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Old 06-05-2015, 01:42 PM
 
10,272 posts, read 6,506,221 times
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Quote:
Originally Posted by youngins View Post
Not so much..

Email from Manager to Loan Officer:

Mr. Chris xxxx is an (company) employee, (position), reporting to me. His job is one that can be performed on site or at another location where he has connectivity. Chris will now be working remotely from city, ST. This arrangement will not affect his employment status; he will remain an active regular employee, continuing to report to me

They will probably buck at it because it wont have a signature.
If they include a phone number where the email cam be verified it might help, otherwise be proactive and find out exactly what they need, if the loan company had a form to fill out, or if the manager can print the email, sign it, and then scan it and re email it as an attachment pdf.

A bank can not get and a job can not be given a guarantee that an employee won't be fired the day after he closes on his home. Does this loan have mortgage insurance?
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Old 06-05-2015, 08:50 PM
 
24 posts, read 39,301 times
Reputation: 21
Quote:
Originally Posted by so954 View Post
If they include a phone number where the email cam be verified it might help, otherwise be proactive and find out exactly what they need, if the loan company had a form to fill out, or if the manager can print the email, sign it, and then scan it and re email it as an attachment pdf.

A bank can not get and a job can not be given a guarantee that an employee won't be fired the day after he closes on his home. Does this loan have mortgage insurance?
Lender did not accept email...

Part of the problem is my employers policies; only employment and income verification are permitted from a third party. My employer even regulates how a third party accesses that information. I get it - control the verification process (and the information verified). This is what precludes my manager from actually putting his signature on anything.

This is a FHA loan for an unoccupied home.

Plan A: Ask loan officer to waive the "work from home verification" requirement; get a decision either way by end of business Monday.

Plan B Ask seller to let us occupy prior to close. If I get 30-45 days in the area working from the house, then at least one hurdle out of the way.

Plan C - break the contract, lose earnest money & commitment fee, delete home inspection report from computer, be a little disappointed in myself (but not go into a tailspin), move to desired city, lease a shanty with WiFi, work, save money, write a book, work on bumping up my FICO score and then start all over.....

;->
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Old 06-06-2015, 04:55 AM
 
Location: MID ATLANTIC
7,600 posts, read 17,629,190 times
Reputation: 8084
Plan A - not likely. Lender's request to be assured of your having employment to pay the mortgage is not only reasonable, but the law.

Plan B - not happening. Unintended landlord not on HUDs to-do list. Eviction laws are horrendous.

Plan C - the lender is not looking for ironclad change in policy, but this is the most likely scenario to occur.

I've never lost a loan due to a letter. I suspect there is a solution acceptable to both lender and employer, but a case of tunnel vision is at play. And if this cannot be resolved, you did jump the gun and never should have written the contract. The lender is reasonable in their expectations to verify your income will continue.
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Old 06-06-2015, 05:02 AM
 
Location: Cary, NC
31,614 posts, read 55,335,524 times
Reputation: 30177
More nonrefundable EMD, skin in the game, to comfort the sellers.
Longer closing period to arrange the new loan.

New lender.
Finance as an investment property or 2nd home. A bit more expensive.
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Old 06-06-2015, 08:29 AM
 
24 posts, read 39,301 times
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Quote:
Originally Posted by SmartMoney View Post
Plan A - not likely. Lender's request to be assured of your having employment to pay the mortgage is not only reasonable, but the law.

Plan B - not happening. Unintended landlord not on HUDs to-do list. Eviction laws are horrendous.

Plan C - the lender is not looking for ironclad change in policy, but this is the most likely scenario to occur.

I've never lost a loan due to a letter. I suspect there is a solution acceptable to both lender and employer, but a case of tunnel vision is at play. And if this cannot be resolved, you did jump the gun and never should have written the contract. The lender is reasonable in their expectations to verify your income will continue.
Appreciate your insight.

I agree the lender should have an expectation to document income will continue. The past has taught us to be prudent.

One could argue a lender would look at my employee status (regular/full time), work stability (Consistently employed for over 26 years over three employers), pay history (healthy and consistently increasing). Credit just below 700 (yes - I take ownership), but slowly emerging from the other side of that.

Did I jump the gun? LOL Maybe the right-brain was jealous of the left - research, listening and acting on advice, improving credit, oh.... the worthless pre-approval.....

Could not find a lot of case history regarding working from home and buying a house (other than work from home loan processor jobs).

So much money and time could have been saved if the knowledge what out there to begin with. One of the reasons why I decided to post here - I hope someone can benefit from this. Well, that and I'm just out of win-win ideas.

*sigh*

Last edited by youngins; 06-06-2015 at 08:40 AM..
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Old 06-09-2015, 07:44 PM
 
24 posts, read 39,301 times
Reputation: 21
Got the official Credit Denial from bank:
"Quicken Loans denied the application due to not providing a letter from employer stating the borrow was permitted to work from home"

Was told an official denial letter from Quicken Loans was on its way.
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Old 06-10-2015, 09:26 AM
 
3,318 posts, read 7,257,563 times
Reputation: 4100
Quicken? There's your problem right there. That sweatshop does not employ talent. I could start from scratch today and get you done this month. Not a solicitation, of course. But I'm thinking anyone in the business, who posts here, could.
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Old 06-10-2015, 09:43 AM
 
4,543 posts, read 11,549,619 times
Reputation: 3063
Quote:
Originally Posted by youngins View Post
Got the official Credit Denial from bank:
"Quicken Loans denied the application due to not providing a letter from employer stating the borrow was permitted to work from home"

Was told an official denial letter from Quicken Loans was on its way.
Quicken.

MAYBE on a refi...but a purchase utilizing a government loan...no way. Are you a 1st time home buyer to boot?

You may be able to salvage the deal, but you need to talk to a 'real lender' asap (i.e. a local, experienced, recommended mortgage broker).
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Old 06-10-2015, 01:55 PM
 
203 posts, read 196,983 times
Reputation: 404
The real issue here isn't just the fact that you work from home, it's the distance you are trying to move. If your employer decides for whatever reason that you working from home isn't working out, you couldn't just start going in to the office again because you'd be too far away, thus effectively ending your employment. This makes you too much of a risk for lenders. There are many people who work from home and get mortgages, but your situation must not be one that lends itself to this arrangement. Your employer wasn't comfortable giving the lender what it needed, so you got denied. While I agree that Quicken was a terrible choice, you need to be aware that other lenders are going to have similar requirements. You may need to just live closer to your job.
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Old 06-10-2015, 02:15 PM
 
24 posts, read 39,301 times
Reputation: 21
Quote:
Originally Posted by TimtheGuy View Post
Quicken.
You may be able to salvage the deal, but you need to talk to a 'real lender' asap (i.e. a local, experienced, recommended mortgage broker).
Appreciate the feedback...

The local bank advertises home loan offerings, but QLMS is behind the scenes. The local bank is more like a broker for QLMS.

As for my sellers, they are going to work with me, provided:
1. They get the letter of denial from original bank/lender (I suspect they want documentation the loan was lost over paperwork)
2. I can independently qualify with another local bank who's underwriting they have confidence in

Once those conditions are met, it was stated to me they would enter into a new contract with the same terms as the original.

Fortunately for me, new lender informed me late yesterday DU came back approved/eligible, so now just waiting on them to scour through the paperwork (again)....
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