All Forum Posts by: Carlos Romano

For sure, I spent my college years working at a lender and know exactly what you mean by the cog in the process. Especially in such a regulated environment! 

Just an update - I pushed back on the lender and they did not need these stips and removed them from my requirements.They noted my statements for Savings and Brokerage I provided covered more than any of the stipulation related issues (payoff and sale of the vehicle). I'm going to assume this was muscle memory from underwriting when sending stipulations to the loan agent. 

Loan is not fannie/freddie. 

Thanks for the sanity check, all! Much appreciated! 

Makes sense! Thanks for the sanity check, David. Much appreciated. This is only my third time working through the application process so it’s all relatively new to me all things considered. 

Hi David,

They are both recent, however I find it strange as I’ve already submitted verification. 

For the credit card, the lender had corelogic verification completed. 

For the auto loan my bank provided a payoff letter and evidence of the transactions. 

It seems like these are a second set of verification requirements which is what strikes me as odd. 

Either way I’ll go for it and submit the requested info but not without raising an eyebrow that the underwriting is encroaching on differential treatment..

I’m working on a mortgage for a primary home and these stipulations seems very strange…am I being paranoid? 

I sold a vehicle and paid off a credit card (2500 dollars)  to improve my savings and borrowing rate, now they’re asking for the following:

1. Proof I paid off a small credit card balance with my own funds. Needs to be a full bank statement. 
2. Evidence a vehicle that was sold is no longer titled in my name

Is it me or are these strange stipulations? 

Hi Richard, the loan is for 27k so i'm assuming its around 500-600 bucks. The zillow app did not present the specifics. 

Great feedback, I think looking at the macro trends in their history along side the micro is a good call. 

My gut is telling me they'll make acceptable tenants based on their residence history, work history, income sources, etc but this is my first time renting this home out in full (i've house hacked it before) so i'm a bit nervous in general. 

Ned, this is my wife's rationale - one late payment isn't a huge deal. I'm leaning towards that but want to balance that against my bias with the impending home closing (8/21). 

Added to the fact that the other tenant makes 3x rent by herself and has a 700+ credit score, a single late payment has the potential to be inconsequential. 

Is it appropriate to ask the potential tenant to explain the late payment? 

Not married nope. At this point i've been getting a qualified showing request about every 2 days. I'm scheduling those new showing requests the next business days (I have work), but 2/3rds have been cancelling. 

The home is a C or C- area unfortunately and I don't think i'm going to find the most amazing tenants. 

Additionally, a signed 12 month lease is a stipulation for my new home, making me a bit anxious to get a signed lease.. 

Hey All, 

Without going into too much detail about a potential tenant, i'm wondering how to evaluate the reaseon a recent (July 2023) late payment for an applicant. 

The combined applicants (2 adults) have 4.7x rent, some normal debts (student loans, car loan, a cc or two) but my concern is that one of the parties has a late payment on a travel trailer reported July 2023. This party is also the weaker of the two on credit and DTI.

Is there a standard practice for asking the tenant about this? Overall I think i'm fine to accept their applications, but I want to get some details on this late payment as its super recent. 

Thanks in advance!