“Stated Income” loans return. “One of the reasons for the mortgage crisis”. “Stated Income a politically correct bad word in the mortgage industry”, “mortgage brokers could go to prison”, “liar loans”.
All of the above quotes proved to be knee-jerk reactions to a loan product that was originally meant to reduce the paperwork and time required for only the most qualified borrowers to obtain a mortgage. Unfortunately due to lack of proper regulation and licensing requirements it was easy for most anyone to become a loan officer, mortgage originator, broker, etc…, and misuse a quality loan product for for personal gain to the detriment of the customer.. Even today representatives selling loans at banks and credit unions are not required to be licensed loan officers. They also sell insurance and many other products without individual licenses due to their very powerful banking lobby in Washington.
Stated income loans are coming back for those who qualify and rightfully so. Why should a borrower with a 740 FICO score, solid income and solid assets have to provide the same paperwork that a much less qualified borrower must?
During these uncertain economic times it is imperative that our clients and colleagues keep their personal and professional finances in peak operating condition. Call the David M. Damare’ Team for a complete mortgage analysis and basic financial advice to ensure your short and long term goals are being met so as to secure your financial lifestyle.
“Mortgage Lending is Our Business: Customer Service is Our Passion.”
Stay tuned and stay in touch with your mortgage professional. Thank you for the opportunity to serve you and your clients. David. 919.851.0999.