If I’ve said it once I’ve said it one hundred times. Time…Kills…Deals. This example is not even anyone’s fault but it happened and is a great example of how challenging getting a mortgage approved still can be.
Our borrower is a single mom with a fantastic job, earning a good income, though not exactly getting a full contribution from her ex (that’s why he is the ex right?). The fact that he’s not on top of his support obligations is not our issue, she still qualifies. Nor does the fact he hasn’t moved the auto financing into his own name and take my borrower off of that loan is not our issue. She still qualifies. The fact that the divorce decree obligated him to make the car payment monthly for the marital vehicle he possesses is our issue. He missed a payment and that “dinged” my borrowers credit.
Because of the dinged credit a borrower that had a 780 FICO score a year ago had a 719 score in January when we went to tie up the deal. Then we had 90 days of back and forth with the lender, a big national bank with a reputation for being shitty with people saying, “it’s not our issue”. The credit bureaus all say “it’s not our issue”. So after a lot of calls, letter writing, etc., we are getting nowhere and now we are 90 days from the original credit pull the report expires. So we pull a new one and the score is better, but still not good enough.
So the deal finally dies as rates are also rising. No extra $150 or so per month in the clients pocket. No closing for out team. No chance unless things turn around. But that will have to be a new deal…time killed this one.