New Paradigm: The job market is the biggest economic problem

[patientrenter]

I misunderstood, CONCHO. Thanks for the correction. Why would a lender in a non-recourse state like California care much how many other assets you have? Even if they cared some, why would they give any weight to qualified retirement assets?

Let’s face it, homeowners who are in difficulties are not going to cash in their 410k to pay the mortgage if the value of the home is much below the mortgage.

Whilst I accept that lenders may be taking these other factors into account to justify lending, it all strikes me as desperate attempts to avoid requiring big cash downpayments with careful appraisals, which are the only real protections against default losses.

[moneymaker]

I see it as silly that desktop underwriters would bother to look at 401k savings also. They can not attach it(make any liens or get judgements), it is for retirement, not for paying the mortgage. Yet they want to know !- by the way Rich I think the clock on the server is on Mountain time has that always been the case, I guess I’m not too observant.

[moneymaker]

I see it as silly that desktop underwriters would bother to look at 401k savings also. They can not attach it(make any liens or get judgements), it is for retirement, not for paying the mortgage. Yet they want to know !- by the way Rich I think the clock on the server is on Mountain time has that always been the case, I guess I’m not too observant.

[moneymaker]

I see it as silly that desktop underwriters would bother to look at 401k savings also. They can not attach it(make any liens or get judgements), it is for retirement, not for paying the mortgage. Yet they want to know !- by the way Rich I think the clock on the server is on Mountain time has that always been the case, I guess I’m not too observant.

[moneymaker]

I see it as silly that desktop underwriters would bother to look at 401k savings also. They can not attach it(make any liens or get judgements), it is for retirement, not for paying the mortgage. Yet they want to know !- by the way Rich I think the clock on the server is on Mountain time has that always been the case, I guess I’m not too observant.

[moneymaker]

I see it as silly that desktop underwriters would bother to look at 401k savings also. They can not attach it(make any liens or get judgements), it is for retirement, not for paying the mortgage. Yet they want to know !- by the way Rich I think the clock on the server is on Mountain time has that always been the case, I guess I’m not too observant.

[blahblahblah]

Yeah, it is silly that they ask for all that stuff when in the worst case they could never get it. My guess is that in the good old days of responsible mortgage lending, one’s retirement account balance showed how “serious” the borrower was. If someone who’s trying to purchase a home doesn’t have anything saved for retirement, they’re probably not very responsible. Of course in the last few years anyone that could fog a mirror could get a loan, but I think we’re heading back to the old standards before much longer.

Also there will be the feeling among borrowers that “my retirement is half what it used to be” which will make them (if they’re responsible anyway) a bit reticent about stretching to purchase a home.

[blahblahblah]

Yeah, it is silly that they ask for all that stuff when in the worst case they could never get it. My guess is that in the good old days of responsible mortgage lending, one’s retirement account balance showed how “serious” the borrower was. If someone who’s trying to purchase a home doesn’t have anything saved for retirement, they’re probably not very responsible. Of course in the last few years anyone that could fog a mirror could get a loan, but I think we’re heading back to the old standards before much longer.

Also there will be the feeling among borrowers that “my retirement is half what it used to be” which will make them (if they’re responsible anyway) a bit reticent about stretching to purchase a home.

[blahblahblah]

Yeah, it is silly that they ask for all that stuff when in the worst case they could never get it. My guess is that in the good old days of responsible mortgage lending, one’s retirement account balance showed how “serious” the borrower was. If someone who’s trying to purchase a home doesn’t have anything saved for retirement, they’re probably not very responsible. Of course in the last few years anyone that could fog a mirror could get a loan, but I think we’re heading back to the old standards before much longer.

Also there will be the feeling among borrowers that “my retirement is half what it used to be” which will make them (if they’re responsible anyway) a bit reticent about stretching to purchase a home.

[blahblahblah]

Yeah, it is silly that they ask for all that stuff when in the worst case they could never get it. My guess is that in the good old days of responsible mortgage lending, one’s retirement account balance showed how “serious” the borrower was. If someone who’s trying to purchase a home doesn’t have anything saved for retirement, they’re probably not very responsible. Of course in the last few years anyone that could fog a mirror could get a loan, but I think we’re heading back to the old standards before much longer.

Also there will be the feeling among borrowers that “my retirement is half what it used to be” which will make them (if they’re responsible anyway) a bit reticent about stretching to purchase a home.

[blahblahblah]

Yeah, it is silly that they ask for all that stuff when in the worst case they could never get it. My guess is that in the good old days of responsible mortgage lending, one’s retirement account balance showed how “serious” the borrower was. If someone who’s trying to purchase a home doesn’t have anything saved for retirement, they’re probably not very responsible. Of course in the last few years anyone that could fog a mirror could get a loan, but I think we’re heading back to the old standards before much longer.

Also there will be the feeling among borrowers that “my retirement is half what it used to be” which will make them (if they’re responsible anyway) a bit reticent about stretching to purchase a home.

[Rich Toscano]

[quote=threadkiller]I see it as silly that desktop underwriters would bother to look at 401k savings also. They can not attach it(make any liens or get judgements), it is for retirement, not for paying the mortgage. Yet they want to know !- by the way Rich I think the clock on the server is on Mountain time has that always been the case, I guess I’m not too observant.[/quote]

You set your own time zone on the “my account” page.

Rich

[Rich Toscano]

[quote=threadkiller]I see it as silly that desktop underwriters would bother to look at 401k savings also. They can not attach it(make any liens or get judgements), it is for retirement, not for paying the mortgage. Yet they want to know !- by the way Rich I think the clock on the server is on Mountain time has that always been the case, I guess I’m not too observant.[/quote]

You set your own time zone on the “my account” page.

Rich

[Rich Toscano]

[quote=threadkiller]I see it as silly that desktop underwriters would bother to look at 401k savings also. They can not attach it(make any liens or get judgements), it is for retirement, not for paying the mortgage. Yet they want to know !- by the way Rich I think the clock on the server is on Mountain time has that always been the case, I guess I’m not too observant.[/quote]

You set your own time zone on the “my account” page.

Rich

[Rich Toscano]

[quote=threadkiller]I see it as silly that desktop underwriters would bother to look at 401k savings also. They can not attach it(make any liens or get judgements), it is for retirement, not for paying the mortgage. Yet they want to know !- by the way Rich I think the clock on the server is on Mountain time has that always been the case, I guess I’m not too observant.[/quote]

You set your own time zone on the “my account” page.

Rich

[Author]

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