All Forum Posts by: Paul Cordero

Makes sense Wayne, and kind of my point. I wouldn't give a discount in purchase price to someone I am loaning money to purchase my collateral. That doesn't make sense.

They wouldn't be getting it off their books if they are going to give another loan on it.

Unlike commercial lending (correct me if I am wrong), I don't know of any conforming lender that will use future rents as income. So this would be excluded.

Not sure about other lenders, but we wouldn't be able to use the "boarder" rent income you are trying to use. I am not sure how another lender might use it.

Every lender is different, but for conforming, we don't go over 45% DTI without an exception.

True, 2 years rental income is required as well. Is this your only income?

You can call Ocwen, request a manager and they should tell you. You can also use the FNMA or Freddie Mac Lookup Tools.

FNMA lookup tool
https://www.knowyouroptions.com/loanlookup

Freddie lookup tool
https://ww3.freddiemac.com/corporate/

If your loan is not owned by either, Ocwen should tell you.

Still 25% on our end

Sourcing rental income from renting out rooms in your primary home may be hard to use as income. Do you have rental contracts?

I worked for Green Tree for 5 years in default servicing (Client Manager for FNMA book, SS & REO Facilitator), and just to clear things up, Ocwen most likely did not buy your mortgage. Ocwen is a special servicing company. They may have earned a servicing contract for your mortgage from the investor, but my bet is that your mortgage is either owned by FNMA or Freddie. Probably FNMA.

You should find out who the investor that owns your note is. Ocwen has to answer to the investor ultimately. If you are experiencing bad service from Ocwen, then go directly to a contact for the investor. They have special escalation proceedures to make sure that Ocwen services according to their contract.

Let me know if you have any questions about mortgage servicing.

Ryan,

Do you mind sharing why the FHA and USDA loans were denied? Your credit score doesn't seem to be the issue.

Thanks,