Self-Employed Borrowers | Mortgage Chicks with Hot Tips - Video

This week the Mortgage Chicks are here to discuss a new process that allows our VanDyk Loan Originators to get self-employed borrowers’ tax returns submitted for underwriting to determine how much income we can use for qualifying purposes. Self-employed income is tricky, says Elizabeth, because the taxpayer looks at the number at the top of the tax returns and the number we look for is all the way at the bottom after the deductions have been made. The problem is that sometimes the underwriter doesn’t always agree with what we come up with.

As of recently, VanDyk is offering our underwriters to review the application, and then hard press into the application the conditions behind the income, and then whoever underwrites the file cannot change that upfront. Right upfront in-house underwriting will allow us to avoid any added chaos. We will have your results within 24 hours. Within that period that we take your loan application, we are able to tell you what your income is going to be.

Knowing at the beginning which direction you need to go in will give you more time to deal with any problems that may arise.