{"id":16513,"date":"2015-11-07T18:18:16","date_gmt":"2015-11-08T01:18:16","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=16513"},"modified":"2015-11-07T18:18:16","modified_gmt":"2015-11-08T01:18:16","slug":"is-it-me-or-have-underwriting","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16513\/is-it-me-or-have-underwriting\/","title":{"rendered":"Is it me or have underwriting…"},"content":{"rendered":"

My wife and I downsized earlier this year, to save money, reduce debt, and put money into the beginning of a rental empire we hope to build. \u00a0We have good cash flow, income, and excellent credit. \u00a0And yet, maybe because we earn money as a small business – read: law firm<\/a>\u00a0– the underwriting process was hellish.<\/p>\n

This wasn’t our first time on the rodeo. \u00a0We have bought and sold – having moved a number of times, once from Phoenix to North Carolina, and several times in each state. \u00a0But it seems as thought these last two mortgages were the most difficult to get, even though we are in the best spot financially we’ve ever been in.<\/p>\n

My wife, who did most of the legwork in tracking down last-minute documents requested by the bank, remarked that if they made it this difficult on us to close, imagine how difficult it must be for an average buyer.<\/p>\n

I suppose part of the problem is that we are self-employed, and so there is quite a bit of (understandable) concern about the stability of our income. \u00a0But, having filed and reported above-average incomes for 5 years straight, you’d think a mortgage company would take those seriously – after all, we aren’t exactly excited about paying high taxes to Uncle Sam, and it would be stupid just to do that in order to show good “income” to a future mortgagor.<\/p>\n

Any thoughts?<\/p>\n","protected":false},"excerpt":{"rendered":"

My wife and I downsized earlier this year, to save money, reduce debt, and put money into the beginning of a rental empire we hope to build. \u00a0We have good cash flow, income, and excellent credit. \u00a0And yet, maybe because we earn money as a small business – read: law firm\u00a0– the underwriting process was […]<\/p>\n","protected":false},"author":62,"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":[5],"tags":[],"class_list":{"0":"post-16513","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-real-estate","8":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3368,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3368\/is-hyper-transparency-a-cover-for-mediocrity\/","url_meta":{"origin":16513,"position":0},"title":"Is Hyper-Transparency A Cover For Mediocrity ?","author":"Brian Brady","date":"July 16, 2008","format":false,"excerpt":"Which one of these loans is better? A- Loan docs at 6.5% with 1 point cost, disclosed at 6.5% with 1 point cost 30 days earlier...OR... B- Loan docs at 6.5% with 1 point cost, disclosed at 6.25% with 1 point cost, 30 days earlier,\u00a0 but the originating broker negotiated\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":17781,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17781\/overnight-news-the-stupidity-of-our-would-be-slavers-is-underwriting-americas-manumission\/","url_meta":{"origin":16513,"position":1},"title":"Overnight News: The stupidity of our would-be slavers is underwriting America\u2019s\u00a0manumission.","author":"Greg Swann","date":"January 27, 2021","format":false,"excerpt":"I had a run in with a Doctor of Education who could not reliably distinguish 'affect' from 'effect.' This is not rare, but it should be among people who think degrees matter. Plus, the answer is right there from the Anglicized Latin: A-, Ad- verbs are accusative in English; E-,\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"Ya think it's easy?","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/08\/BHBNewTopImage-300x225.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1619,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1619\/hard-money-it-aint-stupid-money\/","url_meta":{"origin":16513,"position":2},"title":"HARD MONEY: It Ain’t STUPID Money","author":"Brian Brady","date":"July 2, 2007","format":false,"excerpt":"Hard money is not stupid money. Pragmatic underwriting guidelines are followed so as to insure the principle that the private mortgage really is a temporary loan, designed to solve rather than to perpetuate the underlying problem. I attempted to define this niche in one of my first posts on Bloodhound\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":17763,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17763\/real-estate-agents-may-work-against-buyers-interests-with-shortened-contract-contingencies\/","url_meta":{"origin":16513,"position":3},"title":"Real Estate Agents May Work Against Buyers’ Interests With Shortened Contract Contingencies","author":"Brian Brady","date":"January 22, 2021","format":false,"excerpt":"If you are reading this, you are probably a real estate agent or broker.\u00a0 Most of the people who read Bloodhound Blog are industry folks rather than consumers.\u00a0 Consumers DO read Bloodhound Blog but, all in all, our audience is mostly comprised of the industry grunts who show or list\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":2150,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2150\/mortgage-grader-revolutionary-or-just-one-more-marketing-widget\/","url_meta":{"origin":16513,"position":4},"title":"Mortgage Grader: Revolutionary or Just One More Marketing Widget?","author":"Brian Brady","date":"November 1, 2007","format":false,"excerpt":"Mortgage Grader is a consumer-operated, automated underwriting system. Jeff Lazerson, its founder, has been working on this idea for 3-4 years. It was released this summer. Consumers enter information and are issued an approval. The mortgage grading engine mashes up various automated underwriting systems (FNMA Desktop Originator, proprietary sub-prime engines,\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7456,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7456\/bloodhoundblog-radio-va-home-loan-tutorial-for-california-realtors\/","url_meta":{"origin":16513,"position":5},"title":"BloodhoundBlog Radio: VA Home Loan Tutorial For California REALTORS","author":"Brian Brady","date":"March 11, 2009","format":false,"excerpt":"I recorded this webinar on March 11, 2009. The AUDIO IS HERE and will open in a new window.\u00a0 Listen along and click through the links as I discuss them: The zero-down loan limits for California counties How a purchase price, above the VA loan limit, might not require a\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":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/16513","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\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=16513"}],"version-history":[{"count":1,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/16513\/revisions"}],"predecessor-version":[{"id":16514,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/16513\/revisions\/16514"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=16513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=16513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=16513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}