My name is Lupe and I kinda left scratching my head trying to find out what is a "loan bio"
I am in the process of doing a cash out refinancing on one of my properties. One of the conditions I have to meet is to provide a loan bio. I asked my lender what a "loan bio" was. He just told me to google it. Not much help there. I pasted the condition below.
"7. We need a ‘Loan Bio' for Subject Property (This should be a detailed itemization about the property's back yard, T-Pole in the backyard, kitchen appliances, lighting fixtures in all rooms, etc.)"
Does anyone know what he means?
I would call back and state that there really isn't any information on google. See if someone else at the company can help clarify, doesn't sound like lender or just particular rep is customer service oriented. It may be a document that they asked you to complete? But then he/she wouldn't have said to google it. I would imagine it to be something similar to a borrower experience lender mixed with a portfolio of properties. Or simply just a plan for the property. I might have just confused you more, but just trying to help you out.
Hopefully someone else here will know.
change your lender..why give them business if they are telling you to google important things? There is plenty of lenders that will go above and beyond for your business.
My two cents...I've been in the mortgage industry for years and I've NEVER heard of a "loan bio"... I can only assume that they're asking for some type of "letter of explanation" for underwriting to understand the situation. Are you speaking to a bank, lender, or broker and are they credible? I would do some research on the company AND the rep!
The lending firm is on the level. Never had any trouble with them. I rarely use them because sometimes, they have terminology I never heard of. I used lending firms for 3 years and never- ever heard of a loan bio. I already turned in the LOE for a cash-out. When they threw this at me. I was kinda taken back by it. Its just going to be a short term loan anyway. Just cashing out a new construction project to move on to the next one.
I do need to find a new lending firm. I don't want to work with a bank. They are worse.
As long as you're working with a "reputable" organization, it comes down to the knowledge of the person who's taking care of you. If you have questions, he/she should be able to answer them. If they tell you, "google it," then they don't know (and aren't even willing to find out for you)...