Here is my story about my experience with Discover and the disputes I have been going through. Advise our viewers on this type of case situation if any of you run into it. Very time-consuming, stressful, and a total waste of time for me and my staff. I will start with the scenario of what has transpired from day one:

I am Gustan Cho Associates’s branch manager, a dba of NEXA Mortgage, LLC. We are a national mortgage lender licensed in 48 states, including Washington, DC, Puerto Rico, and the United States Virgin Islands. I am the manager of operations, support staff, and loan origination for the Oakbrook Terrace, Illinois, Branch NMLS 2315275 located at 17W662 Butterfield Road, Suite 305, Oakbrook Terrace, Illinois. The Oakbrook Terrace, Illinois, Branch is licensed in 48 states, including DC, Puerto Rico, and the Virgin Islands. We are the largest producing branch at NEXA Mortgage in production and have a lot of monthly expenses. I have two different types of credit cards to pay my monthly debts. Under no circumstances do I ever use my personal credit card for business related expenses. I mainly use my Discover credit card for my personal expenses. My personal expenses include anything that is not business related that cannot be written off from my income taxes. If you can review my Discover card statements for the past three years, you can see that only personal expenses such as fuel, groceries, shopping dog food and other merchandise for personal use from AMAZON, personal homeowners insurance. Now Discover is saying that I am responsible for payment even though it was not authorized for concurring charges on my Discover. Anyone had things like this happen? I will update you on the progress.

NEXA Mortgage issues us a corporate credit card from US Bank to pay all our branch expenses about the business. We are only allowed to charge business expenses. Any business expenses is charged to US Bank corporate business credit card. Business expenses includes rent, advertising expenses such as (YLOPO, RAVEN, ZILLOW, GOOGLE LEADS) expenses for leads, marketing, printing, co-marketing expenses with realtor partners, business lunches, travel, licensing, training and education, and any other direct and/or third-party business-related expenses. I have always use any business-related expenses on my corporate US Bank Visa card for business expenses and never my personal credit cards.

My application is currently in underwriting. I am concerned that because my student loans are so high that my DTI may not pass. I have found a home that is scheduled to close on 11/19/2024. Honestly I did not see you site until after applying thru my current lender. Would you be able to take over the case and will I still be able to close on November 19th, 2024 or earlier? I am in Illinois and also seeking downpayment assistance if possible. The Home Inspection and Appraisal have all been completed. My student loans total 186k and I am currently in deferment, but the lender is saying that the payments are coming up to 0.50% of the outstanding student loan balance per month…but I am paying $0.00. My credit score middle is 643. Also I am currently employed but will start a new job in a week making more money. Can you help? What steps will I need to take.Renting a home for two years owner decided to sale to me via notice to vacate. I have bad credit, owe taxes and zero for a down payment. What are my options in Michigan

How Do You Calculate the Debt-Service Coverage Ratio (DSCR)?

How does a $300,000 student loan balance affect my debt-to-income ratio on either FHA or Conventional loan? My student loans are in deferrment. Can I turn my deferred student loan to an income-based repayment? How does IBR work on FHA and conventional loans. I heard that IBR is no longer available due to IBR getting sued? Is there any merit to IBR no longer being available for the time being? That does not make sense. Can you provide me with detailed information?

I am an Experienced Mortgage Loan Originator. How Can You Approach a Home Builder and Become The Builder’s Preferred Lender. Why do home builders want to use you as their preferred lender? How do you become a Preferred Lender of a Home Builder? What do home builders want of a preferred lender. The bottom line is How Do You Become a Preferred Lender For a Home Builder? What can I do to get an opportunity to become a preferred lender for a regional or national home builder?

I have seen so many cases where home builders will offer seller or builder’s concession towards closing costs of $10,000 or more only if the homebuyer uses the home builder’s preferred mortgage lender. If the homebuyer uses the buyer’s own mortgage lender and loan officer, the home builder will not offer any seller concession towards closing costs. To up the ante, the home builder also will offer incenstives such as upgrades to homebuyers who use the home builder’s preferred lender. Isn’t this illegal? Isn’t this a case of steering? Why isn’t the CFPB, HUD, and state and federal mortgage regulators jumping in on this. I am sure the preferred lender is giving the home builder a kickback which is an absolute violation of RESPA and mortgage fraud. I archived this article about Home Builders Steering Buyers To Builder’s Preferred Lenders and I suggest you folks read it and save it on your archives. I use it for reference.

