Just a quick note for my fellow Mortgage Brokers regarding a little trick that has salvaged two files in as many weeks.
Each involved a first-time buyer whose TDS was slightly out of line.
Each had been turned down by a banker in the 11th hr, despite the clients having been ‘pre-approved’. The clients contacted our office at the request of their Realtor with one and two days for subject removal.
In both cases the winning move that allowed us to make the purchase happen was the same; A quick email to the client referencing the contact phone number and account number for their student loan as shown on the credit report along with the request that the client call directly and have their loan payments reduced to the absolute minimum possible. One client received an instant reduction of $120 per month, in another $50 per month.
This was all it took to drive the TDS under 44.00% on each file. APPROVED!
Are you working a challenging file that contains student loan payments? If so hopefully this will be a help for you.
Not to be downplayed is the strong relationship with a lender and specific underwriter able to underwrite a file from start to finish the same day.
Have an excellent day!