"I Wish You Would Have Told Me You are Paying IRS $300 Per Month"

There is nothing more frustrating to a loan officer when information is not disclosed, especially since I ask the question, as it is part of the of the application process. It is even more frustrating when I confronted them about the omission, they indicated they were too embarrassed.

As part of the application process, a borrower signs a 4506T form which gives the lender the right to get a copy of a transcript of your tax return directly from IRS and all that kind of information is there for the lender to see. I get very punchy when I am put in a bad light with any of my lenders. I called to apologize to my lender. As shocking as it was, the lender was still willing to do the mortgage, but they needed to put more down to get the debt ratios where they need to be.

Situations like this don’t happen very often and it is a good thing.

image courtesy of stuart miles/freedigitalphotos.net