https://gcamortgage.com/preferred-lenders-steered-by-builders/

gcamortgage.com

Should I Use Preferred Lenders Steered By Builders

Homebuyers who go with preferred lenders steered by builders get incentives such as builder upgrades, closing cost credits, and upgrades

How Do Lenders View a 30-Day Rolling Day Late Payment on Credit Report? Do they count is as a one time late payment or a late payment every month? Can I get a mortgage with a 30-day late payment? How bad is a 30-day late payment? What is a rolling 30-day late? How do you explain late payments to a lender? How long does it take to recover from a 30 day late mortgage payment? How bad does one 30 day late payment affect credit score? How long does it take to bounce back from a 30 day late payment? How to get a 30 day late payment removed? How long does it take to repair credit after late payments? How long will one 30-day late payment affect credit score? How many points does a 30-day late take off? How long does it take your credit score to recover from a late mortgage payment?

Is 120 Day Late On Mortgage Payments Considered Foreclosure? How many late mortgage payments before foreclosure? What are the exceptions to the 120-day foreclosure rule? What does 120 days delinquent mean? What is the 120-day default period for mortgage? How far can you get behind on mortgage payments? How long can you go without paying your mortgage? What happens if you are 3 months behind on your mortgage? Can a bank foreclose if you make partial payments?

How does an underwriter calculate rental income? How is rental income calculated for debt-to-income ratio? Do leases count towards debt-to-income ratio? Do mortgage lenders consider future income? Do banks consider rental income for a mortgage? Can I use future Airbnb income to qualify for mortgage? What is projected rental income? Can I use future income to qualify for a loan? Can you use future rental income to qualify for FHA? How to calculate rental income? Does FHA allow future income? Can future rental income be used to qualify for a mortgage? How do underwriters verify rental income? Can income from a rental property be used as qualifying income? What is included in debt-to-income ratio for mortgage? What is the maximum DTI for investment property? What is the formula for debt ratio in real estate? How do mortgage underwriters calculate on future rental income as qualified income on debt to income ratios calculations?

• This discussion was modified 1 year, 8 months ago by  Gustan Cho.

Is The Home Purchase Agreement Void if FHA pre-approval on current employment & buyer won’t have 6 months of employment until 50 days after the pre-approval letter? What is the FHA 6 month employment rule? Does FHA allow seasonal income? Do FHA loans require 2 years of employment? What is the final verification of employment for FHA loans? Can you use an offer letter for FHA loan? What is the FHA 6 month employment rule? What are the requirements for a FHA employment contract? What are the rules for FHA verification of employment?

California to set aside $300 Million for illegal immigrants to buy homes. Many see this as another example of Democrats prioritizing illegal immigration over the needs of taxpaying citizens, further burdening Californians. With California’s housing costs among the highest in the nation, this program is seen as fiscally irresponsible, potentially leading to bankrupting the state. Gavin Newsom and the Democrats are totally out of control. Why would anyone want to live in California?

https://youtu.be/BmCJ31MBjGU?si=-SHG3iIxIQJTW0_R

How long does it take to clear conditions for a clear to close?

How Can I Qualify For FHA Loan If I Am Commission Income? What type of mortgage loan program enables me to qualify for a home loan with commission income? What are the eligibility requirements?

What are discount points in mortgage loans? What is the purpose of discount points? Why do I need to purchase discount points? Who charges discount points and how does discount points benefits the buyer? How do we know if a discount point is worth the cost?

Can I get mortgage with good credit scores but recent late payment?

Can I use previous W2s and a current YTD paystub if the current has OT?

Can a Non-Occupying Co-Borrower be a friend and not a family member? I realize that HUD Guidelines require non-occupant co-borrowers to be related by law, blood, or marriage. Fannie Mae and Freddie Mac does not require non-occupant co-borrowers need to be related to the main borrower by blood, law, or marriage.

Can I use my spouses income on an FHA loan even though her credit is bad?

Can I qualify for a no tax return W2 loan if commission is large part of my pay?

I am in a repayment plan on a Chapter 13 Bankruptcy for 2.5 years, 655 credit, w2s only no tax returns. Can I qualify for a mortgage and buy a house while I am still in a five year Chapter 13 Bankruptcy repayment plan.

