Mayram Aram was on Hedgecock today

[drunkle]

i’m thinking there’s more to it than that. i recall self employed people have always had more trouble getting loans than employees. might have to do with the kind of jobs he does, consistency of income on a yearly basis, plain old crappy accounting… and possibly fudging of numbers…

[patientrenter]

“i’m thinking there’s more to it than that. i recall self employed people have always had more trouble getting loans than employees. might have to do with the kind of jobs he does, consistency of income on a yearly basis, plain old crappy accounting… and possibly fudging of numbers…”

drunkle, the caller apparently said that they “needed” a stated income loan. Surely that means only one thing: That they are cheating, or planning to cheat, on either their taxes or a lender. If they had difficulty convincing a lender to give them $1 million to buy a house because their self-employed income was not steady, then why would “stating” a higher income than they actually made make their repayment of the loan any more secure?

If I were a lender, I’d want to know as much as possible about a borrower in order to make the most accurate assessment of the risk of future nonpayment. Getting less information just means that I have to charge more than I should for the better risks, and less than I should for the worse risks. If these people think they’d benefit from this, then clearly they must be bad risks. Or they are cheating on their taxes.

Patient renter in OC

[patientrenter]

“i’m thinking there’s more to it than that. i recall self employed people have always had more trouble getting loans than employees. might have to do with the kind of jobs he does, consistency of income on a yearly basis, plain old crappy accounting… and possibly fudging of numbers…”

drunkle, the caller apparently said that they “needed” a stated income loan. Surely that means only one thing: That they are cheating, or planning to cheat, on either their taxes or a lender. If they had difficulty convincing a lender to give them $1 million to buy a house because their self-employed income was not steady, then why would “stating” a higher income than they actually made make their repayment of the loan any more secure?

If I were a lender, I’d want to know as much as possible about a borrower in order to make the most accurate assessment of the risk of future nonpayment. Getting less information just means that I have to charge more than I should for the better risks, and less than I should for the worse risks. If these people think they’d benefit from this, then clearly they must be bad risks. Or they are cheating on their taxes.

Patient renter in OC

[patientrenter]

“i’m thinking there’s more to it than that. i recall self employed people have always had more trouble getting loans than employees. might have to do with the kind of jobs he does, consistency of income on a yearly basis, plain old crappy accounting… and possibly fudging of numbers…”

drunkle, the caller apparently said that they “needed” a stated income loan. Surely that means only one thing: That they are cheating, or planning to cheat, on either their taxes or a lender. If they had difficulty convincing a lender to give them $1 million to buy a house because their self-employed income was not steady, then why would “stating” a higher income than they actually made make their repayment of the loan any more secure?

If I were a lender, I’d want to know as much as possible about a borrower in order to make the most accurate assessment of the risk of future nonpayment. Getting less information just means that I have to charge more than I should for the better risks, and less than I should for the worse risks. If these people think they’d benefit from this, then clearly they must be bad risks. Or they are cheating on their taxes.

Patient renter in OC

[patientrenter]

“i’m thinking there’s more to it than that. i recall self employed people have always had more trouble getting loans than employees. might have to do with the kind of jobs he does, consistency of income on a yearly basis, plain old crappy accounting… and possibly fudging of numbers…”

drunkle, the caller apparently said that they “needed” a stated income loan. Surely that means only one thing: That they are cheating, or planning to cheat, on either their taxes or a lender. If they had difficulty convincing a lender to give them $1 million to buy a house because their self-employed income was not steady, then why would “stating” a higher income than they actually made make their repayment of the loan any more secure?

If I were a lender, I’d want to know as much as possible about a borrower in order to make the most accurate assessment of the risk of future nonpayment. Getting less information just means that I have to charge more than I should for the better risks, and less than I should for the worse risks. If these people think they’d benefit from this, then clearly they must be bad risks. Or they are cheating on their taxes.

Patient renter in OC

[patientrenter]

“i’m thinking there’s more to it than that. i recall self employed people have always had more trouble getting loans than employees. might have to do with the kind of jobs he does, consistency of income on a yearly basis, plain old crappy accounting… and possibly fudging of numbers…”

drunkle, the caller apparently said that they “needed” a stated income loan. Surely that means only one thing: That they are cheating, or planning to cheat, on either their taxes or a lender. If they had difficulty convincing a lender to give them $1 million to buy a house because their self-employed income was not steady, then why would “stating” a higher income than they actually made make their repayment of the loan any more secure?

