic news would send people fleeing stocks and going into the bond market.\u00a0\u00a0 That\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1318,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1318\/ask-the-mortgage-broker-how-do-i-become-a-hard-money-loan-broker\/","url_meta":{"origin":10131,"position":5},"title":"Ask the Mortgage Broker: How Do I Become A Hard Money Loan Broker","author":"Brian Brady","date":"April 18, 2007","format":false,"excerpt":"Brian Brady of World Wide Credit Corporation will be offering a free conference call and presentation: \"How to be a Hard Money Loan Broker \" Tuesday, April 24, 2007 4:00PM Pacific Daylight Time (7:00 PM EDT) SIGN UP IN THE COMMENTS SECTION (8 spots available) . Make sure that your\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10131","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=10131"}],"version-history":[{"count":1,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10131\/revisions"}],"predecessor-version":[{"id":10132,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10131\/revisions\/10132"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=10131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=10131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=10131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}