[americanmamma]

So my boss comes into my office and he starts ranting and raving because quite a few of the mortgage apps that i've submitted have been rejected due to insuff. income.

He implied that i should somehow fudge the numbers to make it look like people have more than they do.

Umm, i don't think so! isn't that why we're in this mortgage crisis? Errrrg. Time to find a new job.

[Trojan John]

My wife had a similar situation. Someone would come to her and say, "We want the result to look like this. Change your analysis", which was tantamount to "fudge a year's worth of numbers so that it looks better."

[Jilly Bean]

As someone who has gone through the mortgage process twice in four years, I'd like to know how he thinks you fudging numbers is going to get a mortgage approved.

EVERYTHING needs to be verified these days.

My first loan was stated income. They don't even offer those anymore.

I have a credit score over 800, 6 figures cash in the bank, no debt whatsover besides my mortgage, and a home that is appraised for a lot more than the note.

Still, I had to show two months of bank statements, two years of tax returns, etc.

So, I'm just curious how he thinks you making up numbers is going to get a loan processed? The only people getting approved these days are those with A-1 credit and applications.

And yes - the mortgage system collapsed because of exactly his tactics. Sad, huh?

[kchiapet95]

My boss asked the new bookkeeper to fudge some numbers. She's leaving too. Sigh...some people are just dishonest.

[jerbear]

Originally Posted by kchiapet95

My boss asked the new bookkeeper to fudge some numbers. She's leaving too. Sigh...some people are just dishonest.

Not good...
Wait till the dreaded auditors show up, then the "evil" IRS (maybe SEC) comes knocking then, the police show up... better yet; the employees start knocking on the doors.

Originally Posted by americanmamma

So my boss comes into my office and he starts ranting and raving because quite a few of the mortgage apps that i've submitted have been rejected due to insuff. income.

He implied that i should somehow fudge the numbers to make it look like people have more than they do.

Umm, i don't think so! isn't that why we're in this mortgage crisis? Errrrg. Time to find a new job.

yes time to find a new job.

Insufficient income... well those tactics don't work well right now with many firms requiring CLTV's at the minimum of 97% with a norm of 95%; just to start. I've seen people with downpayments and CLTV's under 80% getting rejected due to declining values in certain markets, professions, and risk models.