If I were a lender, I’d want to know as much as possible about a borrower in order to make the most accurate assessment of the risk of future nonpayment. Getting less information just means that I have to charge more than I should for the better risks, and less than I should for the worse risks. If these people think they’d benefit from this, then clearly they must be bad risks. Or they are cheating on their taxes.

Patient renter in OC

[temeculaguy]

Over the next few years it is very likely that there will be even more strict standards in lending and they will advertise those standards. A few relatively low key funds that only bought the highest grade loans are up around 50% on the year and getting lots of play on cnbc and the financial media. Everyone is going to want to get in on that gravy train. I can’t blame them, if it was your money that was being lent out you would want ethical people who pay their taxes, pay their loans and honor their obligations. Stated, subprime and Alt-a are all four letter words now. The new phrase in lending will soon be, “prove it.”

[temeculaguy]

Over the next few years it is very likely that there will be even more strict standards in lending and they will advertise those standards. A few relatively low key funds that only bought the highest grade loans are up around 50% on the year and getting lots of play on cnbc and the financial media. Everyone is going to want to get in on that gravy train. I can’t blame them, if it was your money that was being lent out you would want ethical people who pay their taxes, pay their loans and honor their obligations. Stated, subprime and Alt-a are all four letter words now. The new phrase in lending will soon be, “prove it.”

[temeculaguy]

Over the next few years it is very likely that there will be even more strict standards in lending and they will advertise those standards. A few relatively low key funds that only bought the highest grade loans are up around 50% on the year and getting lots of play on cnbc and the financial media. Everyone is going to want to get in on that gravy train. I can’t blame them, if it was your money that was being lent out you would want ethical people who pay their taxes, pay their loans and honor their obligations. Stated, subprime and Alt-a are all four letter words now. The new phrase in lending will soon be, “prove it.”

[temeculaguy]

Over the next few years it is very likely that there will be even more strict standards in lending and they will advertise those standards. A few relatively low key funds that only bought the highest grade loans are up around 50% on the year and getting lots of play on cnbc and the financial media. Everyone is going to want to get in on that gravy train. I can’t blame them, if it was your money that was being lent out you would want ethical people who pay their taxes, pay their loans and honor their obligations. Stated, subprime and Alt-a are all four letter words now. The new phrase in lending will soon be, “prove it.”

[temeculaguy]

Over the next few years it is very likely that there will be even more strict standards in lending and they will advertise those standards. A few relatively low key funds that only bought the highest grade loans are up around 50% on the year and getting lots of play on cnbc and the financial media. Everyone is going to want to get in on that gravy train. I can’t blame them, if it was your money that was being lent out you would want ethical people who pay their taxes, pay their loans and honor their obligations. Stated, subprime and Alt-a are all four letter words now. The new phrase in lending will soon be, “prove it.”

[drunkle]

renter:

here’s something i just googled:
http://www.mtgprofessor.com/A%20-%20Qualifying/is_the_market_tough_on_selfemployed.htm

i don’t disagree that some fudging may be going on, but according to this guy, lenders are already aware of that possibility.

[drunkle]

renter:

here’s something i just googled:
http://www.mtgprofessor.com/A%20-%20Qualifying/is_the_market_tough_on_selfemployed.htm

i don’t disagree that some fudging may be going on, but according to this guy, lenders are already aware of that possibility.

[drunkle]

renter:

here’s something i just googled:
http://www.mtgprofessor.com/A%20-%20Qualifying/is_the_market_tough_on_selfemployed.htm

i don’t disagree that some fudging may be going on, but according to this guy, lenders are already aware of that possibility.

[drunkle]

renter:

here’s something i just googled:
http://www.mtgprofessor.com/A%20-%20Qualifying/is_the_market_tough_on_selfemployed.htm

i don’t disagree that some fudging may be going on, but according to this guy, lenders are already aware of that possibility.

[Author]

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