Hello, We had to DENY this borrowers loan for a few reasons They applied for the loan as a Second HomeThe property didn't qualify as a Second home and had to be changed as an Investment Property Income reported at the time of application was $per monthAfter income was validated from the employer and IRS, qualifying income was $3, Given the drop in income, their Debt to Income Ratio went above government guidelines We had no choice, but to deny the loan The $1,credit the client is referring is if we don't close on timeWe didn't close the loan, so no credit is availableThe link below shows what is eligible and not eligible for the $1,On - Time Closing GuaranteeSecond Homes and Investment properties are NOT eligible for the On-Time closing guarantee https://auroraf.com/on-time-closing-guarantee/ Had the client been upfront about her income situation, we would denied the loan upfront without having to go through the loan process It's important for clients to know we don't make a profit denying loansWe only make a profit once we close a loanIt's in our interest to find legal ways to approve loansWe will NOT be crediting the money for the appraisalAppraisal fees are paid to 3rd party vendors, not Aurora FinancialWe're happy to transfer the appraisal to another lender, at the clients request
Hello, When client/s apply for a loan, they can be Approved or Denied for the loanLending guidelines are very strict and Lenders have to follow themOur Underwriters felt this was a very HIGH RISK loan and denied itWe stand by our positionAs a customer service gesture, we'll credit you the cost of the appraisal, if you agree this resolves the matter permanently
Hello, We had to DENY this borrowers loan for a few reasons They applied for the loan as a Second HomeThe property didn't qualify as a Second home and had to be changed as an Investment Property Income reported at the time of application was $per monthAfter income was validated from the employer and IRS, qualifying income was $3, Given the drop in income, their Debt to Income Ratio went above government guidelines We had no choice, but to deny the loan The $1,credit the client is referring is if we don't close on timeWe didn't close the loan, so no credit is availableThe link below shows what is eligible and not eligible for the $1,On - Time Closing GuaranteeSecond Homes and Investment properties are NOT eligible for the On-Time closing guarantee https://auroraf.com/on-time-closing-guarantee/ Had the client been upfront about her income situation, we would denied the loan upfront without having to go through the loan process It's important for clients to know we don't make a profit denying loansWe only make a profit once we close a loanIt's in our interest to find legal ways to approve loansWe will NOT be crediting the money for the appraisalAppraisal fees are paid to 3rd party vendors, not Aurora FinancialWe're happy to transfer the appraisal to another lender, at the clients request
Hello, When client/s apply for a loan, they can be Approved or Denied for the loanLending guidelines are very strict and Lenders have to follow themOur Underwriters felt this was a very HIGH RISK loan and denied itWe stand by our positionAs a customer service gesture, we'll credit you the cost of the appraisal, if you agree this resolves the matter permanently