Bad things can happen to good borrowers. At LendSure, we see this all the time – a borrower who seemingly qualifies for a conforming loan finds they’ve been rejected for one reason or another.
If you have a loan fallout from Fannie Mae, LendSure is ready to rescue your Fannie Mae fallout loans – and fund them generally within days.
Our go-to workaround is the bank statement loan. When a conforming mortgage application falls out, it’s often because the borrower’s income couldn’t be verified in a way that fits in Fannie’s box. Bank statement loans can help borrowers qualify based on their actual income, instead of what shows up on their tax returns.
Non-traditional borrowers – including business owners, the self-employed, and high-commission sales workers – have always struggled to document income in a way that satisfies the requirements of conforming loans. Savvy tax planning means that business owners should reduce their income via business expenses. But the approval process for a traditional mortgage doesn’t accommodate this reality. At LendSure, we have the answers that can help you overcome those obstacles and say “yes” in these scenarios.
Bank statement mortgages are a type of non-QM loan that can offer the perfect solution to creditworthy borrowers who may have trouble documenting their income for plain-vanilla mortgages. With non-QM solutions becoming more mainstream, it is important to understand how programs like bank statement loans can be a valuable solution for a growing number of borrowers in today’s financial landscape. It’s time to discover what these types of loans can do for your borrowers and your bottom line.
LendSure understands that self-employed borrowers often have trouble documenting their income, even if they have strong financial pictures. By examining bank statements, we quickly pinpoint true income figures for a borrower. More often than not, this approach leads to a successful loan closing – even after the loan has fallen out from Fannie Mae.
Think about your roster of clients: You may work with many clients who are self-employed and fall into categories such as insurance agents, contractors, plumbers, attorneys, doctors, accountants, cosmetologists, or property investors. Many of these borrowers possess substantial wealth but need to demonstrate income in a different way than a traditional W-2 borrower.
Our underwriting of bank statement loans involves requesting the borrower provide 12 or 24 months of bank statements. This can be in a personal or business bank account, and some bank-statement borrowers submit a combination of both. A self-employment questionnaire helps us determine expense factors and reach a final debt-to-income (DTI) ratio. Most other lenders have fixed expense factors, but LendSure does not. We examine actual expenses based on the questionnaire and determine the expense factor, which can be as low as ten percent.
LendSure digs into the details to help WIN more loans for brokers and borrowers alike. We specialize in common sense lending – and we’ll take every action necessary to make sure that borrowers’ complete financial history is accounted for, whereas some other lenders may miss these opportunities for their borrowers.
LendSure specializes in non-QM, and we’re here to help you. Our highly experienced loan management team knows the non-traditional mortgage process inside and out. Working extensively with bank statement loans and many other types of non-QM loans, LendSure lends in 47-plus states and is continually expanding throughout the United States.
The LendSure Way
It’s simple. We make loans that make sense. We’re not in-the-box lenders. Of course, there are numbers and ratios, and data to consider, but we know that behind every file, there’s an individual with a unique circumstance seeking a loan. We work hard to offer our common-sense take on lending to borrowers seeking funding for the home of their dreams, another addition to their investment property portfolio, or refinancing of a currently owned property.
Are you ready to grow your business? Conforming loan approval guidelines can be restrictive, but we want to offer our mortgage broker partners the education, tools, support, and guidance they need to say “yes” to more of their clients. This ensures happy borrowers and opportunities for bottom-line growth. What are you waiting for? Let’s get started!
Are you ready to benefit from a commonsense approach to lending? Contact us today to learn more about non-QM loans and how partnering with LendSure Mortgage Corp. can help grow your bottom line.