Processor Kim
ProcessorForum Replies Created
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You are correct Gus. =}
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The main reason borrowers are asked for a letter from a CPA or accountant is to verify that the borrower is truly self-employed. Anyone can create tax returns. Most letters from the CPA/tax preparer just need to simply state that they have reviewed the tax returns for the past 2 years and confirm that the borrower is indeed self-employed. The lender needs to do their due diligence to cover themselves when it comes to the self-employed borrowers. Having the CPA letter would help the lender shift the responsibility of non repayment to the CPA who verified the self-employment for the borrower. Hope this helps.
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I assume this is only on new FHA loans and won’t apply to current FHA loans correct?
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Carrington Mortgage and Mortgage Solutions of Colorado do a great job for clients with scores like this. As long as you have a good processor, these files are pretty easy to get to the closing table. =}