Buying a home is one of the biggest financial decisions you’ll make, and it’s important to stay informed about recent changes in the real estate process that could impact your experience. Recently, the National Association of REALTORS® (NAR) reached a settlement introducing new guidelines to increase transparency for homebuyers. Here’s a breakdown of what you need to know and how it might affect you.

What’s Changed?

One of the key changes is that homebuyers will now be required to sign a written Buyer Representation Agreement before touring homes with an agent. This agreement outlines the services your agent will provide, how they’ll be compensated, and the duration of the representation. The idea behind this change is to ensure that you and your agent clearly understand your working relationship from the outset.

Understanding the Buyer Representation Agreement

The Buyer Representation Agreement is essentially a contract between you and your agent. It specifies the terms of your partnership, including:

• Agent Responsibilities: Clearly defines what your agent will do for you during the representation period.
• Transparency of Services: Ensures you understand your agent’s role and the services they’ll provide.
• Compensation Details: Specifies how and what your agent will be paid.
• Expert Guidance: This guarantees that you have a professional on your side to help you navigate the complex homebuying process.

These changes are designed to protect you by ensuring that everything is clearly laid out before you start the homebuying process.

What About Seller-Paid Fees?

One important point to note is that while the ruling restricts the advertisement of the buyer’s agent fee on the MLS, it doesn’t prevent the seller from covering your agent’s fee. In many cases, your REALTOR® can still negotiate with the seller to have them pay your agent’s fee as part of the transaction. This can be a significant financial benefit, as it could reduce the amount you need to bring to closing. Your agent will advocate on your behalf to ensure you’re getting the best possible deal, which might include negotiating for the seller to cover some or all of your agent’s fee.

Why Work with a REALTOR®? Even with these new requirements, working with a REALTOR® can provide significant benefits during your homebuying journey:

1. Expertise: REALTORS® are trained professionals who understand the complexities of the real estate market. They can help you navigate contracts, negotiations, and other important aspects of buying a home.

2. Local Knowledge: A REALTOR® with experience in your area can provide valuable insights into neighborhoods, property values, and market trends that might not be obvious at first glance.

3. Support and Guidance: The homebuying process can be overwhelming, especially for first-time buyers. A REALTOR® can guide you through each step, helping you make informed decisions along the way.

These recent changes are about ensuring you’re fully informed and protected throughout the homebuying process. The Buyer Representation Agreement is a tool to ensure transparency and clear communication between you and your agent, ultimately leading to a smoother and more confident homebuying experience.

If you have any questions about how these changes might impact you or if you want to discuss what to expect, feel free to reach out (949-414-9433) or visit my website (chadbushre.com/).

• This discussion was modified 1 year, 8 months ago by  Chad Bush.

I just joined and wanted to introduce what I provide: Unsecured funding for startups and established businesses. If you have clients that are having difficulty getting conventional funding for working capital, franchise fees, or any business purpose, please get in touch and we will more than likely have a solution for them. No collateral or down payment, no credit requirement for established businesses, monthly payments with rates as low a 9.00%, funds up to $500,000. Please call 301-495-8993 or email to lee@nextbizloan.com. Thanks!

What is the maximum front-end and back end debt-to-income ratios on conventional loans?

WHAT IF YOUR CREDIT REPORT CHANGES DURING THE MORTGAGE APPROVAL PROCESS? WHAT HAPPENS IF YOUR CREDIT SCORES GOES DOWN OR UP DURING THE MORTGAGE PROCESS? AM I STILL QUALIFIED FOR A MORTGAGE IF MY CREDIT GOES DOWN DURING THE MORTGAGE PROCESS?

What factors determine a REFINANCE mortgage rate other than an individual’s credit score?

What are compensating factors and the importance of compensating factors in mortage lending?

What is the debt income ratio requirement for FHA loan and conventional loan?

What constitutes a mortgage loan application? How does the mortgage loan application work? What is an “application” that triggers an obligation to provide a Loan Estimate? What is the loan estimate? What are the rules and regulations on the loan estimate and how does the process work?

How do you get a bankruptcy trustee approval to get approved for a mortgage during the Chapter 13 Bankruptcy. What is involved in getting a court trustee’s written approval letter for Chapter 13?

What is credit supplement for? When does a mortgage client need to do a credit supplement during the mortgage loan process?